Cryptocurrency Showdown: Avraham Eisenberg Faces Trial for Alleged $110M Heist in Mango Markets

Avraham Eisenberg, a trader involved in a staggering $110 million cryptocurrency theft within 20 minutes, will stand trial in a New York court on December 4.

Navigating the Crypto Giant’s Regulatory Hurdles

Binance on Friday announced it will cease operations in the Netherlands, effective immediately. According to a statement released by the company, no new accounts will be registered for residents in the Netherlands.

Launches 4% USDC Rewards for Global Cryptocurrency Savers

Coinbase, a leading cryptocurrency exchange, has recently announced that its global customers can now earn 4% rewards on USD Coin (USDC).

> This move comes despite the ongoing scrutiny Coinbase faces from the U.S. Securities and Exchange Commission (SEC).

> USDC, a stablecoin, is designed to maintain a value pegged to the U.S. dollar, with a 1:1 redeemability rate.

> It is supported by reserve assets such as cash, which are held in accounts with U.S.-regulated financial institutions.

> With a circulating supply of $28.2 billion, USDC stands as the second-largest U.S. dollar-pegged stablecoin, closely trailing Tether’s USDT.

> Coinbase’s new offering enables users to conveniently venture into the cryptocurrency ecosystem. Details here.

Unraveling the Crypto Exchange’s Alleged False Claims

The Federal Deposit Insurance Corporation (FDIC) has accused cryptocurrency exchange OKCoin USA Inc. of making false and misleading claims regarding its insured status.

> The FDIC, a U.S. banking agency, sent a cease-and-desist letter to OKCoin, demanding the immediate correction of these claims.

> According to the FDIC’s letter, OKCoin, and its senior executives have violated section 18(a)(4) of the Federal Deposit Insurance Act by making statements suggesting that OKCoin is FDIC-insured and that funds deposited with OKCoin are insured by the FDIC.

> This includes claims about FDIC insurance being applicable to non-deposit products, implying that the FDIC has endorsed a particular blockchain, and not distinguishing between US-dollar deposits and crypto assets. More here

Binance.US Hit with Layoffs Amid SEC Lawsuit

Binance's U.S. affiliate, Binance.US, has reportedly conducted a series of layoffs following recent regulatory charges and asset freeze requests by the Securities and Exchange Commission (SEC).
> According to insiders and employee social media posts, around 50 people have been laid off, with the affected employees primarily from the legal, compliance, and risk departments.
> Binance.US has not provided any comment or response to the reports. The SEC accused Binance and its CEO, Changpeng Zhao, of using Binance.US as a means to evade securities laws, leading to a lawsuit against the exchange.
> In response, the SEC sought to freeze Binance.US' assets, including substantial amounts of cryptocurrency and U.S. dollar bank accounts. Details here.

Binance's French Unit in Hot Water: Authorities Probe Money Laundering and Illegal Crypto Services

Binance, the global cryptocurrency giant, is facing scrutiny in France as the local unit is being investigated for allegedly providing digital asset services without the necessary legal permissions and for purported involvement in severe money laundering activities.

> The probe is centered around the accusation that Binance was operating as a digital asset service provider without obtaining the required regulatory approvals until May 2022.

> The investigation also encompasses claims of serious money laundering through investment transactions and concealing and converting proceeds obtained through illegal means.

> Binance is officially registered with the French financial authority, AMF (Autorité des Marchés Financiers), as a PSAN or digital asset service provider. Details here.

Do Kwon Speaks Out on Costa Rican Citizenship

Do Kwon, the former luminary of the crypto world, vehemently refuted allegations of possessing a counterfeit passport during a court session in Montenegro.

> Kwon claimed that the Costa Rican passport in question was procured via a Singaporean agency.

> In the court, Kwon was quoted saying, “We applied for these passports through an agency recommended to me by friends whom I respect.

> It would be hard to believe that a person about whom so much is known would agree to travel with a fake passport… trying to take a private plane from Podgorica would be tantamount to suicide,” as reported by the local newspaper Vijesti. Continue here.

Bakkt Delists Solana, Polygon, Cardano Amid SEC Pressure

Bakkt, the New York-based digital assets platform, has made the decision to remove Solana, Polygon, and Cardano - three major cryptocurrencies - from its listings.

> This move comes not long after Bakkt acquired Apex Crypto, a trading infrastructure provider, for $155 million.

> Bakkt's General Counsel and Secretary, Marc D’Annunzio, communicated to Fortune that the company has opted for a preemptive approach and will wait for “further clarity on how to compliantly offer a more extensive list of coins.”

> This step by Bakkt is closely related to the lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against prominent crypto exchanges Binance and Coinbase. Details here.

Binance and SEC Reach Crucial Agreement: What It Means for Binance.US Customers

employees of Binance.US can have access to customer funds in the near future.

> This tentative agreement is awaiting approval from the federal judge presiding over the case.

> Per the agreement, Binance.US is expected to implement measures that will prevent any officials from Binance Holdings, the global arm of the exchange, from accessing private keys to wallets, hardware wallets, or obtaining root access to the Amazon Web Services tools used by Binance.US.

> Additionally, Binance.US is slated to release detailed data regarding its business expenses, which will include estimated costs, in the upcoming weeks. More here.

Unveiling Their Bitcoin ETF Ambitions Amid SEC Scrutiny

BlackRock, the behemoth in asset management, has recently plunged into the cryptocurrency waters by filing an application for a Bitcoin exchange-traded fund (ETF), and industry analysts are closely watching.

> James Seyffart, an ETF Analyst with Bloomberg Intelligence, weighed in on this development, emphasizing the magnitude of BlackRock's entry into the market.

> He highlighted that “BlackRock makes up 33% of the U.S. market. They are the biggest ETF issuer... So the fact that they are entering the space should be taken very seriously.”

> However, Seyffart also throws a word of caution to the wind regarding the venture's success.

> He cited the SEC’s history of rejecting ETF applications due to concerns over market manipulation and the absence of regulated Bitcoin exchanges. Full report here.

Crypto Community Rallies with over $1M: ZachXBT's Defamation Lawsuit Takes Center Stage

In a remarkable show of support, the cryptocurrency community has rallied behind ZachXBT, an anonymous crypto sleuth, by raising over a million dollars in donations.

> ZachXBT disclosed through a tweet on Friday that he is facing a defamation lawsuit and sought financial assistance by sharing his digital wallet address for contributions to support his legal defense.

> He anticipates that his legal expenses could surpass the $1 million mark.

> The legal action against ZachXBT was instituted in a Texan court, with Jeffrey Huang alleging defamation.

> It revolves around accusations made by ZachXBT, who claimed that Huang misappropriated cryptocurrency from Formosa Financial, a cryptocurrency venture.

> Jeffrey Huang, who has refuted these allegations, insisted that ZachXBT retract the statements. More here.