Crypto Weekly Recap: Binance Founder Jailed; Biden Vetoes Crypto Rule; Hong Kong Bans Unlicensed Exchanges; and More (May 26–June 1, 2024)

By MelegaSwap | melegaswap | 3 Jun 2024


The cryptocurrency market has been buzzing with activity lately. On-chain data shows a sharp increase in Bitcoin accumulation, similar to the accumulation phase in 2020 that led to Bitcoin's surge to $64,000 by April 2021. This hints that we might be on the brink of another bull run.

In a surprising development, what initially seemed like bad news for the cryptocurrency market led to massive rallies in related memecoins. This was triggered by the final verdict in former US President Donald Trump's case, where he was found guilty of all 34 counts of falsifying records to cover up a sex scandal.

As always, we've gathered the top cryptocurrency stories from the past week. In this recap, we'll explore six intriguing developments you might have missed.

For transparent and decentralized crypto trading and to list your crypto token for free, don’t forget to visit our website and follow Melega Finance (@melegaexchange) on Twitter for more on all things cryptocurrency.

TOP CRYPTO NEWS RECAP (May 26–June 1, 2024)

  • Binance Founder CZ Starts 4-Month Prison Sentence for Money Laundering
  • Biden Vetoes Repeal of Crypto Accounting Rule
  • Judge Dismisses DEBT Box Case, Orders SEC to Pay $1.8M in Fees
  • Hong Kong Bans Unlicensed Crypto Exchanges
  • Terraform, Do Kwon Near Fraud Settlement with SEC
  • Gemini Reimburses $2.18 Billion to Earn Users

Binance Founder CZ Starts 4-Month Prison Sentence for Money Laundering.

Changpeng Zhao, founder of Binance, the world’s largest cryptocurrency exchange, has reported to a low-security federal prison in Lompoc, California. His legal team at Latham and Watkins confirmed that Zhao is serving a four-month sentence for money laundering charges.

The crypto community praised Zhao's move, viewing it as a protective measure for the Binance exchange. Following his release, Zhao plans to continue his involvement in cryptocurrency, focusing on passive investing. Despite facing an initial three-year recommendation, Zhao was sentenced to four months and fined $50 million.

Biden Vetoes Repeal of Crypto Accounting Rule

U.S. President Joe Biden vetoed a resolution to overturn the SEC's Staff Accounting Bulletin No. 121 regulating cryptocurrency holdings. Biden cited the need to protect consumers and investors and stated that reversing the guidelines would undermine the SEC's authority.

The decision faced sharp criticism from the crypto industry and lawmakers, who argued it stifles innovation. Despite bipartisan support in Congress for the repeal, Biden emphasized his commitment to maintaining financial security and regulatory oversight.

Judge Dismisses DEBT Box Case, Orders SEC to Pay $1.8M in Fees

A federal judge has dismissed the SEC's case against Digital Licensing, doing business as DEBT Box, and ordered the commission to pay $1.8 million in attorney and receivership fees.

The May 28 ruling by Judge Robert Shelby in the U.S. District Court for the District of Utah follows a March finding of SEC misconduct related to a temporary asset freeze. DEBT Box claimed the SEC's information was inaccurate, leading to this significant win for the firm. The SEC cannot proceed with the case as it stands.

Hong Kong Bans Unlicensed Crypto Exchanges

Hong Kong has mandated that all cryptocurrency exchanges without an operational license from the Securities and Futures Commission (SFC) must cease operations immediately. This regulatory crackdown aims to enhance investor security and transparency in virtual asset trading.

Exchanges had until February 29 to apply for a license, with a three-month window to comply. Major exchanges like OKX and Huobi HK exited the market in May. As of May 31, only HashKey and OSL Exchange have received approval, with more decisions expected by June 1.

Terraform, Do Kwon Near Fraud Settlement with SEC

Terraform Labs and former CEO Do Kwon are close to settling fraud charges with the SEC. Both parties are expected to submit the final settlement terms for court approval by June 12, 2024. The SEC accused Terraform and Kwon of misleading investors about the stability and investment potential of TerraUSD (UST) and other tokens.

The settlement follows a civil case in which they were found liable for defrauding investors. This proposed settlement addresses significant financial penalties and Kwon’s future roles in securities-issuing entities.

Gemini Reimburses $2.18 Billion to Earn Users

Gemini has reimbursed users of its defunct Earn program with $2.18 billion in digital assets, covering 97% of the owed amounts. This payout followed a settlement with Genesis Global, a former partner in the program.

Genesis had filed for bankruptcy after halting withdrawals amid a liquidity crisis. Gemini's settlement ensures users receive 100% of their assets, including any appreciation. New York Attorney General Letitia James secured a $2-billion settlement with Genesis to address fraud claims, mandating the return of investor funds and cessation of its New York operations.

 

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Risk warning: Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.

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