Weekly Article Recap: 5/08-5/12

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.

Binance Announces Exit from the Canadian Market

Binance has announced it will be leaving the Canadian market, citing new rules related to stablecoins and investor limits. The exchange is already providing information to its Canadian users on how the new development will affect their accounts. Although Binance disagrees with the new rules, they aim to work with Canadian regulators to create a good regulatory framework.

Find more information here. 

Terra Labs Co-founder Do Kwon Granted $436,000 Bail in Montenegro

The infamous Terra Labs founder, Do Kwon has been granted release on a bail of €400,000 ($436,000) by a court in Montenegro while he awaits trial. Kwon is facing legal proceedings in South Korea and the United States after TerraUSD, the stablecoin created by Terraform Labs, collapsed last year.

Details in this article. 

Floki Takes Center Stage: Strategic Partnership with ITTF WTT to Reach 500 Million Users

Floki has announced a massive partnership with ITTF World Table Tennis (WTT). The collaboration will expose Floki to a user base of over 500 million people during the 2023 ITTF WTT Championship final slated for May 20 - 28. 

Learn about the partnership here. 

Tether Earns a Staggering $1.5 Billion in Q1, Doubling Its Previous Quarter's Profit!

Stablecoin issuer, Tether, reported an all-time-high reserve surplus of $2.44 billion, with a net profit of $1.5 billion during the first quarter of 2023, more than double during the last quarter. Tether's success has not been without controversy, as the company has faced scrutiny over its transparency and the level of reserves it holds to back up the value of its cryptocurrency. 

Find more details in this article. 

Binance NFT Marketplace to Launch Support for Bitcoin NFTs

Binance NFT Marketplace will introduce support for Bitcoin Ordinals, allowing users to explore and trade a wider variety of NFTs across multiple blockchains from their Binance accounts. The platform will also offer royalty support for Bitcoin NFT creators, allowing them to generate more revenue opportunities. Binance NFT is actively seeking collaborations with NFT projects focused on Bitcoin Ordinals to help grow the ecosystem.

Learn more here.