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Binance, a global leader in cryptocurrencies, faced serious accusations, resulting in a $4.3 billion settlement, one of the largest fines imposed in the US on a company. Its founder, Changpeng Zhao, admitted guilt, paying $50 million and resigning as CEO, being replaced by Richard Teng. The company was sued for failing to comply with money laundering laws, operating without a license, and violating sanctions. The accusation points out that its initial growth in the US, which was essential for its success, was illegal. Despite large withdrawals of over $950 million in the last 24 hours following the announcement, Binance plans to continue its operations, excluding itself from the US market.
The SEC held a meeting with Grayscale Investments to address the proposal to convert the Grayscale Bitcoin Trust (USOTC:GBTC) into a conventional Bitcoin ETF. The meeting involved directors of Grayscale, including CEO Michael Sonnenshein and CFO Ed McGee, along with SEC officials. This discussion arose after the US Court of Appeals ordered the SEC to review Grayscale’s Bitcoin ETF application, alleging discriminatory treatment. Grayscale is ready to operate as an ETF after necessary regulatory approval. The SEC has previously rejected Bitcoin ETF applications, but there is an expectation that it might approve one in early January, according to analysts.
The crypto exchange HTX and the Heco Chain were the targets of a hack that resulted in the theft of $97 million in tokens. Justin Sun, investor of HTX (BFNX:HTXUSD), confirmed the incident and assured full compensation for the losses. Deposit and withdrawal operations were suspended for safety. Blockchain Cyver suspects a private key leak as the cause.
Genesis, a bankrupt crypto lender, filed a lawsuit against the exchange Gemini, trying to recover $689.3 million. Genesis accuses Gemini of causing an unfair advantage during its ‘bank run,’ transferring funds before Genesis’ bankruptcy. The dispute follows a series of legal actions between the two companies and regulatory authorities.
The administrator in charge of the assets of the defunct exchange Mt. Gox began sending emails to rehabilitation creditors, indicating that cash reimbursements will start in 2023. In the email, the administrator, Nobuaki Kobayashi, mentioned plans to continue reimbursements in 2024, without providing specific dates for individual creditors. Recently, Mt. Gox received a $47 million bailout to fund the reimbursements. However, the community remains cautious due to past delays in reimbursements. Some expect the return of large amounts of Bitcoin (COIN:BTCUSD).
The trial of Lee Sang-jun, CEO of Bithumb Holdings, and former golfer Ahn Seong-hyeon began in Seoul, South Korea, under the accusation of ‘soliciting listings’ of unidentified altcoins. Prosecutors allege that Ahn convinced Lee to list the coins on the Bithumb exchange. The duo is accused of receiving bribes, including money and luxury watches, to expedite the listings of the coins. Authorities believe that the listed coins had low trust and were used for speculation. Kang Jong-hyun, the alleged ‘majority owner’ of Bithumb, also faces related charges in a separate trial.
CoinGecko, a leader in cryptocurrency tracking, acquired Zash, an NFT data platform, aiming to enrich its data offering. The integration of Zash’s NFT data into its API is planned for 2024. With this, users will be able to access information on fungible tokens and NFTs in a unified way, expanding CoinGecko’s analytical capabilities in the cryptographic market.
In Amsterdam, the Network State Conference discussed the feasibility of decentralized countries. Balaji Srinivasan, former director of Coinbase (NASDAQ:COIN), opened the event, questioning the possibility of new digital nations. The conference focused on autonomous digital communities, using blockchain and cryptocurrencies to establish social and economic institutions, with possible physical borders funded collectively. Speakers debated the construction of parallel societies and the democratization of governance through blockchain technology.
KPMG Canada has partnered with Chainalysis to combat fraud in the crypto asset sector. The goal is to offer advanced blockchain monitoring and compliance support, strengthening security against rising illicit activities. The collaboration also aims to help companies comply with regulatory norms and advance anti-money laundering programs.
During its presidency of the Council of the European Union in 2024, Belgium intends to boost the creation of a European blockchain infrastructure. This would facilitate the secure storage of official documents, such as driver’s licenses and property titles. The Belgian Secretary of State for Digitalization, Mathieu Michel, stated that the development of a public blockchain is one of the four main priorities of the Belgian presidency. The European Blockchain Services Infrastructure (EBSI) project would be restarted as Europeum and used for public administration tasks throughout the EU, also supporting the digital infrastructure of the euro. Several countries have already joined the plan, with the project’s headquarters in Belgium.
Easy Crypto and Labrys launched a stablecoin called NZDD, pegged to the New Zealand dollar and regulated by the New Zealand Financial Markets Authority. Initially available on the Ethereum network, NZDD plans to expand to other platforms. The initiative aims to provide New Zealanders with an alternative to stablecoins pegged to the US dollar, filling a gap in traditional finance and promoting digital innovation in the country. Easy Crypto also introduced a multi-currency self-custody wallet protected by multi-party cryptographic encryption.
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