This Week in Crypto
March 31, 2023
Welcome to This Week in Crypto, where we are recapping some of the headlining news within the crypto industry. In this episode, we are taking a look at the following:
Key Points
- US regulators target Binance
- Do Kwon’s fugitive run ends
- FTX resumes withdrawal via FTX EU
- MXC ISO gains pace
US Regulators Target Binance
Binance, one of the world’s largest cryptocurrency exchanges, is being investigated by the US Commodity Futures Trading Commission (CFTC) over allegations of allowing American users to trade on its platform in violation of US regulations. While this news raises concerns about the regulatory compliance of Binance, it’s important to note that the company has stated that it does not operate in the US and has restricted access to US residents on its main platform. Nevertheless, this investigation serves as a reminder of the importance of regulatory compliance in the cryptocurrency industry. If Binance is found to have violated US laws, it could potentially have a significant impact on the crypto market. However, it’s also an opportunity for the industry to strengthen its regulatory compliance measures and ensure the protection of investors.
Currently, it’s important to note that the overall cryptocurrency market seems to be rather unphased by the news, and the recent development has not shown a significant impact on the overall market. However, traders should still take caution.
Do Kwon Arrested in Montenegro
Do Kwon, the founder of the blockchain platform Terra, has been arrested in Montenegro on suspicion of money laundering and fraud. Kwon, who is wanted by authorities in the US, was reportedly using a false identity when he was detained by Montenegrin police. The charges against Kwon relate to his alleged involvement in a cryptocurrency scheme that defrauded investors of millions of dollars. Kwon has denied the allegations against him and is fighting extradition to the US. The arrest of Kwon is a reminder of the risks and challenges associated with the largely unregulated cryptocurrency industry, and highlights the importance of proper due diligence when investing in cryptocurrency ventures.
The arrest of Do Kwon serves as a warning to the cryptocurrency industry that fraudulent activity will not be tolerated, and that regulators are increasingly cracking down on illicit activities in the sector. This underscores the importance for crypto traders to thoroughly research and vet the individuals and projects they invest in, to avoid any involvement with fraudulent or illegal activities.
FTX EU Resumes Withdrawals
FTX’s European division, FTX EU, has resumed withdrawals for its users following a website relaunch. The new website features a revamped user interface and improved security measures, which the company says will provide a better experience for users. FTX EU temporarily suspended withdrawals in December 2021, citing issues with its banking partner. The resumption of withdrawals is good news for FTX EU users, who had been unable to withdraw their funds for several months. The move is also seen as a positive sign for the broader cryptocurrency industry, as it suggests that regulatory and compliance issues are being addressed and that cryptocurrency exchanges are taking steps to improve their services and user experience.
It is important to note that only a very small percentage of the EU-based FTX users are registered users of FTX EU, as the EU-centric platform opened just a year ago.
MXC ISO Gains Pace
The MXC Foundation is gearing up to launch a game-changing tool for Web3 IoT projects: the MXC ISO (Initial Sensor Offering). This milestone will offer a comprehensive suite of support, including templates, plug-ins, fundraising, and post-launch utilities, to help budding entrepreneurs bring their ideas to life. With the public launch of the ISO application stage just around the corner, the MXC team is working tirelessly to make it a reality. We’re excited to welcome the wider Web3 community to join us on this journey and witness the revolutionary impact of MXC ISO firsthand.
