Binance resumes USDC withdrawals amid record stablecoin outflows
Binance, the world’s largest cryptocurrency exchange, announced at 12:54 a.m. on Wednesday in Hong Kong that USDC stablecoin withdrawals have resumed.
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Crypto savings, staking products not protected in Hong Kong, finance regulator says
The Hong Kong SFC said that virtual asset investments offering high-interest returns on cryptocurrency deposits and those that guarantee additional assets at fixed rates are unregulated products that are not protected by law.
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Bitcoin up 5% as U.S. inflation cools in November
Bitcoin jumped more than 5% on Tuesday evening Hong Kong time, after the U.S. Bureau of Labor Statistics said that the consumer price index (CPI), a key inflation indicator, was up 7.1% in November from a year earlier, less than the expected 7.3%, and down from 7.7% in October. The CPI rose 0.1% in November…
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Binance ‘temporarily’ freezes USDC stablecoin withdrawals, cites need for NY banks to reopen
The Binance cryptocurrency exchange “temporarily paused” USDC stablecoin withdrawals while it carried out a “token swap,” the company announced Tuesday.
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SEC charges FTX founder Sam Bankman-Fried with defrauding investors
FTX’s Sam Bankman-Fried has been charged by the U.S. SEC for orchestrating a years-long fraud on investors, the agency announced on Tuesday.
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Crypto market implosions, bankruptcies bring sweeping job losses … and opportunity
By some estimates, job cuts in the cryptocurrency-specific industry are running at about 30-40%, which means tough times for employers and employees, and compensation packages are also taking a hit.
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New FTX CEO says he found ‘utter failure of corporate controls’ at the exchange
John J. Ray III, the new CEO of FTX.com, said the company’s failure was caused by the “concentration of control in a very small group of grossly inexperienced and unsophisticated individuals.”
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Sam Bankman-Fried arrested in Bahamas — could other FTX executives be next?
The fall from grace: Once one of the most admired figures in crypto, the former head of the FTX exchange is unlikely to see his Bahamas penthouse anytime soon after being arrested Monday on U.S. charges that are expected to lead to his extradition.
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Why local currency stablecoins are needed in non-US countries
Stablecoins in USD are becoming the digital world’s default currency — which burdens ordinary crypto users and monetary policies in smaller nations, writes Wei Zhou of Coins.ph.
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U.S. Justice Department mulls charging Binance over potential money laundering violations: report
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.