Last Week in Crypto May 6-12 Top Crypto News You Might Have Missed
Last week has been a blast, with all the announcements made in the crypto industry and not only. It may seem like its quiet in the crypto space, but the truth is that we have so much to discuss since our last update.
Thus, lets start presenting the top crypto events and discuss how they might affect the market in the following days.
Table of contents
Top Crypto News
The top crypto news from last week is related to Binance, a long-discussed lawsuit with a potential final say, and an unexpected change in Nigerias perspective over crypto.
The SEC Filed the Final Response in Ripple Case
Summary
The US SEC might have offered a final response after fighting against Ripple for the past 4 years.
Details
Ripple and the US SEC have reached a significant phase in their legal dispute. The SEC filed its final reply in the lawsuits remedies stage.
The SEC challenges Ripples approach to XRPs legal status, particularly disputing Ripples claim of acting without recklessness and downplaying the potential uncertainty surrounding XRPs legal standing.
Despite Ripples efforts to comply with all the regulations since initiating the XRP lawsuit in 2020, the SEC maintains its concerns about future violations, arguing that past conduct does not guarantee future compliance.
The legal battle continues, with Ripples chief legal officer criticizing the SECs approach and expressing optimism about resolving the lawsuit. Meanwhile, Ripple is preparing to introduce XRPL enterprise solutions in Japan through a strategic partnership, as analysts anticipate a final judgment around September.
Source: Cointelegraph
Binance Got Revoked in 6 US States
Summary
Oregon has revoked Binance.USs license, marking it the 6th state to do so after Changpeng Zhao admitted guilt to felony charges related to violating AML laws.
Details
Oregon has become the sixth state to either revoke, suspend, or refuse to renew the operating license of Binance.US, following similar actions by five other states in response to legal issues surrounding its former CEO, Changpeng Zhao.
Zhaos guilty plea to felony charges related to Anti-Money Laundering violations has led to increased scrutiny and regulatory actions against the cryptocurrency exchange.
The Oregon Division of Financial Regulation officially revoked the license on April 30, citing the severity of Zhaos felonies as the reason. The revocation prevents Binance.US from transmitting money or selling fiat or cryptocurrencies in Oregon.
Florida was the first to suspend the companys license in November, shortly after Zhaos plea. Subsequently, Alaska, North Carolina, Maine, and Connecticut also moved against Binance.US, with Connecticut being the most recent to suspend its license as of April 24.
Source: Cointelegraph
Nigeria May Ban Peer-to-Peer Crypto Trading in Naira
Summary
Nigeria is intensifying its crypto regulations with a proposed ban on peer-to-peer (P2P) trading with the naira amid currency manipulation and financial instability concerns.
Details
Nigeria is taking further steps to control the cryptocurrency sector with a new proposed ban specifically targeting peer-to-peer (P2P) trading of the naira, as reported by Bloomberg on May 7. This move by the Nigerian government is part of a broader strategy to reduce the potential negative effects of cryptocurrency trading on the national currency, which authorities claim is contributing to the nairas decline.
Emomotimi Agama, the director general of Nigerias Securities and Exchange Commission (SEC), announced that new regulations affecting crypto exchanges, digital asset custodians, and other industry stakeholders would be introduced shortly.
The proposed regulations come after Nigeria lifted a nearly three-year ban on cryptocurrency transactions last year. However, the Central Bank of Nigeria still emphasized the need to regulate virtual asset service providers to prevent issues.
Source: PYMNTS
Top Crypto News ETFs
Since January 2024, when ETFs were finally approved by the SEC, this type of financial products has become a widely discussed topic. For last week, we will be focusing on the new Hong Kong ETFs and a Grayscale ETH ETF application in the US.
Hong Kong ETFs Struggle to Gain Traction
Summary
Hong Kongs spot bitcoin ETFs experienced their first outflows, solely from ChinaAMC, since their launch on April 30.
Details
Hong Kongs newly launched spot Bitcoin exchange-traded funds (ETFs) faced their first day of net outflows on Monday. All outflows occurred from China Asset Managements (ChinaAMC) ETF, despite the funds strong start initially.
Since their introduction to the Hong Kong Stock Exchange on April 30, the three ETFs collectively had amassed an impressive inflow of 3,910 BTC on their opening day. However, as of this May 6, ChinaAMCs ETF alone saw a reduction of 75.36 BTC, while the other two managed by Harvest and Bosera and HashKey, recorded no new inflows.
Source: The Block
Grayscale Withdrew Its Ethereum ETF Application
Summary
Grayscale withdrew its application for an Ethereum ETF, as NYSE Arca, the intended listing exchange, pulled the proposal ahead of the SECs final decision on similar ETFs.
Details
Grayscale Investments has recently withdrawn its proposal for an Ethereum exchange-traded fund (ETF), which was set to be listed on NYSE Arca. This decision comes just ahead of a crucial period in May when the U.S. Securities and Exchange Commission (SEC) is expected to deliver its final decision on multiple pending applications, including those from VanEck and ARK Investments/21 Shares for ETFs tied to the spot price of Ethereum.
Despite the setback on the ETH ETF, Grayscales efforts in the cryptocurrency ETF space continue, particularly with its existing proposal to transform its Grayscale Ethereum Trust into a spot ether ETF.
Source: Reuters
Top Crypto News Technology
Technology never stops progressing, and last week, the spotlight was on Starknet and BlockFi.
Starknet Foundation Launched a $5 Million Grant Program
Summary
The Starknet Foundation launched a $5 million grant program to support new projects on its Ethereum layer-2 scaling solution.
Details
The Starknet Foundation has launched a significant grant initiative, the Seed Grants Program, dedicating $5 million in USDC to help emerging projects on its platform. Announced on May 8, 2024, the program is designed to provide financial support to at least 200 promising teams, each receiving $25,000.
This initiative explicitly targets projects that have already reached the minimum viable product (MVP) stage or have established a proof-of-concept, particularly those that aim to launch on Starknet. This Ethereum layer-2 solution utilizes advanced zero-knowledge rollup technology to enhance scalability.
The primary goal of the Seed Grants Program is to reduce the financial barriers that new teams might face when engaging with blockchain-based development.
Source: Yahoo Finance
BlockFi Partnered with Coinbase Crypto Exchange
Summary
BlockFi partners with Coinbase to distribute funds, including potential distributions from recovered FTX funds amid its closing plans.
Details
BlockFi, the bankrupt crypto lender, announced that it will close its web platform by the end of May 2024 and will primarily use Coinbase as its distribution partner going forward. This strategic shift aims to ensure that BlockFi Interest Account (BIA), Retail Loan, and Private Clients services users can continue accessing their funds during the bankruptcy claims process.
For users to receive their funds in cryptocurrency, they must have an active and approved Coinbase account by specific deadlines set in the near future. Those unable to meet these conditions or create a Coinbase account will receive cash distributions.
Source: CryptoSlate
Top Crypto News DeFi
Revolut Launched a Crypto Exchange for UK Users
Each week brings new announcements in the DeFi (Decentralized Finance) sector. Last week, two of the most intriguing updates were led by Revolut and a leading Colombian bank.
Summary
Revolut has launched Revolut X, a new crypto trading platform for UK retail customers.
Details
Revolut, a leading global fintech company and neobank, has expanded its offerings in the cryptocurrency market by launching Revolut X, a crypto trading platform tailored for retail customers in the United Kingdom.
Officially released on May 8, 2024, Revolut X allows trading in more than 100 cryptocurrencies, including major ones like Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), with plans to increase this selection soon.
The platform is designed to provide accessible and affordable access to the crypto market, offering competitive fees of 0% for makers and only 0.09% for takers, aiming to attract a broad user base by undercutting traditional exchange fees.
Source: Yahoo Finance
A Colombian Bank Launched a Crypto Exchange and a Peso Stablecoin
Summary
Leading Colombian bank Bancolombia launched a crypto exchange and a peso-pegged stablecoin, aiming to compete with major exchanges like Binance.
Details
Bancolombia, the largest bank in Colombia, has made a significant step forward in the cryptocurrency market by establishing its crypto exchange, Wenia, and introducing a new stablecoin, COPW, pegged to the Colombian peso.
This development is the peak of nearly a decade of research and strategic planning to integrate digital assets and blockchain technology into the companys offerings.
The newly launched Wenia platform plans to bring an ambitious number of 60,000 users close to the platform within its first year, positioning itself as a formidable competitor against other established crypto exchanges in the jurisdiction.
Source: Cointelegraph
Top Crypto News NFTs
Who would have thought Donald Trump could think of organizing a crypto-related event? And yet, here we are, ready to discuss his new concept and how things went during the event.
Donald Trump Organized an NFT Event
Summary
Donald Trump organized an NFT-themed event at his Florida home and expressed support for the crypto industry, contrasting his previous skepticism.
Details
Donald Trump hosted an NFT-themed event at his Florida residence, creating several memorable moments as he engaged with enthusiasts of non-fungible tokens. Among the most important moments, Trump took credit for making NFTs hot again, a statement cheered by the attendees.
This claim was linked to his involvement with various NFT collections, including his own Mugshot series, which he promoted at the event. He also expressed a more favorable opinion about the cryptocurrency market, promising to foster a better regulatory environment to keep crypto businesses in the U.S., which contrasts with what he stated before.
Source: Cointelegraph
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