Over the past week, a number of events and news have had a major impact on the cryptocurrency market. Read on for a roundup of the week’s highlights!
Over the past week, a number of events have taken place that have directly and clearly affected the direction of the cryptocurrency market. In this article, we will review the most important news in the crypto market during this week.
Top Cryptocurrency News You Shouldn't Miss This Week
Overall, it was an eventful week... Here's some crypto industry news this week:
- Binance announces the removal of cryptocurrency pairs against Bitcoin from the trading list
As part of its regular review, Binance has announced plans to remove several cryptocurrency pairs for Bitcoin (BTC) from its trading list. These include C98, IDEX, FIS, MBOX, REN, and TKO.
According to the announcement, the cross-margin pairs trading service for C98/BTC and IDEX/BTC will be discontinued on November 27. In addition, the isolated margin pairs trading for C98/BTC, FIS/BTC, IDEX/BTC, MBOX/BTC, REN/BTC, and TKO/BTC will be discontinued on the same date.
This decision has raised concerns about the expected decline in the prices of these assets, especially with Binance reducing the trading options available for these currencies, which is considered one of the factors affecting the performance of these digital currencies in the market.
- Controversy over BFUSD and Binance settles the issue: It is not a stablecoin!
Binance’s announcement of BFUSD caused a stir in the crypto community, with the coin quickly being compared to UST. But the exchange was quick to clarify the differences and set the record straight. The controversy was heightened by the high annualized return of 19.55%.
Given its name, BFUSD was quickly likened to the stablecoin FDUSD, which Binance had previously listed and eliminated trading fees for, and its impressive performance revived previous shocks surrounding the UST crash.
In the face of this controversy, the giant Binance exchange broke its silence and tried to calm the critics. The exchange’s customer service clarified that BFUSD was not a stablecoin and had not yet been launched.
- Upbit Exchange Faces Fines Worth Over $40 Billion!
In South Korea, centralized cryptocurrency exchanges (CEXs) must obtain an operating license, renewable every 3 years, under the Specified Financial Transactions Act. This process ensures that exchanges comply with strict anti-money laundering (AML) and counter-terrorist financing (CTF) standards. In particular, through strict “know your customer” procedures, Upbit came under fire for this particular point during an inspection by the regulator.
According to a South Korean business daily, cryptocurrency exchange Upbit accepted between 500,000 and 600,000 Know Your Customer (KYC) procedures that were not compliant.
As such, the investigation into allegations of KYC fraud on Upbit is ongoing. It faces a worst-case scenario fine of more than $42 billion.
MetaMask Wallet Eliminates Ethereum (ETH) Fees at “Gas Station” to Make Trading Easier
MetaMask, the leading Ethereum wallet, has launched a new Gas Station feature, allowing users to perform token exchanges without requiring Ethereum for gas fees.
The feature, also known as gas-enabled swaps, is now available to MetaMask Extension users on the Ethereum mainnet. With plans to launch on mobile soon, the initiative aims to simplify transactions, removing a long-standing barrier for users within the decentralized finance (DeFi) ecosystem.
- Unlimited: The most notable update for the dYdX decentralized exchange platform
dYdX, a leading decentralized exchange for digital derivatives, has announced the launch of its new Unlimited update. The update includes the launch of a new spot market, deep liquidity powered by MegaVault, and initiatives that enhance community engagement. This update represents a quantum leap that confirms the platform’s position as a leader in this space.
However, to launch a new market, an initial deposit of $10,000 is required to secure initial liquidity, with automatic liquidity support through MegaVault. While the deposit remains locked for 30 days, after which it can be retrieved, the amount of liquidity and the lock duration can be adjusted via governance vote.
- Gary Gensler steps down as SEC Chairman on this date!
Since Donald Trump’s victory in the US presidential election, the possibility that Gary Gensler will leave his post as chairman of the Securities and Exchange Commission (SEC) has become more apparent. After a letter from Gensler hinting at such a scenario last week, he made his decision official on Thursday.
In short, Gary Gensler’s resignation will take effect on January 20, the same day as Donald Trump’s inauguration. In a statement posted on the commission’s website, Gensler thanked a number of his close associates.
Robert Stebbins, the former general counsel of the SEC, is expected to succeed Gensler as chairman, which could signal a shift in the agency’s policies toward cryptocurrencies.
- More cryptocurrency and web 3 news
Leading cryptocurrency exchange Binance has announced the expansion of its offerings to include new trading pairs for several coins, including Catizen (CATI), Hedera (HBAR), Mantra (OM), FDUSD, RAY, and Bittensor (TAO), sparking investor optimism about the future of these coins.
Heather Morgan, the wife of Ilya Lichtenstein, was sentenced to 18 months in prison for the infamous Bitfinex hack in 2016. The sentence came shortly after Lichtenstein was sentenced to five years in prison. Morgan and her husband attempted to launder the stolen money through various means, including buying gold and NFTs. Notably, Lichtenstein’s sentence was far less than the maximum possible 20 years, as he cooperated extensively with authorities.
While the MiCA regulation will come into effect in the EU on December 30, the UK, which has chosen to go its own way for almost 5 years now, will not see the regulation applied to cryptocurrencies on its territory.
Solana’s meme coin platform, Pump.fun, is breaking all records, generating millions of dollars in revenue every day. But recently, violent content has been spreading on the platform, and its users have been reacting strongly.
NVIDIA has reported impressive financial results for the third quarter of fiscal 2025, with a significant increase in revenue driven by the rise of artificial intelligence and data centers. However, logistical challenges and cautious expectations are tempering market enthusiasm.