Last Week in Crypto – April 1-7 – Top Stories You Might Have Missed

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The crypto industry experienced an unusually eventful April Fools this year. Despite the turbulent past weeks resembling a stormy sea, there’s been a noticeable decrease in volatility recently. This is surprising given that we’re nearing the next Bitcoin halving – an event known for causing significant fluctuations in the market.

Yet, the crypto market didn’t use this pause for rest. Rather, it seized the opportunity to introduce fresh launches and enhancements that left numerous crypto fans in awe.

Thus, let’s discuss the top crypto news from last week.   

The Chinese Government Launched a Public Blockchain Infrastructure Platform

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Summary: China launched a public blockchain infrastructure platform in collaboration with Conflux Network to help cross-border applications.   

Chinese authorities teamed up with Conflux Network, a subsidiary of the Conflux Foundation, to build a new public blockchain system. Named the “Ultra-Large Scale Blockchain Infrastructure for the Belt and Road Initiative,” this platform aims to facilitate cross-border applications on a public blockchain by offering essential support.

The primary objective of this project is to build a robust public blockchain foundation for platforms associated with the Belt and Road Initiative. Consequently, it aspires to foster collaboration amongst nations by supporting the creation of numerous applications.

Source: Yahoo Finance 

Tether Completed the “Golden Standard” Security Audit 

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Tether, a well-known stablecoin, recently disclosed that they have successfully passed the rigorous Security and Compliance (SOC) audit, reaching the optimum level of assurance for safeguarding their users’ funds.

Tether, the leading stablecoin in terms of market value, has accomplished a SOC 2 (System and Organization Controls) examination. This rigorous audit, overseen by the American Institute of Certified Public Accountants (AICPA), signifies that the company has achieved the highest standard for information security.

Tether consistently prioritizes top-notch security for its users, as demonstrated by CEO Paolo Ardoino. He emphasized that strict compliance measures ensure the safety of customers’ assets and data in a securely managed environment, adhering to stringent data protection and information security standards. This external validation of security protocols is essential for Tether, underscoring its dedication as the most reliable and compliant stablecoin on the market.

Source: Cointelegraph 

Binance Formed a Board of Directors 

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After being in operation for seven years, Binance established a board of directors, bringing together both internal and external members to maximize their assets and expertise.

For the first time since its founding in 2017, Binance has announced the formation of its board of directors. This move follows Binance’s admission of wrongdoing in relation to US accusations involving violations of Anti-Money Laundering (AML) laws and sanctions.

Gabriel Abed, previously Barbados’ ambassador to the UAE, now leads the seven-member board. With him will be a mix of internal and external members. Among the internal team are Binance CEO Richard Teng, as well as executives Heina Chen, Jinkai He, and Lilai Wang. External members include Arnaud Ventura and Xin Wang.

Following a dispute with American regulators and reaching a $4.3 billion settlement, Binance is undergoing significant transformations. To adapt to a more traditional business structure, the cryptocurrency platform has formed a board of directors and is contemplating designating a clearheadquarters.

Source: BeInCrypto 

The Argentine Government Passed Registration Requirements for Crypto Firms  

Argentina’s administration has instituted fresh regulations for crypto businesses, making it mandatory for them to register before they can offer crypto-associated services.

Argentina is implementing fresh crypto regulations with the Comisión Nacional de Valores requiring crypto companies to register. Some had anticipated that the new Argentinean president, Javier Milei, might alter the government’s stance on cryptocurrencies.

In Argentina, crypto companies providing functions like purchasing, selling, transferring, accepting, lending, or swapping cryptocurrencies must adhere to regulations and register their services. Service providers are encouraged to complete registrations promptly to legally operate within the jurisdiction starting from now.

Source: Forbes 

Bitfinex Launched Volatility Futures on Bitcoin and Ethereum  

Bitfinex rolled out an update enabling users to trade futures contracts for Bitcoin and Ethereum.

Bitfinex, a crypto derivatives exchange, introduced perpetual futures based on Bitcoin (BTC) and Ethereum (ETH) volatility indices. Users can now wager on the anticipated price swings of these leading cryptocurrencies.

Bitfinex is introducing new features that will utilize the decentralized derivatives platform Volmex and its Bitcoin and Ethereum volatility indices (BVIV and EVIV). These indices are calculated using live data and represent the anticipated price fluctuations within a 30-day timeframe.

Source: CoinDesk 

BIS and 7 Central Banks Will Explore Asset Tokenization through Project Agora 

The Bank for International Settlements, joined by several central banks, announced plans to investigate the feasibility of global asset tokenization.

The Bank for International Settlements (BIS) has formed a partnership with seven key central banks worldwide to investigate the possible advantages of asset tokenization within the international monetary framework. This project, named “Project Agora,” brings together banking powerhouses from the US, UK, Japan, South Korea, France, Mexico, and Switzerland.

“The ‘Project Agora’ endeavor is focused on enhancing the performance of monetary systems by tackling issues that hinder smooth cross-border transactions. This undertaking can be seen as an extension of central banks’ ongoing mission to simplify financial transactions. Meanwhile, Central Bank Digital Currencies (CBDCs) have been a topic of interest for some time.”

Source: Blockchain News 

OneCoin Compliance Chief Was Sentenced to 4 Years in Jail 

Irina Dilkinska, the legal head of OneCoin scam, was given a prison sentence of four years and ordered to give up $111 million as reparations.

Details: The former head of legal and compliance for the OneCoin crypto project was sentenced to four years in jail after pleading guilty to helping launder millions of dollars. United States District Judge Edgardo Ramos sentenced Irina Dilkinska after she offered a statement on April 3 to the US Attorney’s Office.   

Instead of serving a four-year prison term, Irina Dilkinska is required to undergo one month of supervised release and forfeit $111 million as restitution. Her plea for leniency, allowing her to go back to Bulgaria to look after her kids, was rejected.

Source: Cointelegraph 

Crypto Liquidity Firm GSR Received an MPI License in Singapore 

Summary: GSR, a crypto trading firm, announced that it received an MPI license from the Monetary Authority of Singapore.   

On April 4, 20XX, cryptocurrency trading firm and liquidity provider GSR Markets obtained its complete major payment institution (MPI) license from the Monetary Authority of Singapore (MAS). The approval came following an initial green light given to the company in October 2023. Xin Song, CEO of GSR Singapore, noted that this makes GSR Markets the first organization in its sector to receive such a permit.

With a major payment institution license from the Singapore Central Bank, GSR is authorized to provide Over-the-Counter (OTC) spot trading and market-making services in Singapore. Additionally, licensed companies in this jurisdiction can surpass the payment service volume limit of SGD 3 million and the monthly limit of SGD 6 million for two or more such services.

Source: Cointelegraph 

Ripple Will Launch a US Dollar-Pegged Stablecoin 

Ripple, a company specializing in cryptocurrency, revealed its plan to create a new stablecoin, which will maintain a value equal to the US dollar.

Ripple is entering the world of stablecoins by introducing a new digital currency linked to the value of the US dollar. This currency will be supported by an equivalent amount of US dollars, treasury bonds, and cash equivalents kept in reserve by Ripple as collateral. One of the leading crypto companies in the industry, Ripple, will be responsible for holding these assets.

Ripple intends to debut its stablecoin in the US market initially. However, they haven’t ruled out expanding this offering to citizens residing in regions like Europe and Asia at a later stage. With the introduction of their stablecoin, Ripple will join the ranks of major players, such as Tether (USDT) and Circle (USDC), in the stablecoin market.

Source: CNBC 

Do Kwon Was Found Liable for Fraud in an SEC Case 

Summary: Do Kwon and his company Terraform Labs were found liable in an SEC case accusing them of misleading investors before and during the company’s collapse in 2022.   

In a Manhattan courtroom verdict, Terraform Labs and its founder Do Kwon were held responsible for civil fraud based on the SEC’s (Securities and Exchange Commission) claims that they deceived investors prior to the downfall of their company and stablecoin in 2022.

The Securities and Exchange Commission has charged Terraform Labs and its founder Do Kwon with providing false information to crypto investors about the reliability of TerraUSD, a digital currency previously tied to the value of the US dollar. The regulatory body seeks monetary fines as well as a sentence for Kwon.

Kwon Do is presently in Montenegro and was recently apprehended as he attempted to leave the country. It remains unclear if Montenegrian authorities will send him to the United States or South Korea for further legal proceedings. For now, he has been freed on bail while the decision on his extradition is being made.

Source: Reuters 

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2024-04-09 15:34