The crypto landscape is witnessing Chaos, dramas, price fluctuations, and more. Like the average citizen, the Crypto world was also stabilizing and enjoying the good days in the last week. Since the digital world is dynamic and ever-evolving, many things happened this week. In this detailed guide, let’s introduce you to the top weekly crypto news headlines of this week.
Sam Altman to Return as OpenAI CEO Nearly After a Week of Getting Fired: Weekly Crypto News Headlines
Sam Altman, the ex-CEO of OpenAI, is set to fill his vacant seat nearly a week after he was fired by the company’s board (November 22nd, 2023).
Last weekend, OpenAI’s board members made a unanimous decision to step down Altman from the designation of CEO. The exact reason why Altman was forced to depart from his position as OpenAI’s CEO is still unknown. This news shocked the crypto community since, under Sam Altman, OpenAI achieved new heights.
The table did a 360-degree turn, with a report emerging earlier this week indicating the possibility of Sam Altman, Greg Brockman (OpenAI’s Co-Founder), and the company’s other influential members, would be joining Microsoft, a software giant and one of the leading investors in A.I. startups.
The digital community was witnessing this chaotic situation of OpenAI and Sam Altman with popcorn in their hands, expecting a long-lived rivalry between OpenAI’s board members and Sam Altman. But, their predictions for the climax turned out wrong.
On November 23rd, 2023, OpenAI confirmed that ‘An in-principle agreement could bring Sam Altman back as CEO’. On Wednesday morning, OpenAI took to their X (formerly Twitter) account and posted,
We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D’ Angelo.
Minutes later, Sam Altman also confirmed his return as OpenAI’s CEO through a post on X,
I love OpenAI, and everything I’ve done over the past few days has been in service of keeping this team and its mission together………………. (as shown in the image below).
Binance to Pay $4.3 Billion Fine to FinCEN, OFAC & Shut from U.S. as a Part of Largest Enforcement Action in U.S. Treasury’s History: Weekly Crypto News Headlines
The crypto industry is in shock as they couldn’t believe the U.S. Treasury announced the largest enforcement action in our history that involves the world’s largest digital currency exchange, Binance.
On November 22nd, 2023, Treasury Secretary Janet Yellen announced this action as the largest settlement in the U.S. Treasury Department’s history.
A senior department officer also told reporters that,
‘We’re not just going after the egregious conduct……. but we’re also getting Binance out of the U.S. entirely’.
As per a press release shared by the U.S. Treasury Department on Tuesday,
- Binance will leave the U.S., and for five years, FinCEN will monitor the exchange’s sanctions and compliance program.
- Binance exchange will pay a $4.3 Billion fine ($3.4 billion to FinCEN and $968 to OFAC). FinCEN (Financial Crimes Enforcement Network) and OFAC (Office of Foreign Asset Control) are the agencies that accused Binance of violating the Bank Secrecy Act and other sanction programs.
- As a part of this settlement, Changpeng Zhao (one of the most influential individuals in the crypto landscape) also has to resign from his position as Binance’s Chief Executive.
This settlement will largely impact the crypto industry as Binance holds such an influential position in the digital landscape. Especially, Binance making an exit from the U.S., the crypto landscape’s biggest market, will surely impact the whole industry.
BONK, Solana’s Meme Coin Reached Its All-Time High of $0.00000539: Weekly Crypto News Headlines
In so many ways, 2023 was a great year, but not for Solana. Since the start of 2023, Solana has struggled to get a surge in its price and overall ecosystem. But it seems like things are going to end on a good note in 2023 for Solana.
On November 21st, 2023, Solana’s meme coin called BONK reached its all-time high of $0.00000539. In the last 30 days alone, BONK’s price has witnessed an increase of 90%.
Solana launched BONK in December 2022 when Solana was at its lowest due to the Collapse of FTX (the crypto exchange with whom SOL was closely associated). The debut of BONK was the answer to the popularity of other meme coins such as DODGE and Shiba Inu (SHIB).
Apple Sued for Blocking Crypto Tech for P2P Payments: Weekly Crypto News Headlines
On November 17th, 2023, a complaint was filed in a California District Court against Apple on the allegations of the company being in an anti-competitive agreement with PayPal’s Venmo and Block’s Cash App. This agreement implies Apple to restrict the use of decentralized cryptocurrency technology in iOS payments apps. Due to this restriction, Apple users have to pay ‘rapidly inflating prices.
The plaintiffs also accused Apple of imposing contractual limitations on web browser technology. According to a close source, the plaintiffs described themselves as customers who become a victim of Apple’s technological and contractual restraints.
In resistance, Apple hasn’t published any public statement. Let’s see how this case will turn out for Apple.
At the time we’re publishing this blog, many significant cryptocurrencies showed huge dips, with Bitcoin being the most affected one. So, Coin Informer’s next news article will provide detailed information on Binance making an exit from the U.S. and how the crypto world will be affected by this. So, all your guys, stay tuned to read our next blog post. Have a safe Thanksgiving!