- Binance Got Huge Due to U.S. Customers. That Was Illegal, U.S. Says
Charging documents unsealed Tuesday against the crypto exchange and founder Changpeng “CZ” Zhao detail years of compliance failures and obfuscation in the name of protecting
Binance relied in its early days on American customers for the bulk of its revenue, its trading activity and thus its status as the world’s largest crypto exchange.
Charging documents unsealed Tuesday against the exchange and its founder Changpeng Zhao – better known as CZ – detail years of compliance failures and obfuscation in the name of protecting Binance’s most valuable – and off-limits – users. But Binance wasn’t allowed to service those customers because it wasn’t a registered U.S. business, according to the government.
- Grayscale Met With SEC to Discuss Spot Bitcoin ETF Bid
The SEC recently met with Grayscale Investments to discuss its bid to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
According to a memo published by the SEC, the meeting took place between Grayscale principals including CEO Michael Sonnenshein and CFO Ed McGee, and officials from the SEC’s Division of Trading and Markets. It concerned “NYSE Arca, Inc.’s proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E.”
https://decrypt.co/207009/grayscale-met-with-sec-to-discuss-spot-bitcoin-etf-bid
- CoinMarketCap rival CoinGecko acquires NFT startup Zash
Major cryptocurrency tracking website CoinGecko is scaling its data offering by acquiring the nonfungible token (NFT) data infrastructure platform Zash.
CoinGecko plans to integrate Zash’s NFT data into its Application Programming Interface (API) by the second quarter of 2024, the firm announced on Nov. 21, though the deal terms have not been disclosed.
“API users will be able to enjoy a unified crypto data offering, where they can access fungible and nonfungible token data seamlessly and enjoy enriched crypto market insights,” CoinGecko co-founder and chief operating officer Bobby Ong told Cointelegraph.
According to the exec, front-end users of CoinGecko’s web and mobile app will also be able to access the on-chain NFT data through the NFT floor price tracker next year.
https://cointelegraph.com/news/cmc-rival-coingecko-acquires-nft-startup
- Crypto Lender Genesis Sues Gemini in Bid to Recover Over $689M in ‘Preferential Transfers
According to Cointelegraph: The legal dispute between crypto lender Genesis Global Capital and Gemini Trust, the cryptocurrency exchange, continues to escalate as Genesis files a lawsuit to recover more than $689 million in what it calls “preferential transfers.”
The lawsuit alleges that Gemini took advantaged of its position to the detriment of other creditors by making transfers of approximately $689,302,000 from Genesis. Genesis is now asking the court to rectify this perceived injustice.
This lawsuit is the latest episode in a public and legal feud between Genesis and Gemini that started with the collapse of the FTX cryptocurrency exchange. Genesis filed for bankruptcy in January amid allegations of selling unregistered securities, as asserted by the U.S. Securities and Exchange Commission. More trouble followed when, last month, the New York Attorney General Letitia James filed a lawsuit against Genesis, Gemini, and Genesis’s parent company, the Digital Currency Group (DCG), alleging a massive fraud scheme.
- Mastercard and Feedzai Collaborate to Increase Crypto Fraud Protection for 900 Million Consumers Globally
Mastercard announced Monday that the company is collaborating with Feedzai, a leading provider of financial crime and risk management solutions, to “increase crypto fraud protection for hundreds of millions of consumers.”
The payment giant detailed that Feedzai will “leverage Mastercard’s Ciphertrace crypto intelligence solutions to reduce the risk of account-to-account fraud flowing into crypto exchanges.” This integration will involve integrating Mastercard’s Ciphertrace Armada into Feedzai’s Riskops platform, which analyzes transaction data totaling over $1.7 trillion annually. Riskops also offers a comprehensive suite of artificial intelligence (AI)-based solutions designed to stop fraud and financial crime at the source.
- Crypto Traders Load Up on Bitcoin Topside Option Plays After Binance’s Guilty Plea
Binance chief Changpeng “CZ” Zhao on Tuesday stepped down and pleaded guilty to violating U.S. anti-money laundering laws as part of a $4.3 billion settlement, in what may come across as the most significant blow to the crypto market since the collapse of Sam Bankman-Fried’s exchange FTX last year.
But that’s certainly different from how traders look at the events.
According to over-the-counter institutional cryptocurrency trading network Paradigm, the options market has increased activity in topside bitcoin call options in the aftermath of the Binance news, a sign of persistent bullish sentiment.
- Grayscale Met With SEC to Discuss Spot Bitcoin ETF Bid
The SEC recently met with Grayscale Investments to discuss its bid to convert the Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.
According to a memo published by the SEC, the meeting took place between Grayscale principals including CEO Michael Sonnenshein and CFO Ed McGee, and officials from the SEC’s Division of Trading and Markets. It concerned “NYSE Arca, Inc.’s proposed rule change to list and trade shares of the Grayscale Bitcoin Trust (BTC) under NYSE Arca Rule 8.201-E.”
https://decrypt.co/207009/grayscale-met-with-sec-to-discuss-spot-bitcoin-etf-bid
- New Zealand dollar stablecoin goes live through local crypto exchange
A New Zealand dollar-pegged stablecoin has gone live through a partnership with New Zealand crypto exchange Easy Crypto and Australian blockchain development firm Labrys.
In a Nov. 22 announcement, Labrys and Easy Crypto said the NZDD will be backed 1:1 with cash in trust and regulated by the New Zealand Financial Markets Authority.
It’s initially live on Ethereum but has plans to expand to Polygon, the BNB Smart Chain, Arbitrum, Optimism and Coinbase’s Base.
Easy Crypto was motivated to launch the stablecoin as it claimed it was harder for New Zealanders to maximize their profits when using U.S. dollar-pegged tokens.
https://cointelegraph.com/news/new-zealand-dollar-stablecoin-goes-live
- New Zealand Dollar-Pegged Stablecoin Launches Through Partnership with Easy Crypto and Labrys
According to Cointelegraph, a New Zealand dollar-pegged stablecoin, NZDD, has been launched through a partnership between New Zealand crypto exchange Easy Crypto and Australian blockchain development firm Labrys. The stablecoin will be backed 1:1 with cash in trust and regulated by the New Zealand Financial Markets Authority. Initially, NZDD will be live on Ethereum, with plans to expand to Polygon, the BNB Smart Chain, Arbitrum, Optimism, and Coinbase’s Base. Easy Crypto was motivated to launch the stablecoin as it claimed it was harder for New Zealanders to maximize their profits when using U.S. dollar-pegged tokens.
- SEC Identifies 16 Crypto Tokens as Securities in Kraken Lawsuit
In its lawsuit against crypto exchange Kraken filed on Monday, the U.S. Securities and Exchange Commission (SEC) named 16 crypto tokens as securities. The regulator’s complaint states:
Kraken currently makes available for trading crypto assets that have been the subject of prior SEC enforcement actions based upon their status as crypto asset securities, including crypto assets trading under the symbols ADA, AXS, ALGO, ATOM, CHZ, COTI, DASH, FIL, FLOW, ICP, MANA, MATIC, NEAR, OMG, SAND, and SOL.
The regulator pointed out that some of the aforementioned crypto assets had been named in several previous legal cases, including those involving Coinbase, Binance, and Bittrex. SEC Chairman Gary Gensler has repeatedly said that he views all crypto tokens, except bitcoin, as securities. However, a recent court ruling found that XRP is “not necessarily a security on its face.”
https://news.bitcoin.com/sec-identifies-16-crypto-tokens-as-securities-in-kraken-lawsuit/
