If you have a Deja Vu, it’s not just you.
US regulators have finally taken their first significant action against Binance, the world’s top cryptocurrency exchange, and its CEO ‘CZ’. Rumors about this have been circulating for a while, so it’s not shocking for anyone who’s been keeping an eye on crypto regulations.
What sets this case apart is that it’s not the SEC that’s going after Binance (yet), but the CFTC. This news is still fresh (< 4h), so you can get updates and join the live discussion on the One Click Crypto Discord server.
Despite the FUD, the market has barely reacted as of the time of writing. Bitcoin is holding above $27,000, while Ethereum is trading at $1,715. Ripple (XRP) is up by +26.14% in the last 7 days, while the results of their lawsuit battle with the SEC are approaching.
⚠️ JUST NOW: Binance and CZ Sued by CFTC Over US Regulatory Violations
The United States Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance, the largest cryptocurrency exchange, and its CEO Changpeng “CZ” Zhao, for trading violations. The suit claims that Binance failed to meet its regulatory obligations by not properly registering with the derivatives regulator and conducting transactions in Bitcoin, Ether, and Litecoin US citizens.
Binance has been under investigation by the Internal Revenue Service, federal prosecutors, and the Securities and Exchange Commission. The CFTC is pressing seven counts against Binance for executing unregistered futures transactions, providing illegal commodities options, and more.
Do Kwon: Fugitive ‘Cryptocrash’ Boss Arrested in Montenegro
Do Kwon, the founder of collapsed token issuer Terra Labs, was arrested by Interpol at the airport in Montenegro for allegedly being in possession of forged documents. Last year, Terra’s USD stablecoin lost value, erasing billions from the crypto market and causing widespread panic within the industry. Do Kwon is wanted on charges of fraud and other offenses in South Korea, Singapore, and the United States.
Arbitrum’s ARB Token Launch Generates $2Bn, Before Dumping -85%
Arbitrum, a scaling solution focused on Ethereum, airdropped its long-awaited new token, ARB, which will serve as a governance mechanism as token holders can propose and vote on protocol upgrades. ARB’s first day of trading volume exceeded $2Bn, but the price dropped by more than 85% as airdrop recipients sold their newly acquired holdings.
Nasdaq To Launch Crypto Custody Services By The End Of Q2
Nasdaq has confirmed its intention to launch cryptocurrency custody services by the end of the second quarter. Following a string of industry bankruptcies, the stock exchange operator hopes to assume the crucial role of a crypto middleman. The NASDAQ collaborates with the New York Department of Financial Services to implement all regulatory requirements.
Telegram Integrates Tether (USDT) Payments on Tron Network
Telegram has added a new feature that allows users to send each other Tether, the largest stablecoin in the world. On the Tron Network, users can now purchase, swap, and engage in peer-to-peer trades with dollar-pegged USDT and send it directly to other users at no cost.
Read our latest research articles in one click.
Top Stablecoin Yield Pools
The top two leaders in stablecoin yields are currently producing an average 30d APY of over 20% each, with Uniswap V3’s USDC-USDT (0.01%) pool taking the lead at 21.18%.
Top Blue-Chip Coins Yield Pools
Another week in which Uniswap V3 remains at the top with USDC-WETH (0.05%) taking the blue-chip coins yield pools lead at 69.39% average 30d APY.
Top ETH Liquid Staking Derivatives Pools
Despite regulatory FUD surrounding Ethereum staking derivatives, the LSD sector remains stable, with Frax’s FRXETH pool holding a 30d AVG APY of 7.82%.
Crypto is the solution to bank runs, not the cause.
This is one of the prominent messages that people of influence in the space are trying to spread in one form or another. While some journalists have pointed out that not all politicians are anti-crypto and are, in fact, willing to cooperate, some CEOs are sending open letters to Congressmen outlining the economic & technical potential of digital assets.
If we leave politics aside, we can see that Blockchain technology is reaching a pinnacle state, with more and better-decentralized apps making their way on-chain. One Click Crypto is proud to make its contribution with its upcoming Robo-Advisory app.
Max Yampolsky,
CEO at One Click Crypto
ir@oneclick.fi
DISCLAIMER:
This is not financial advice. This newsletter is strictly educational and does not provide investment advice, solicit the purchase or sale of any assets, or encourage readers to make financial decisions. Please use caution and conduct independent research.
We regularly prepare insightful reports and case studies about crypto trading and the blockchain industry.
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