Binance’s CZ crashes, Grayscale and BlackRock meet with SEC, and more.
Imagine building a company from an initial coin of $15 million to an impressive $60 billion empire. That's exactly what Changpeng “CZ” Zhao has done with Binance since it was founded in 2017 before leaving in November as part of a settlement with the United States Department of Justice (DOJ).
However, CZ wasn't the only brain behind Binance – he was arguably the most important player in the entire crypto game. As such, his failure represents more than a personal failure; It is another blow to the global image and credibility of the cryptocurrency industry.
US targets Kraken in crypto crackdown this week The US Securities and Exchange Commission sued the exchange, alleging that it pooled customer funds and registered as a securities exchange, broker, dealer and clearing agency. Similar charges were filed against Coinbase and Binance in June.
Kraken reached a $30 million settlement with the regulator in February but suffered a recent breach, which was not enough to satisfy the regulator. The latest rollercoaster shows one thing about the crypto industry: it's in a period of change.
This week's CryptoBiz also reviews Greyscale and BlackRock's meetings with the SEC, Circle's new bridge standard, Bittrex Global's shutdown and CoinGecko's new acquisition.
Grayscale, BlackRock Spot Bitcoin ETF met with the SEC to discuss the details
The SEC sat down with two more investment managers to discuss their applications for Bitcoin (BTC) exchange-traded funds (ETF). Grayscale met with SEC officials on November 20 regarding the change in the rules to list the Greyscale Bitcoin Trust, in addition to the agreement with BNY Mellon to act as a transfer agency and service provider. BlackRock representatives met with the SEC on the same day and detailed how the firm will use an in-kind or cash redemption model for the iShares Bitcoin Trust. In October, the SEC met with representatives of Hashdex, another company seeking permission to launch a Bitcoin ETF.
Circle is launching a “bridge USDC phase” to deploy to new networks
Circle USD Coin (USDC) has introduced a new standard to streamline the process of launching a stablecoin on new networks. The new “bridged USDC standard” allows developers to launch the token in a two-step process, allowing a non-public bridge version of USDC to be launched, which will then become native and public. According to the company, the standard is expected to eliminate the need for “migration.” Users must convert the unofficial version of USDC to the official version after it is acquired. If developers use the new standard, migration should be unnecessary, as it allows unofficial tokens already held in user wallets to be publicized.
Bittrex Global has announced that all trading will be suspended as operations continue to decline
Crypto exchange Bittrex Global has announced plans to ease its operations, starting with the suspension of trading on December 4. The exchange urged users with US dollar holdings to convert their funds to euros or kriptovalyutnoy before December 4 or withdraw. the properties. The announcement comes nine months after its US-based arm Bittrex announced plans to scale back operations in the country from April 30 “due to continued regulatory uncertainty”. Bittrex filed for Chapter 11 protection in U.S. Bankruptcy Court in May and settled its case with the SEC in August for $24 million in penalties and interest.
CoinGecko has acquired NFT startup Zash
Crypto analytics company CoinGecko is expanding its data offering with the acquisition of virtual token (NFT) data infrastructure platform Zash. In the year CoinGecko plans to integrate Zash NFT data into its application programming interface in the second quarter of 2024, according to an announcement on November 21. Terms of the deal were not disclosed. Founded in 2021, Zash allows users to track NFT data across 102 marketplaces.
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