Greetings, crypto enthusiasts! This is Melega Finance, the world's leading decentralized crypto exchange. The global cryptocurrency market saw a mixed bag of positive and negative news stories this week that you won't want to miss.
#Bitcoin $BTC remained stable between $35,100 and $37,900 this week, with a minimal -1% change over the past seven days. Meanwhile, the anticipation of potential #BitcoinETF approval in the US has increased demand, causing a surge in transaction fees. As of Nov. 16, the average transaction fee is $18.69, up 746% from a year ago. Let's catch up on what 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 (@melegaofc) on Twitter for more on all things crypto.
TOP CRYPTO NEWS RECAP (NOVEMBER 12–NOVEMBER 18, 2023)
- Former Bithumb Chair Faces Eight-Year Prison Sentence in Cryptocurrency Exchange Legal Battle
- IOSCO Releases Policy Suggestions for Global Crypto Asset Markets
- Opyn DeFi Protocol Founders Exit Crypto
- BlackRock Files for Spot Ether ETF, Joins Growing List of Institutional Players
- Paxos Secures Approval for U.S. Dollar-Backed Stablecoin in Singapore
- Bankrupt Crypto Companies FTX and BlockFi Proceed in Claims Settlement Negotiations
Former Bithumb Chair Faces Eight-Year Prison Sentence in Crypto Exchange Legal Battle
Lee Jeong-hoon, former chair of South Korea's major cryptocurrency exchange, Bithumb, is at the center of a legal battle and may be sentenced to eight years in prison. Prosecutors allege that Lee aimed to benefit from exchange tokens by bypassing financial regulations. The case dates back to October 2018, when Lee allegedly defrauded $70 million during negotiations for Bithumb's acquisition. The verdict is scheduled for January 18, 2024, and the outcome of the appeal will have significant implications for Bithumb's future, cryptocurrency exchanges' governance, and regulatory scrutiny.
IOSCO Releases Policy Suggestions for Global Crypto Asset Markets
The International Organization of Securities Commissions (IOSCO) has released a report containing policy suggestions for #crypto and digital asset (CDA) markets. The report aims to formulate a unified global regulatory approach to address the risks posed by centralized crypto-asset intermediaries.
The suggestions establish a distinct and robust global regulatory foundation, ensuring CASPs adhere to the business conduct standards applicable in conventional financial markets. Moreover, the report identifies several critical domains, including conflicts of interest, market manipulation, insider trading, fraud, custody, client asset protection, cross-border risks, and retail distribution.
Opyn DeFi Protocol Founders Exit Crypto
Opyn DeFi protocol founders Zubin Koticha and Alexis Gauba are stepping down from the project and leaving crypto. They maintained that the decision was emotional for them, and they hinted at a new project that is not crypto-related. However, Opyn will continue under the leadership of Andrew Leone, who is being promoted to CEO. The decision comes after Opyn settled an enforcement action against it from the United States Commodity and Futures Trading Commission (CFTC). The CFTC's action against Opyn was controversial even within the commission itself.
BlackRock Files for Spot Ether ETF, Joins Growing List of Institutional Players
#BlackRock, the world's largest asset manager, has officially filed for a spot Ether exchange-traded fund (ETF) with the SEC. The ETF, named iShares Ethereum Trust, aims to track the performance of Ether's price. BlackRock's move follows its registration of the iShares Ethereum Trust with Delaware's Division of Corporations. As reported in last week’s recap, the company previously initiated the spot Bitcoin ETF rush, highlighting institutional interest in the crypto market. With the crypto market in recovery, approval for a spot Bitcoin ETF is predicted to be as high as 90% by early 2024.
Paxos Secures Approval for U.S. Dollar-Backed Stablecoin in Singapore
Paxos crypto infrastructure firm has received in-principle approval from the Monetary Authority of Singapore (MAS), the country's financial regulator, for its new entity, Paxos Digital Singapore. This approval allows Paxos to offer digital payment token services and issue a USD stablecoin under MAS's proposed stablecoin regulations. Once fully approved, Paxos plans to partner with enterprise clients to issue the stablecoin in Singapore. This move aims to meet the global demand for the U.S. dollar and provide a safe and regulated platform for users worldwide. Notably, Paxos was previously in charge of minting Binance's BUSD stablecoin, which is now being phased out.
Bankrupt Crypto Companies FTX and BlockFi Proceed in Claims Settlement Negotiations
Bankruptcy court allows bankrupt crypto companies FTX and #BlockFi to negotiate their claims settlement. FTX debtors can now address BlockFi claims in the bankruptcy proceeding. FTX's collapse froze around $355 million of BlockFi's funds, with an additional $671 million owed by Alameda Research. Meanwhile, the court order states that #FTX debtors won't receive a distribution from BlockFi, and both parties must file for mediation promptly. Mediation will begin by December 24, 2023.
•••
Trade with the best decentralized AMM cryptocurrency exchange
Do you want to buy, sell, and invest in cryptocurrencies while still having 100% control of your crypto assets? If yes, then Melega Finance is for you. MelegaSwap is a leading automated market maker (AMM) decentralized exchange that offers users various options to trade and earn free tokens at high-interest rates and low charges.
At Melega, nobody manages your funds for you because you manage them directly from your wallet, while smart contracts transparently take care of everything else.
Learn More About the Melega Ecosystem
DAPP: https://melega.finance/
Website: https://melegaswap.finance
Crypto Services Hub: https://melega.space/
Telegram: https://t.me/melegacommunity
Twitter: https://twitter.com/melegaofc
Binance Feed Page: https://www.binance.com/en/feed/profile/212703589
Instagram: https://www.instagram.com/melega.finance/
YouTube: Melega Finance Official
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.
