Claim Giveaway Token Proof of Reserve

Crypto Daily Roundup, 22 Nov: Crypto Plunges Amid Exchange Turmoil

22-Nov-2023 By: Lokesh Gupta
Crypto Daily Roundup

The top 5 cryptocurrencies that lost value in the last 24 hours

TOP 5 Loser Coins

Indices LTP Change (%)
PancakeSwap $2.39 9.88%
Sui $0.5223 9.32%
TrustWallet Token $1.10 9.24%
BNB $235.81 8.77%
Gala $0.02366 8.58%

Crypto News Key Highlights:

  • Changpeng Zhao, former CEO of Binance, pleaded guilty to securities law violations, released on a $175 million bond with conditions. He must deposit $15 million, secure guarantors, and avoid illegal activities. Sentencing is set for Feb. 23, 2024. Binance settled with the DOJ, FinCEN, OFAC, and CFTC, paying $4.3 billion in penalties, impacting the crypto market and causing over a 12% drop in BNB Coin.

  • Binance's $4.3 billion settlement with the U.S. DOJ leads to CEO Changpeng Zhao stepping down and pleading guilty to security law violations. BNB Coin plunges 12%, with Binance experiencing an $800 million outflow in 24 hours. Amid a complete U.S. exit, fines of $3.4 billion and $968 million are settled with FinCEN and OFAC.

  • Grayscale advances efforts for its spot Bitcoin ETF, engaging in discussions with the SEC and finalizing a Transfer Agency and Service Agreement with BNY Mellon for Grayscale Bitcoin Trust (GBTC). The meeting with the SEC focused on NYSE Arca's proposed rule change. Analysts suggest the BNY Mellon agreement is likely a requirement, not a sign of an imminent GBTC conversion. The SEC recently delayed the decision on a spot Bitcoin ETF.

  • The Federal Open Market Committee (FOMC) minutes reveal a unanimous agreement to maintain restrictive monetary policy until inflation aligns with the 2% target. Despite concerns about the economy and labor market, no rate cuts are imminent. The Fed remains cautious, considering potential risks from tight financial conditions and uncertainties in the economic outlook.

  • The SEC has filed a lawsuit against Kraken, alleging the cryptocurrency exchange operated as an unregistered securities exchange in the US. Kraken plans to defend itself, contending that cryptocurrency regulation should be determined by Congress. Similar actions have targeted Binance and Coinbase as part of the SEC's extended oversight efforts.

  • Former Binance CEO Changpeng Zhao has stepped down, and Richard Teng, a seasoned Singaporean businessman and ex-regulator, has taken over. Teng emphasizes user confidence, global regulatory collaboration, and driving Web3 growth as key focuses, while Zhao plans a break and passive investing, expressing openness to mentoring entrepreneurs.

  • OpenAI announces Sam Altman's return as CEO with a new board, including Bret Taylor (Chair), Larry Summers, and Adam D'Angelo. Altman, who briefly joined Microsoft, expresses commitment to OpenAI's mission. Microsoft's Satya Nadella supports Altman's decision, emphasizing a strengthened partnership for advancing AI. Greg Brockman, co-founder, also returns.

  • New Zealand crypto exchange Easy Crypto, in collaboration with Australian firm Labrys, has launched the New Zealand Dollar Stablecoin (NZDD). Regulated by the New Zealand Financial Markets Authority, it initially lives on Ethereum and plans expansion to other platforms. Easy Crypto aims to provide a local stablecoin alternative for New Zealanders, promoting digital currency adoption.

  • Chinese police report an increase in Central Bank Digital Currency (CBDC)-themed money laundering schemes amid the digital yuan rollout. A scam involving overpayment using digital yuan led to an arrest, exposing 14 fraudulent acts totaling $28,100. Authorities warn the public to be cautious of suspicious digital renminbi exchange transactions.

Also read - 24 Crypto Update, 21 Nov:Market slips after FOMC Minutes and CZ guilty

WHAT'S YOUR OPINION?
Related News
Related Blogs