CZ Pleads Guilty, Steps Down
Binance Settles With SEC & CFTC, Prepares To Exit US. DOJ Seizes 9M USDT
Welcome to Coinfeeds Daily Digest! Shockwaves are traveling through the entire crypto industry in the aftermath of CZ pleading guilty to anti-money laundering rule violation charges, stepping down as CEO, and Binance to pay the $4.3 billion in DOJ settlement and nearly $3 billion in CFTC settlement. CZ was released on a $175 million bond and will be sentenced in February 2024. Amid CZs's departure, Binance named Richard Teng its new CEO, and is now to exit the US entirely. We also cover the SEC and Grayscale’s meeting about the Bitcoin ETFs, as well as different legal disputes involving Gemini, Genesis, ENS, Unstoppable, and others. More big stories down below.
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CZ Pleads Guilty, Stepping Down As CEO. Binance Settles For $4.3B
Binance, the world's largest bitcoin and cryptocurrency exchange, has agreed to a massive settlement with the U.S. DOJ. The company's founder, Changpeng "CZ" Zhao, has also stepped down as CEO, accepting responsibility for the exchange's regulatory missteps. | Read More
Binance to Exit U.S. Market After Settlement with Regulatory Bodies
Binance is to completely exit the US market. The move comes as part of a comprehensive settlement with several U.S. regulatory bodies, including the Financial Crimes Enforcement Network (FinCEN) and the Office of Foreign Assets Control (OFAC), as well as the U.S. Department of Justice (DOJ). | Read More
Crypto Conference Highlights Binance CEO's Guilty Plea and US Government's Enforcement Actions
A major event full of high-profile officials is casting a spotlight on the enforcement actions within the cryptocurrency sector, particularly focusing on the recent developments involving Binance, one of the world's largest cryptocurrency exchanges. | Read More
U.S. DOJ Seizes $9 Million in USDT: A Scam Crackdown
In a significant move against cryptocurrency-related fraud, the U.S. Department of Justice (DOJ) has seized $9 million worth of Tether (USDT), a popular stablecoin, in connection with a sophisticated type of scam known as "pig butchering." — where the fraud is done through online romance. | Read More
SEC Met With Grayscale About Spot Bitcoin ETF Approval
Grayscale is seeking to transform its Bitcoin Trust, currently a popular investment product among crypto enthusiasts, into a spot Bitcoin ETF that would trade on the NYSE Arca. The SEC was approached by the company to discuss further developments. | Read More
Colony Lab Invests $10 Million in Avalanche's Ecosystem
The Avalanche blockchain ecosystem is set to receive a significant boost thanks to Colony Lab, an accelerator focused on fostering growth within the network. Colony Lab has committed a substantial $10 million investment aimed at enhancing the long-term development and sustainability of the network. | Read More
ENS and Unstoppable In Patent Dispute
The blockchain industry is currently witnessing a significant patent dispute between two domain service players: Ethereum Name Service (ENS) and Unstoppable Domains. This has brought to light the underlying tension between the open-source principles and conventional patenting practices. | Read More
Bankrupt Genesis Sues Gemini Over $689 Million
Genesis Global Capital, a crypto lender that recently declared bankruptcy, has taken legal action against Gemini, a cryptocurrency exchange. The core of the dispute revolves around a substantial sum of money, with Genesis seeking to recover $689 million from Gemini. | Read More