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Cryptocurrency News 11 months ago
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Crypto Industry Update: Binance CEO Resigns, SEC Crackdown Continues, Circle Ventures and CoinGecko Expands

Algoine News
Summary:
Changpeng "CZ" Zhao has stepped down as head of Binance after building the cryptocurrency company from a $15 million initial coin offering (ICO) to a $60 billion enterprise since 2017. The SEC continues its enforcement actions against crypto firms, taking aim at Kraken despite a previous $30 million settlement. Various cryptocurrency industry updates include Grayscale and BlackRock's meetings with the SEC to discuss Bitcoin ETFs, Circle's unveiling of a new 'bridged USDC standard' to facilitate the launch of its stablecoin on new networks, and the shutdown of Bittrex Global's trading functions from December 4. The article also highlights CoinGecko's recent acquisition of NFT data infrastructure platform, Zash.
Changpeng "CZ" Zhao transformed Binance from a modest $15 million initial coin offering (ICO) to a tremendous $60 billion enterprise since its inception in 2017. This achievement came to a halt when he stepped down on November 21 as part of a resolution with the United States Department of Justice (DOJ). CZ's role extended beyond being the driving force behind Binance; his notable presence in the cryptocurrency sphere further amplifies his resignation's impact, casting a shadow over the global reputation of the industry. The U.S also spotlighted Kraken this week as part of its escalated scrutiny of cryptocurrencies. The U.S Securities and Exchange Commission (SEC) accused the exchange of diluting customer funds and not obtaining the necessary securities registration, thereby mirroring accusations levelled against Coinbase and Binance earlier in June. Despite Kraken reaching a $30 million settlement with the SEC in February, the regulator's demands were not met. This turbulence signals a transformative phase within the cryptocurrency industry. This week's crypto news also highlights meetings between Grayscale, BlackRock and the SEC, Circle's new ‘bridged USDC standard’, the discontinuation of Bittrex Global and CoinGecko’s recent acquisition. Grayscale and BlackRock held a dialogue with the SEC regarding their proposals for a Bitcoin spot Exchange-Traded Fund (ETF). The regulator engaged with Grayscale regarding potential adjustments for the Grayscale Bitcoin Trust and its agreement with BNY Mellon for transfer agency and service provisions on November 20. On the same day, BlackRock's delegates discussed potential redemption models for its iShares Bitcoin Trust with the SEC. Circle introduced a novel standard to simplify the launch of its USD Coin (USDC) stablecoin on new networks. This new bridged USDC standard empowers developers to inaugurate the token through a biphasic process, allowing for a provisional bridged USDC that can ultimately become official. This standard aims to eliminate user migration processes. Bittrex Global announced that trading operations will be discontinued starting December 4. The exchange advised users with U.S dollar holdings to convert their funds into euros or cryptocurrency before this date, or else risk being unable to extract their assets. CoinGecko, a firm specializing in crypto analytics, recently acquired Zash, a Non-Fungible Token (NFT) data infrastructure platform. Ultimately aiming to incorporate Zash's NFT data into its own application programming interface by Q2 of 2024, CoinGecko's acquisition will unify crypto data offerings for its web and mobile app users. Exact terms of the deal have not been revealed. Founded in 2021, Zash extends NFT data tracking capabilities across 102 marketplaces.
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Published At

11/24/2023 4:02:52 PM

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