Last Week in Crypto April 1-7 Top Stories You Might Have Missed
This years April Fools was more than high with the crypto industry. Although the past weeks were like a swirling ocean, things seem to have calmed down just a little bit, and this is quite surprising, especially considering that we are just a few days away from the next Bitcoin halving.
However, this does not mean that the crypto market took some time to relax. Instead, it made the best out of this quiet time to come up with new launches and updates that surprised many crypto enthusiasts.
Thus, lets discuss the top crypto news from last week.
Table of contents
- The Chinese Government Launched a Public Blockchain Infrastructure Platform
- Tether Completed the Golden Standard Security Audit
- Binance Formed a Board of Directors
- The Argentine Government Passed Registration Requirements for Crypto Firms
- Bitfinex Launched Volatility Futures on Bitcoin and Ethereum
- BIS and 7 Central Banks Will Explore Asset Tokenization through Project Agora
- OneCoin Compliance Chief Was Sentenced to 4 Years in Jail
- Crypto Liquidity Firm GSR Received an MPI License in Singapore
- Ripple Will Launch a US Dollar-Pegged Stablecoin
- Do Kwon Was Found Liable for Fraud in an SEC Case
The Chinese Government Launched a Public Blockchain Infrastructure Platform
Summary: China launched a public blockchain infrastructure platform in collaboration with Conflux Network to help cross-border applications.
Details: Chinese regulators worked on a new public blockchain infrastructure platform developed in collaboration with Conflux Network, a multichain blockchain ecosystem under the Conflux Foundation. The platform is called the Ultra-Large Scale Blockchain Infrastructure Platform for the Belt and Road Initiative and was developed to provide basic support for cross-border applications on a public blockchain.
The main goal of the project is to establish a solid public blockchain infrastructure to support the platforms aligned with the Belt and Road Initiative. Thus, it aims to contribute to the development of various applications that focus on increasing cooperation across international borders.
Source: Yahoo Finance
Tether Completed the Golden Standard Security Audit
Summary: Tether stablecoin announced that it completed the SOC 2 audit, which is the highest level of security compliance.
Details: Tether, the worlds largest stablecoin by market capitalization, announced that it successfully completed a SOC 2 (System and Organization Controls) audit. This audit, developed by the AICPA (the American Institute of Certified Accountants), represents the highest level of security compliance a company can demonstrate.
Tether proved once again its constant focus on providing high and strong security. Tether CEO Paolo Ardoino stated that the compliance measure assures our customers that their assets and data are managed in an environment meeting the highest standards for data protection and information security. This independent validation of security controls is vital for Tether, demonstrating our commitment to being the worlds most trusted and compliant stablecoin.
Source: Cointelegraph
Binance Formed a Board of Directors
Summary: After 7 years of activity, Binance built its board of directors, combining internal leadership with external members to make the best out of its resources.
Details: Binance has established its board of directors for the first time since its launch in 2017. The decision comes after the companys plea of guilt to the US charges such as AML and sanctions violations.
Thus, Gabriel Abed, former ambassador of Barbados in the UAE (United Arab Emirates), became chairman of the seven-member board. By his side, there will be a blend of internal leadership and external members, including Binance CEO Richard Teng, executives Heina Chen, Jinkai He, and Lilai Wang, along with external members such as Arnaud Ventura and Xin Wang.
After being in a conflict with the US authorities and settling for $4.3 billion, Binance is now undergoing major changes as part of its plan to shift to a more conventional corporate framework. This is why the crypto exchange established a board of directors and is considering setting up a definitive headquarters.
Source: BeInCrypto
The Argentine Government Passed Registration Requirements for Crypto Firms
Summary: The Argentine government introduced new rules for crypto companies, requiring them to register in order to provide various crypto-related services.
Details: Argentina is hitting once again with a new set of crypto regulations. The Comisión Nacional de Valores in Argentina announced a new mandatory Registry of Virtual Asset Service Providers for the crypto firms operating in the country. This comes while many believed (or hoped) that the new leader of the country, Javier Milei, would change the authorities perception of cryptocurrencies.
Thus, crypto companies operating in Argentina will be required to comply with the regulations and register their services as long as they offer features such as buying, selling, sending, receiving, lending, or trading crypto. Service providers will have to complete the registration as soon as possible in order to be able to offer their services in the jurisdiction from now on.
Source: Forbes
Bitfinex Launched Volatility Futures on Bitcoin and Ethereum
Summary: Bitfinex introduced a new feature to allow users to trade futures on Bitcoin and Ethereum.
Details: Bitfinex Derivatives crypto exchange announced the launch of perpetual futures tied to Bitcoin (BTC) and Ethereum (ETH) volatility indices. This will allow users to place bets on the expected price turbulence of major cryptocurrencies.
Bitfinexs new features will be based on the decentralized derivatives platform Volmex and its Bitcoin implied volatility index (BVIV) and Ethereum implied volatility index (EVIV). The indices are derived from real-time data and show the expected price turbulence over a period of 30 days.
Source: CoinDesk
BIS and 7 Central Banks Will Explore Asset Tokenization through Project Agora
Summary: The Bank for International Settlements, along with various central banks, launched an initiative to explore the possibility of global asset tokenization.
Details: The BIS (Bank for International Settlements) announced a new collaboration with 7 major central banks from various countries that aims to explore the potential benefits of asset tokenization in the global monetary system. The initiative is called Project Agora and unites institutions from countries such as the United States, the United Kingdom, Japan, South Korea, France, Mexico, and Switzerland.
Project Agora aims to improve the functionality of the monetary system by addressing inefficiencies that currently affect cross-border transactions. The initiative can be considered part of the central banks efforts to streamline transactions. Another concept is the CBDCs (Central Bank Digital Currencies), which have been discussed for some time now.
Source: Blockchain News
OneCoin Compliance Chief Was Sentenced to 4 Years in Jail
Summary: OneCoin scam head of legal Irina Dilkinska was sentenced to 4 years in jail along with the requirement to forfeit $111 million as restitution.
Details: The former head of legal and compliance for the OneCoin crypto project was sentenced to four years in jail after pleading guilty to helping launder millions of dollars. United States District Judge Edgardo Ramos sentenced Irina Dilkinska after she offered a statement on April 3 to the US Attorneys Office.
Besides 4 years in jail, Irina Dilkinska will have to complete one month of supervised release and must forfeit $111 million as restitution. She was denied her request to avoid jail time and return to Bulgaria to care for her children.
Source: Cointelegraph
Crypto Liquidity Firm GSR Received an MPI License in Singapore
Summary: GSR, a crypto trading firm, announced that it received an MPI license from the Monetary Authority of Singapore.
Details: Crypto trading company and liquidity provider GSR Markets secured its full major payment institution (MPI) license from the Monetary Authority of Singapore (MAS) on April 4. The announcement was made after the company received an in-principle approval in October 2023. Xin Song, the CEO of GSR Singapore, stated that the company is the first of its kind to receive such a license.
The major payment institution license will allow GSR to conduct its OTC (Over-the-Counter) spot and market-making services under the Singapore Central Bank. Also, licensed companies in Singapore can exceed the volume limit of 3 million Singapore dollars for a payment service and the monthly limit of 6 million Singapore dollars for 2 or more payment services.
Source: Cointelegraph
Ripple Will Launch a US Dollar-Pegged Stablecoin
Summary: Crypto startup Ripple announced that it will start developing a stablecoin that will be pegged to the US dollar.
Details: Ripple announced that it will join the stablecoin market by launching a digital currency pegged to the US dollar. The stablecoin will be backed by an equivalent sum of assets consisting of US dollar deposits and US government bonds and cash equivalents that will be held in reserve by Ripple, one of the top crypto startups in the market.
Ripple will first launch its stablecoin in the US but did not deny its plans to offer additional regional products to non-US citizens from areas such as Europe and Asia. The launch of a stablecoin developed by Ripple will put the company among the top stablecoin issuers, such as Tether (USDT) and Circle (USDC).
Source: CNBC
Do Kwon Was Found Liable for Fraud in an SEC Case
Summary: Do Kwon and his company Terraform Labs were found liable in an SEC case accusing them of misleading investors before and during the companys collapse in 2022.
Details: A Manhattan jury found Terraform Labs and founder Do Kwon liable on civil fraud charges, backing the US SECs (Securities and Exchange Commission) allegations that they misled investors before the collapse of the company and its stablecoin in 2022.
The Securities and Exchange Commission accused Terraform Labs and Do Kwon of misleading crypto investors regarding the stability of TerraUSD, which used to be a stablecoin pegged to the US dollar. The regulator is looking for civil financial penalties while also ordering a sentence for Do Kwon, the founder of the company.
Do Kwon is currently in Montenegro, where he was caught while trying to escape the country. It is still to be seen if he will be extradited to the US or South Korea. At the moment, he was released until Montenegrin authorities decide where to extradite him.
Source: Reuters
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