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The SEC sued Binance on Monday, amid mounting regulatory scrutiny of crypto exchanges. Industry experts shared insights on what this could mean for Binance and how it could drive crypto innovation out of the U.S.

Leaders in Hong Kong’s Web3 industry announced the formation of two new associations, Hong Kong Licensed Virtual Assets Association (HKLVAA) and Web3 Harbour, on Monday.

Binance, the world’s largest cryptocurrency exchange, has been accused of blending client funds with its own corporate revenue in violation of U.S. financial regulations, according to three unnamed sources cited by Reuters.

Top blockchain and crypto news: Fighting words over USDT erupt on Twitter. Litecoin surges amid memecoin fever. Chinese city bids for blockchain business.

World’s largest cryptocurrency exchange halts Australian dollar services after payment provider cuts off service.

San Francisco-based Ripple Labs, a technology and financial services firm built around the XRP cryptocurrency, said it will acquire Metaco, a Swiss-based tokenization and digital asset custody provider, for US$250 million. 

Bank of Korea, the central bank, seems uncomfortable with the Financial Services Commission, the country’s regulator, having the mandate over the cryptocurrency industry. The bank is pushing for more say, arguing crypto can influence the stability of the overall financial market and that involves the central bank.

Bitcoin and major cryptocurrencies reacted positively to the latest CPI report that stated annual inflation in the U.S. rose 4.9% in April, beating market expectations.

Goldman Sachs, Microsoft, Deloitte, Moody’s and other institutions are partnering with Digital Asset for the launch of the Canton blockchain.

NFTs are changing in-game item ownership and value, yet the gaming industry remains skeptical. With microtransactions set to exceed $76 billion this year, it’s time for gamers to understand the benefits of NFT technology.

Top blockchain and crypto news: JPMorgan swoops as another bank falls. NFT market rivalry heats up. Bitget seeks Hong Kong exchange license.

A clear and balanced legal framework will encourage more crypto investment, while the industry can promote best practices, writes Mahin Gupta of Liminal.

What are ‘trustless oracles,’ and how will they shape the development of the metaverse and Web3? Markus Levin of XYO and XY Labs explains.

NYDFS superintendent Harris called the idea of Operation Choke Point 2.0 “ludicrous,” but industry participants largely disagree. Was the shutdown of the three largest crypto-friendly institutions a coordinated effort to unbank crypto?

Traditional institutions are testing crypto waters, but given last year’s market carnage, it’s not easy to gain their confidence, writes Simon Schaber of Spool.

The Australian securities regulator has canceled Binance Australia’s derivatives license.

PostFinance, a Swiss government-owned retail bank, has partnered with Sygnum Bank to provide crypto-related services.

Decentralization’s the talk of the town after the collapses of several centralized institutions.

Top blockchain and crypto news: Banking woes boost Bitcoin. Arbitrum counts down to launch. Chinese billionaire faces US crypto scam charges.

Many crypto users see losses as the cost of doing business. In fact, we can and must improve the sector’s deficiencies, writes Pelle Brændgaard of Notabene.

Top blockchain and crypto news: USDC stabilizes after SVB collapse. Silvergate closes shop. China tightens financial supervision.

A deal valued at over US$1 billion between Binance.US and Voyager should be put on hold while key legal objections are worked out, says U.S. government.

Binance, the world’s largest cryptocurrency exchange, announced that it is halting its British pound deposits and withdrawals.

India’s crime fighting agencies have been investigating crypto exchanges and individuals on money laundering charges and have now put the onus on exchanges to report suspicious transactions.

Bitcoin and Ether rose the most in the top 10 non-stablecoin cryptocurrencies by market capitalization on Tuesday afternoon in Asia. Cryptocurrencies have been on a rebound since U.S. regulators took charge of the failures in the banking industry and moved to protect deposits across crypto-linked banks.

What began as novel collectibles and rampant speculation is maturing into real-world utility across a multitude of industries, writes Tom Chalmers of Banxa.

NFT sales and market capitalization show rising investor activities, but recycled liquidity and wash trading may tell a different story, Forkast Labs co-CEO says.

Contagion, regulation worries grow after crypto bank’s demise

Alameda Research has filed a law suit against crypto conglomerate Digital Currency Group and its asset management business Grayscale over trust investments.

Web3 is growing more rapidly than the early internet, writes Ken Timsit of Cronos Labs. But to achieve mainstream success, the following issues must be addressed.

With 69% of Bitcoin supply in profit, BTC is struggling to stay above the US$22,300 support level. A daily close below US$22,300 could see Bitcoin retest the US$21,450 support level. Industry experts share their end-of-March Bitcoin price predictions with Forkast.

Australia has outlined potential use cases and providers for a central bank digital currency (CBDC), with a pilot program to be launched in the coming months.

Officials at Bitcoin mining companies say the rebound in prices so far this year for the world’s biggest cryptocurrency has thrown a lifeline to the industry after some miners sought protection from creditors last year amid the slump in the token’s price.

A Taiwanese lawmaker has reiterated that the cabinet will have to mandate an acting central authority to shape regulatory frameworks and development roadmap for the cryptocurrency industry by May 16, a move that would push Taiwan closer to adequate crypto regulation.

Greater transparency and confidence in who you are transacting with could go a long way toward alleviating public mistrust, writes Travis Nelson of Quadrata.

The cryptocurrency industry this week reacted to the recent moves by U.S. authorities against Kraken and Paxos. Meanwhile, India has been calling for a collaborative approach to crypto regulations.

Square Enix announced Wednesday that it will launch its first Web3 game Symbiogenesis on the Polygon blockchain.

The SEC’s latest heavy-handed approach toward crypto will leave investors less protected while benefitting dodgy offshore companies, writes Danny Talwar of Koinly.

Bitcoin broke through the US$24,000 price ceiling for the first time in two weeks to reach its highest price since mid-August in Thursday morning trading in Asia, as investors liquidated almost US$70 million of mostly short-position bets.

Investors may view Web3 through the lens of financial opportunities and revenue, but that misses the point of trying to build a fairer and more transparent infrastructure, with content creators at the forefront, says Mysten Labs co-founder Evan Cheng

The cryptocurrency industry faced criticism during a Senate committee meeting on Tuesday entitled “Crypto Crash: Why Financial System Safeguards are Needed for Digital Assets.”

The current payment system relied on by truck drivers runs through third parties and adds costs to supply chains and consumers. Could blockchain tech provide an alternative, and would truckers trust it?

Last year was memorable in the emerging world of digital assets for the sheer number of corporate failures. The industry itself has been asking for clearer legal guidelines to help development. Is that what’s happening now?

Blockchain developers want a piece of the multi-billion dollar cloud computing pie. Do current heavyweights in the industry – Amazon, Google and Microsoft – have cause for concern?

The U.S. Securities and Exchange Commission is considering a ban on cryptocurrency staking for retail customers in the country, said Brian Armstrong, the chief executive of Coinbase Global Inc.

Robinhood Markets Inc., the U.S.-based financial services company, aims to purchase the 55 million of its shares that FTX-linked Emergent Fidelity Technologies bought in May 2022, according to its earnings report released Wednesday.

Cryptocurrency exchanges in India had lobbied the government to reduce taxes introduced last year, arguing the levies were backfiring by driving local investment offshore.

Celsius Network may have misled its investors and spent customer funds, an independent examiner said in a Tuesday court filing.

Tighter regulations are necessary but not enough. The industry also needs to address its issues with custody and transparency, writes Chen Zhuling of RockX.

Binance Holdings Ltd., the world’s largest cryptocurrency exchange, acknowledged it mistakenly stored customer funds in the same wallet holding collateral for its Binance-pegged tokens, known as B-Tokens

National Australia Bank, one of the four major banks in the country, has created a stablecoin AUDN for cross-border transactions and carbon credit trading, according to an Australian Financial Review report. 

Small details can make a big difference on performance, and one careless error can lead to calamity. How should those in crypto drivers’ seats navigate their path?

Coinbase Global Inc., the world’s second largest cryptocurrency exchange by trade volume, has asked customers in Japan to withdraw crypto and fiat holdings by Feb. 16, as it halts operations “to conduct a complete review” of its business in the country.

The Securities and Exchange Commission of Thailand issued new rules for cryptocurrency custody services on Tuesday.

Price is the wrong measure of Web3’s true value, writes Angie Lau, editor-in-chief of Forkast. To recover from Crypto Winter, we need metrics that are less prone to whims and manipulation.

Australian crypto exchange Swyftx is ending its crypto-interest earning product Earn on Tuesday due to a “constantly changing regulatory landscape” in the country, according to a company announcement.

Many crypto exchanges are implementing proof of reserves as trust and confidence are becoming two of the biggest watch words in the crypto space, but traditional institutions are also trying to bring the crypto sphere back to health.

The Bitcoin mining difficulty level fell 3.59% on Tuesday morning in Asia, after some U.S. mining firms unplugged due to deadly winter storms over the holiday season on top of continued cash shortages mainly caused by low Bitcoin prices and high energy costs. 

Australia had a total of 225 Bitcoin ATMs by the end of 2022 after installing around 150 machines in the final four months of the year, overtaking El Salvador and Poland to become home to the fourth-highest number of crypto ATMs in the world, according to data from CoinATMRadar.com.

In the post-FTX world, crypto exchanges must offer stronger protection for investors’ assets, writes Colin Brooks, chairman of the advisory board of Hex Trust.

The Securities Commission of the Bahamas is temporarily holding US$3.5 billion of digital assets seized from FTX Digital Markets

Former customers of FTX have filed a class action lawsuit against the bankrupt cryptocurrency exchange and its top executives, including Sam Bankman-Fried, to seek priority rights to repayment before any non-customer creditors.  

While the collapse of FTX may invite more scrutiny for centralized exchanges, Binance’s Patrick Hillmann believes it could benefit the industry through more decentralization.

The FTX collapse was a pivotal point the cryptocurrency industry needed to grow beyond just a speculative asset class, Ledger’s Alex Zinder says.

Despite blockchain’s potential, barriers to use still stand in the way, writes Andrew Vranjes of Blockdaemon. Solving security issues and reducing risk will be key.

Top blockchain and crypto news: US senators push for crypto KYC. SBF faces the music in US courts. Alibaba Cloud to launch blockchain node.

The latest Bitcoin mining difficulty level rose 3.27%, as miners continue to face cash shortages due to low Bitcoin prices and high energy costs.

Patrick Lee, who cofounded Rotten Tomatoes and PKO Investments, says the US$35 million investment company has slowed Web 3.0 investments significantly.

Ryan Salame, the former co-CEO of FTX’s Bahamian entity tipped off the Securities Commission of the Bahamas about FTX violating its internal procedures in transferring customer funds to Alameda Research.

As U.S. prosecutors line up charges against Sam Bankman-Fried, the founder of the collapsed FTX cryptocurrency exchange, Senator Elizabeth Warren is seeking to pass bipartisan regulation to rein in the “dark underbelly” of the crypto industry.

Top blockchain and crypto news: SBF denied bail, US extradition likely next. The Block chief quits over secret FTX loans. Hong Kong readies digital asset rules.

Prosecutors at the U.S. Department of Justice (DOJ) are reportedly split on filing charges against Binance and its executives on possible money laundering and sanctions violations, as part of a long-running criminal investigation.