Binance Paying $4.3 Billion as a fine, exiting the U.S., and the resignation of Zhao from the position of Binance CEO wasn’t enough that this week brings one more shock to Binance, particularly to Changpeng Zhao. Base, a blockchain scaling solution for ETH, is making heads turn off the entire crypto industry. But what is the reason behind this?
Is the debate on the implementation of the digital euro justifiable? And if it is, how?
How much worth of cryptocurrency was stolen in November alone?
We know these questions might be making your heads scratching. But, by scratching, you’ll not get the answers. Read our latest news article based on this Weekly Crypto News to get accurate answers to these questions.
U.S. District Court Judge Bans Binance’s Changpeng Zhao to Return UAE Before Trial Gets End: Weekly Crypto News
Last week, the whole crypto industry was shocked when the US DOJ (Department of Justice) demanded Binance accept certain conditions (Paying 4.3 billion Dollars, permanently shutting services in the U.S., and the resignation of CEO Zhao) to resolve its ongoing anti-money laundering case. This news was making headlines all over the globe, but in the early days of this week, the DOJ gave Zhao another shock, specifically.
On November 27th, 2023, U.S. District Judge Richard Jones made a decision, which goes like this,
“It is ordered that the condition permitting the Defendant (Zhao) to return to the UAE pending sentencing is stayed until such time as this court resolves the government’s motion for review.”
The decision was made after Zhao’s legal team approached the U.S. District Court, requesting permission for Changpeng Zhao to return to the UAE before his court trial.
Base, a Layer-2 Scaling for Ethereum, Passes $10 Million as its Total Revenue: Weekly Crypto News
Base (a Layer-2 blockchain scaling solution for Ethereum) has made massive earnings since its launch in August 2023. The Base uses Optimism technology to boost Ethereum’s scalability and security.
On November 28th, 2023, Erick Smith (a chief investment officer at 401 Financings) approached X (formerly Twitter) to share Token Terminal’s data, indicating a significant growth in Base’s revenue. As per data, Base has earned revenue of more than $10 million since its launch.
There are predictions that Ethereum will witness substantial growth in the future. It’ll be interesting to see how the surge in Ethereum’s price will impact Base’s stability.
US DOJ’s Decision Against Binance & CEO Changpeng Zhao is ‘Absurd,’ Arthur Hayes Argues: Weekly Crypto News
Last week, the US DOJ made a decision against Binance and its founders in an anti-money laundering case. As part of the criminal charges, Binance has to pay a $4.3 billion fine and permanently exit from the U.S. On top of that, CEO Zhao had to resign from his position as part of criminal charges.
The moment this news became viral, netizens on X divided it into two sections: one in support of Binance and the other against it. Well! Don’t know about others, but it is pretty sure Arthur Hayes is definitely in the support of Binance. He didn’t say it directly, but he seems like.
On November 28th, 2023, Arthur Hayes (a former BitMEX CEO Arthur Hayes) wrote in his new essay posted on Substack,
“Binance and its founder, Changpeng “C.Z.” Zhao, have been treated the way they have been in the U.S. because the crypto exchange- and other centralized exchanges- represent a threat to the traditional American-led global financing system.
Compared with penalties given out to large traditional financial institutions, those handed out to Binance and C.Z. are “absurd” and highlight “the arbitrary nature of punishment at the hands of the state.”
Many individuals on X also noticed Arthur neither supported Binance nor made a comment against it. Basically, he accused the U.S. state administration of being crypto skeptics. Unlike past cases, such as Goldman Sachs, where its CEO Lloyd Blankfein helped the former Malaysian PM steal more than $10 billion, it was kept uncovered in 2015. Though the company was fined $2.9 billion in 2020 for its wrongdoings, charges were still not as extreme as they are in the case of Binance.
Digital Euros are Better than Bank Deposits, Ordóñez (the former governor of Spain): Weekly Crypto News
On Tuesday, November 28th, 2023, Miguel Fernández Ordóñez (the former governor of Spain) gave some shocking statements on the digital euro. Attending a public hearing hosted by the European Parliament’s Committee on Economic and Monetary Affairs, said,
“Digital euros are euros, but bank deposits are not euros. Deposits are just promises to pay euros, and if banks can’t fulfill those promises, then you get crises emerging.”
Basically, he is advising people to use digital euro instead of bank deposits. But is this advice 100% correct? No! It’s certainly not. Many critics and market analysts gave different points of view, but the most sensible one is given below:
The debut of the digital euro will be a big threat to the banking sector’s stability as an individual wouldn’t have to deposit insurance or prudential requirements. Ultimately, the majority of people will start preferring digital euro.
To resist this situation, the European Union plans to propose digital euros with individual holding limits. Still, this is just a theory; it’ll be hard to implement.
It will be interesting to see how lawmakers of the European Union will solve this problem.
November 2023 was the Most ‘Damaging’ Month for Crypto Scams and Stealing: Weekly Crypto News
Who would have thought a few years back that crypto scams and stealing would be so common in 2023? But unfortunately, it has, and in November, crypto scams have reached a new peak. According to the Blockchain security firm, cryptocurrency worth $363 million was involved in crypto thievery.
Certik Alert shared valuable information on their X (formerly Twitter) account. The cryptocurrency worth $316.4 Million was exploited, $1.1 million came from exit scams, while flash loans inflicted $45.5 million.
The largest crypto scam occurred on Poloniex and HTX, where crypto worth $131.4 million and $113.3 million was lost to scammers.
2023 hasn’t even ended yet; still, $1.7 billion worth of crypto has been lost due to scams and flash loan attacks.
What’s Next in Weekly Crypto News?
That’s it for now in this edition of weekly crypto news. This week was indeed one of the adventurous weeks for the crypto industry; Binance had to exit from the U.S. due to criminal charges in a court trial, Changpang Zhao stepped down from the position of Binance CEO, Base passed down $10 million of total revenue since its launch and debate of digital euros again gained a lot of attention.
It’ll be interesting to see how Binance & Zhao cope with the US DOJ in the court trial. Bitcoin is predicted to surge significantly; again, we’ll cover this news, too. But, for all these things, you need to stay tuned with Coin Informer. As one of the leading sources of the latest crypto news, Coin Informer provides valid information. Wait a few more days to read our next edition of crypto weekly news.
