Weekly Yields

US Regulators Are Suing Binance & CZ: Crypto Weekly Newsletter #045

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Also: LUNA's Do Kwon arrest, ARB token generates $2Bn, Nasdaq to launch a Bitcoin product, Telegram integrates USDT payments.

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Weekly Yields
Danail Velchovski
March 27, 2023
Mar 27

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.

Market update

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.

Data from Mar 27, 2023, at 19:30 UTC via Messari.io.

Latest news:

⚠️ 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.

Source: Twitter

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.

Other news

Our research

Read our latest research articles in one click.

DeFi Yield Aggregators In 2023
How to use DeFi yield aggregators to maximize DeFi earnings: risks, opportunities, examples.medium.com

DeFi Investing For Dummies In 2023
The only guide you need to start your degen journeymedium.datadriveninvestor.com

DeFi Weekly Stats

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%.

The top 3 Stablecoin Yield Pools By 30d Average APY (TVL>$30M) as of Mar 27, 2023. Data: DefiLlama

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.

The top 3 Blue-Chip Coins Pools By 30d Average APY (TVL>$30M) as of Mar 27, 2023. Data: DefiLlama

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%.

The top 3 ETH LSD Pools By 30d Average APY (TVL>$30M) as of Mar 27, 2023. Data: DefiLlama

Final word

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.

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Danail Velchovski

Danail masterfully combines his deep knowledge of blockchain technology and his strong writing skills to deliver crisp, comprehensive content. With his early immersion in the web3 domain, he navigates the complexities of this revolutionary technology with ease, turning intricate concepts into engaging, digestible pieces. His research acumen and keen insight into the rapidly evolving world of decentralized networks make him an invaluable asset in educating audiences about web3's potential and its ever-evolving landscape.

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