Bitcoin (BTC) experienced a significant drop this week, falling to around $60,300 after a notable 4% decrease over the past seven days. Although the coin had reached an all-time high of $73,750 a few days before the most recent halving, the current dip has led to discussions about potential market corrections and uncertainties as we prepare for the upcoming bull run.
While there were several positive developments in the world of cryptocurrency this week, such as Binance and KuCoin's return to the Indian market, the FTX crypto exchange's plan to reimburse users (with some receiving extra compensation), and the possible resolution of the long-standing legal dispute between the SEC and Ripple, there were also several negative stories.
Some popular companies are still facing rigorous regulatory actions while something “funny” reportedly happened with Binance’s case in Nigeria. Let's take a closer look at some of the stories that you wouldn't want to miss.
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TOP CRYPTO NEWS RECAP (May 4–May 5, 2024)
●      Binance and KuCoin Secure FIU Approval for India Comeback
●      SEC Asserts Need for Injunctions in Ripple XRP Case
●      Grayscale Withdraws Ethereum Futures ETF Application
●      FTX's Reorganization Plan Aims to Compensate Creditors
●      SEC Issues Wells Notice to Robinhood Crypto Business
●      Alleged Secret Crypto Deal Proposed to Binance by Nigerian Officials
Binance and KuCoin Secure FIU Approval for India Comeback
Global crypto exchange Binance has received approval from India's Financial Intelligence Unit (FIU) to resume operations in the country, becoming the second offshore platform after KuCoin to gain regulatory clearance. Following regulatory notices and a January ban on several foreign exchanges, including Binance and KuCoin, the exchange has now registered with the FIU. This move reflects efforts by crypto platforms to comply with Indian regulations amidst tax changes and regulatory uncertainties.
SEC Asserts Need for Injunctions in Ripple XRP Case
In the ongoing legal battle between Ripple Labs and the SEC, the SEC has filed its final response, disputing Ripple's claims and emphasizing the necessity of injunctions to prevent future violations. Despite Ripple's arguments of past compliance and proposed changes, the SEC maintains concerns about potential future breaches. The dispute might soon be coming to an end.
Grayscale Withdraws Ethereum Futures ETF Application
Grayscale has withdrawn its 19b-4 application for an Ether futures exchange-traded fund (ETF) just before the SEC's decision deadline. Initially filed in September 2023, the move raises questions about Grayscale's strategy, especially as the SEC faces upcoming decisions on spot Ether ETF applications. Despite the withdrawal, speculation persists over the SEC's stance on Ether ETFs, with implications for future crypto investment products awaiting regulatory approval.
FTX's Reorganization Plan Aims to Compensate Creditors
Bankrupt exchange FTX Trading Ltd. proposes a reorganization plan to reimburse creditors and customers, potentially distributing $14.5 billion to $16.3 billion. Despite objections due to crypto price fluctuations, the plan suggests full repayment to non-governmental creditors with up to 9% interest annually. Subordination arrangements prioritize individual creditors over governmental ones like the IRS. Specific agreements settle substantial claims, while a "convenience class" targets 98% of creditors with claims under $50,000.
SEC Issues Wells Notice to Robinhood Crypto Business
As indicated by a Wells notice, the SEC plans to take enforcement action against Robinhood's crypto business. Despite Robinhood's attempts to register with the SEC and avoid securities violations, the agency's investigation into crypto listings and operations suggests potential enforcement actions. Robinhood contends that its listed assets aren't securities and aims to clarify its stance. Regulatory ambiguity hampers mainstream crypto adoption, highlighting the need for clearer guidelines in the evolving regulatory landscape.
Alleged Secret Crypto Deal Proposed to Binance by Nigerian Officials
Binance CEO Richard Teng claims Nigerian officials proposed a secret cryptocurrency settlement to resolve regulatory issues, escalating tensions. The proposal, involving significant crypto payments, followed investigations into Binance's operations. Despite Binance's refusal, two executives were detained. Teng criticizes Nigeria's actions, calling them a dangerous precedent. Meanwhile, Nigeria plans to ban peer-to-peer crypto trading in the national currency to safeguard the naira from potential manipulation.
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Binance, the largest cryptocurrency exchange globally, faces an $86 million tax bill from Indian authorities due to non-compliance issues.
The Directorate General of GST Intelligence (DGGI) in Ahmedabad has issued a notice to Binance, demanding $86,033,159 in Goods and Services Tax (GST). The issue arises from Binance allegedly collecting fees from Indian customers trading in virtual digital assets (VDAs) without proper GST registration. This move is part of India's broader effort to regulate cryptocurrency operations and enforce tax compliance.
Holding about 40% of the global cryptocurrency market and operating in over 150 countries, Binance is no stranger to regulatory scrutiny. The new tax bill underscores India's intent to assert its regulatory authority over international crypto platforms serving Indian customers. This significant development could influence how other nations regulate global cryptocurrency exchanges in their jurisdictions.
The Indian crypto market has seen recent turmoil, including a major hack of the local exchange WazirX, resulting in significant user fund losses. Meanwhile, Indian financial regulators, including the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), are working on a comprehensive cryptocurrency policy to better manage digital assets in the country.
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#binanceIndia #india_crypto #MarketDownturn