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Weekly Article Recap: 11/13-11/17
November 18, 2023
MINS
A recap of notable news from the week.
Recapping the Week in DeFi
As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.
Blackrock Denies XRP ETF Plan: Fake Filing Sparks Brief Surge in XRP Price
Earlier in the week, BlackRock firmly denied plans for an XRP exchange-traded fund (ETF) following a fake filing claiming the registration of an iShares XRP Trust. The fraudulent document mimicked BlackRock's filings for Ethereum and Bitcoin ETFs, filed under a managing director's name. The misleading news briefly boosted XRP's price by over 10%.
Read the full story here.
Binance to Launch Thai-Based Crypto Exchange in Partnership With Energy Giant
Binance has partnered with Thai billionaire Sarath Ratanavadi's Gulf Energy to launch Gulf Binance, a digital asset platform in Thailand. The collaboration aims to provide a secure and regulatory-compliant cryptocurrency exchange and brokerage service. The platform will initially operate on an invitation-only basis before opening to the wider public in subsequent phases.
Learn more in the article.
OKX Unveils Ethereum Layer-2 "X1" with Polygon CDK Integration
Cryptocurrency exchange OKX has introduced the X1 testnet, a layer-2 solution for Ethereum. Powered by the Polygon chain development kit, X1 aims to enhance Ethereum's scalability using zero-knowledge proofs for secure and private deposit and withdrawal validation. Once the mainnet is live, OKB will be the native coin for gas fees within the X1 ecosystem.
Find more information here.
SEC and Binance Agree on Protective Order in the Ongoing Legal Showdown
Binance and the SEC's legal battle is taking a new twist with a recent joint motion for a protective order. Dated November 13, this motion, related to a Consent Order from June 17, outlines guidelines for handling confidential information during the ongoing litigation. The proposed protective order emphasizes the high stakes of the case and the importance of addressing legal complexities surrounding sensitive data.
Learn more in the article.
New York Financial Regulator Issues Stricter Guidelines for Cryptocurrency Listing and Delisting Policies
The New York State Department of Financial Services (NYDFS) has issued updated guidelines for cryptocurrency listing and delisting. Superintendent Adrienne A. Harris unveiled the measures to improve risk assessment standards, focusing on factors such as technology risks, cybersecurity threats, market risks, and potential involvement in illicit activities. The move aims to create a more secure and transparent environment for cryptocurrency investors.
Read the full story here.
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Do Kwon Faces Extradition to the United States Over Terra Crypto Collapse
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December 7, 2023
The decision, yet to be officially announced, follows the US Securities and Exchange Commission's (SEC) charges against Kwon for alleged crypto asset securities fraud.
Montenegro's Justice Minister is reportedly inclined to extradite Do Kwon, the founder of Terraform Labs, to the United States, according to a recent report from The Wall Street Journal.
Do Kwon, a key figure in the Terra blockchain ecosystem, is wanted by the United States and South Korea for his alleged involvement in the downfall of Terra's digital assets.
The decision follows Kwon's arrest in Montenegro last March. The collapse, which occurred in May 2022, triggered a broader market downturn affecting major players in the cryptocurrency space.
Legal Maneuvers and Extradition Talks
Kwon, who initially agreed to be extradited to South Korea, now faces the possibility of extradition to the United States. Montenegro's Justice Minister has privately communicated the decision to send Kwon to the US to answer charges related to financial crimes.
The specific charges include commodities fraud, securities fraud, wire fraud, and conspiracy to defraud and engage in market manipulation during Kwon's tenure at Terra.
Despite Kwon's earlier agreement for extradition to South Korea, the final decision rests with Justice Minister Milovic. The minister may await the outcome of a potential last-ditch appeal by Kwon against the court ruling.
Milovic emphasized that the decision would be made public "in a timely manner," leaving room for speculation on the intricate legal proceedings.
SEC Charges and Market Impact
The United States Securities and Exchange Commission (SEC) had previously charged Kwon with defrauding investors in crypto schemes in February. The legal action marked a pivotal moment, linking Kwon to allegations of orchestrating a multibillion-dollar crypto asset securities fraud.
In May 2022, Terraform Labs' collapse had a significant impact on the broader cryptocurrency market, impacting major platforms like Voyager Digital, BlockFi, Celsius Network, and FTX.
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Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $1500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
Disclaimer: Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
This is a paid press release, BSC.News does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. The project team has purchased this advertisement article for $2500. Readers should do their own research before taking any actions related to the company. BSC.News is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.
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