Crypto Weekly Roundup: CZ Steps Down, SEC Goes After Kraken, And More

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US crypto regulators have had a field day nay week with the notorious Binance-head Changpeng Zhao finally locked in the DOJ’s crosshairs and the SEC pursuing legal action against Kraken. Let’s find out more. 

Bitcoin

After Wednesday’s large gains in the crypto market, Bitcoin is once again knocking on the door of $38,000. A breakthrough here could see the way clear to $48,000.

Grayscale has submitted an updated spot Bitcoin ETF prospectus following a meeting with the Securities and Exchange Commission (SEC). 

Pro-Bitcoin Javier Milei has won Argentina’s presidential run-off election, held on the 19th of November, after his opponent Sergio Massa conceded defeat. 

Ethereum

Despite withdrawals being shut until March, Ethereum Layer-2 Blast has created unprecedented hype on social media and has seen over $225 million in staked ETH (stETH) and stablecoins deposited since Monday. 

DeFi

DeFi aggregator Kinetex has successfully concluded a strategic funding round, where it secured funding from Gnosis Chain and Factor to perfect its cross-chain trading approach by incorporating zero-knowledge (Zk) technology. 

Technology

Crypto exchange Kucoin is enabling payments across traditional and crypto networks with its new Kucard.

Circle, the force behind the widely adopted USDC stablecoin, has introduced a groundbreaking development with the launch of its new ‘Bridged USDC Standard.’ 

Business

BBVA Switzerland forges a strategic alliance with Ripple-owned Metaco to build its digital asset operations via the latter’s Harmonize platform. 

The Silvergate Capital Corporation has announced the full repayment of Silvergate Bank’s remaining deposit liabilities. 

Ripple, makers of the XRP cryptocurrency and ledger tech stack, has announced a new partnership, which it has formed with Uphold, a Web3 financial platform specializing in liquidity management.

Changpeng Zhao is reportedly signing off and stepping down from his role as Binance’s CEO following a $4.3 billion fine on the crypto exchange alongside criminal charges from the U.S. government

Brian Armstrong, CEO of Coinbase, called Binance co-founder Changpeng Zhao’s resignation an opportunity to start a new chapter for the crypto industry. 

Liechtenstein-based cryptocurrency exchange Bittrex Global has announced that it will suspend all operations by the 4th of December as it prepares to shut down following a bruising battle with the SEC.

Technology giant Apple Inc. faces a class action lawsuit filed by Venmo and Cash App users for allegedly abusing its market power to curb competition for mobile peer-to-peer (P2P) payments, leading to inflated fees. 

Stablecoin issuer Tether has frozen $225 million worth of stolen USDT following a collaboration with the United States Department of Justice and crypto exchange OKX. 

Web3

Crypto gaming giant Animoca Brands is set to expand its Web3 Frequent Player Program by incorporating Ubisoft’s highly anticipated NFT game, Champions Tactics: Grimoria Chronicles.

Security

HTX, formerly known as Huobi Global, plans to resume its services within 24 hours following a massive hack that saw the exchange lose an estimated $30 million. 

Mastercard will combine its crypto intelligence solution with Feedzai’s RiskOps platform in order to identify fraudulent transactions before they occur.

KyberSwap has become the latest decentralized exchange to fall victim to a hack, with the attacker draining nearly $50 million from the DEX aggregator. 

Cryptocurrency fintech firm Kronos Research has confirmed the news of a hack, where the attackers had somehow gained access to the company’s API keys and made off with various crypto assets.

Regulation 

The co-founder of cryptocurrency exchange Kraken, Jesse Powell, has applauded the US Department of Justice (DOJ) for the crackdown on Binance and its CEO Changpeng Zhao (CZ). 

The DOJ is seeking over $4 billion from Binance Holdings as it looks for a resolution to a year-long investigation into the exchange and its operations.

The SEC has sued cryptocurrency exchange Kraken for operating as an unregistered securities exchange, broker, dealer, and clearing agency. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.