In the past week, the global crypto market has experienced a mix of positive and negative news. Unfortunately, the negative stories took the spotlight.
One noteworthy event was a Bitcoin user paying an astonishing $3.1 million transaction fee for transferring 139.42 BTC. Also, the CEO of Binance, the world's largest crypto exchange, has pleaded guilty to inadequate anti-money laundering measures and has stepped down as part of a $4.3 billion settlement with the U.S. Department of Justice.
If you're curious about other top news stories you might have missed, MelegaSwap has you covered! Let's dive in!
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 (@melegaofc) on Twitter for more on all things cryptocurrency.
TOP CRYPTO NEWS RECAP (NOVEMBER 19–NOVEMBER 25, 2023)
- Binance CEO Pleads Guilty in $4.3B Settlement with US Authorities
- FTX Founder Sam Bankman-Fried Denied Release by Appeals Court
- SEC Sues Kraken for Allegedly Commingling Funds and Operating as Unregistered Exchange
- Spot Bitcoin ETF: BlackRock and Grayscale meet with the SEC
- Montenegro Court Approves Extradition of Do Kwon
- HTX Exchange Hacked Again, Losing $30 Million
Binance CEO Pleads Guilty in $4.3B Settlement with US Authorities
Binance CEO Changpeng Zhao “CZ” has pleaded guilty to one felony charge as part of a $4.3 billion settlement over criminal and civil cases with the exchange. The settlement with the US Department of Justice will cover "civil regulatory enforcement actions” by government departments, including the US Treasury and Commodity Futures Trading Commission. The US Treasury will receive over $4 billion in penalties, while Binance will be subject to monitoring and reporting requirements and required to file suspicious activity reports for past transactions. CZ has resigned as CEO, and Richard Teng, the now-former Global Head of Regional Markets of the crypto giant, has assumed the position.
FTX Founder Sam Bankman-Fried Denied Release by Appeals Court
Sam Bankman-Fried, the founder of cryptocurrency exchange FTX, will remain in jail after his bid for release was rejected by a United States appellate court. The court cited Bankman-Fried's alleged witness tampering as the main reason for the rejection. Bankman-Fried had argued that his actions were protected under the First Amendment, but the court ruled that witness tampering falls outside the scope of constitutional protection. SBF, who was found guilty of fraud and money laundering charges, will stay behind bars until his sentencing on March 28, 2024.
SEC Sues Kraken for Allegedly Commingling Funds and Operating as Unregistered Exchange
The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Kraken, accusing the cryptocurrency exchange of commingling customer funds and operating without proper registration. The SEC claims that Kraken has been facilitating the buying and selling of cryptocurrencies unlawfully since 2018. The agency also alleges that Kraken's business practices and internal controls resulted in the commingling of up to $33 billion worth of customer assets with its own, posing a significant risk to clients. Kraken has expressed disagreement with the SEC's complaint and intends to defend itself in court, saying they “plan to vigorously defend our position.”
Spot Bitcoin ETF: BlackRock and Grayscale meet with the SEC
BlackRock, along with representatives from Nasdaq, met with the U.S. Securities and Exchange Commission (SEC) to discuss the potential listing of a spot Bitcoin exchange-traded fund (ETF). In a presentation, BlackRock outlined two proposed models for its iShares Bitcoin Trust, involving in-kind or in-cash redemption. The SEC's response and approval of a spot Bitcoin ETF remain uncertain, but reports suggest that the agency is nearing a decision. Grayscale, another asset manager, also met with SEC officials to discuss its Bitcoin ETF bid. If approved, a spot Bitcoin ETF could be a significant step towards mainstream adoption of cryptocurrencies.
Montenegro Court Approves Extradition of Do Kwon
A Montenegro court has approved the extradition of Do Kwon, co-founder of Terraform Labs, to either South Korea or the United States. Kwon was arrested in March 2023 for using forged documents while attempting to flee Montenegro. He was later sentenced to four months in prison for document forgery. The final decision on his extradition will be made by Montenegro's Minister of Justice. If extradited, Kwon faces a fraud-related civil lawsuit in the US and potential criminal charges. In South Korea, he could face a lengthy jail sentence for his alleged crimes.
HTX Exchange Hacked Again, Losing $30 Million
HTX (formerly Huobi Global) suffered its fourth attack in two months, losing $30 million via a hot wallet hack on Nov. 22. The exchange promised to compensate users for their losses and has already restored services. The previous day, the HTX Eco Chain (HECO) bridge was exploited for $86.6 million. HTX was hacked for $7.9 million in September, followed by a $100 million hack against the Poloniex exchange, a related entity, in November. Justin Sun, the Chinese blockchain personality and de-facto owner of HTX, stated that all user assets are safe and that the exchange will compensate for the losses.
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