Binance faces charges, US government sells Bitcoin seized on Silk Road and EU limits anonymous crypto wallets. These stories and more, this week in crypto.
Binance accused of breaking US financial laws
The American regulator, CTFC, filed a lawsuit accusing Binance to build his business in the United States without properly registering with the authorities, alleging that the company was operating illegally in the country. Binance CEO Changpeng Zhao came back with a strong and comprehensive response to the lawsuit, calling it “unexpected” and “disappointing”.
US government confirms sale of seized bitcoins
A filing in court shows that the US government sold 9,861 Bitcoins for nearly $216 million on March 14. The assets sold were among Bitcoins seized in November in the case linked to a hack of the Silk Road darknet market. The government intends to liquidate the remaining 41,000 bitcoins in four separate offerings during this year.
EU to Limit Anonymous Crypto Wallets
European lawmakers have voted in favor of taxing payment limits by unverified crypto wallet users, as part of a broader overhaul of money laundering laws. The new limits prohibit merchants from making or receiving anonymous crypto transfers over €1,000. The measures would not entirely prevent crypto payments, as the cap would not apply to regulated wallet providers.
MicroStrategy buys back Bitcoin
The largest bitcoin holding company in the world, MicroStrategy, took over its Bitcoin accumulation after a three-month hiatus. The company purchased 6,455 BTC worth nearly $150 million, bringing the company’s total holdings to just under 139,000 BTC, acquired for approximately $4 billion. Additionally, the business intelligence giant repaid its Bitcoin-backed loan to Silvergate at a substantial discount.
Ledger raises 100 million euros
ledger, the market leader in hardware wallets to store digital assets securely offline, raised $109 million in its most recent funding round, bringing its valuation to $1.4 billion. Ledger is believed to have benefited from recent crises in the industry, as hodlers have grown nervous about leaving their assets in the custody of online platforms.
US banks wary of crypto
During the recent downturn in the financial sector, banks have become increasingly suspicious to deal with cryptography. First Citizens Bank agreed to buy most of the remnants of Silicon Valley Bank only to exclude crypto and crypto-backed loans from the deal. Similarly, New York Community Bank, which acquired Signature Bank, also refused to buy Signature’s important crypto banking arm.
Prediction: CBDC-Driven Crypto Mass Adoption
In his latest report, investment bank Citi suggests that the next influx of crypto adoption will be driven by the rise of central bank digital currencies and the tokenization of real-world assets. The report, titled “Money, Tokens and Games,” indicates that society is approaching an inflection point, after which blockchain technology will see mass adoption with billions of new users.
Nearly 1,000 new tokens enter the market
Despite recent regulatory pressure on the crypto industry, momentum is returning to the market as evidenced by the launch of almost 1000 new tokens since the beginning of this year. The market now has over 23,000 cryptocurrencies and in just three months the overall market capitalization has grown from just under $800 billion to nearly $1.2 trillion.
That’s what happened this week in crypto, see you next week.