Community News:
1. A Bahamian judge rejected SBF's $250,000 bail application and will detain him until at least February 8 next year
After FTX founder and former CEO Sam Bankman-Fried (SBF) was arrested yesterday, his lawyer requested bail of $250,000. A Bahamian magistrate judge rejected his bail application and said that SBF would be sent to the Bahamian Correctional Service. As SBF is considered a flight risk, he will be detained until at least February 8 next year. (Reuters)
2. CZ posted a long post on Twitter: "FUD helps us grow"
Changpeng Zhao (CZ), founder and CEO of Binance, posted on Twitter to explain the current state of FUD, saying that "FUD helps us grow, even though they are very annoying." CZ said that since the beginning of the business, large exchanges (now very small) have sponsored FUD activities and published a series of FUD articles. Since then, FUD has occurred on Binance almost every week.
Industry News:
1. Tether: Will reduce secured loans in reserves to zero in 2023
Tether announced on its official website that from now on, by 2023, it will reduce the secured loans in Tether reserves to zero.
2. Binance.US launches “Payments” feature, allowing instant transfer and receipt of cryptocurrencies with zero fees
Binance.US officially announced the launch of the "Pay" feature, allowing users to instantly transfer, request and receive nearly 150 supported cryptocurrencies with zero fees.
Policies and Regulations:
1. The Financial Stability Board plans to quickly launch global crypto regulatory standards
The Financial Stability Board (FSB), which coordinates cross-border financial regulation and sets and enforces global financial standards, will set out steps to regulate the cryptocurrency industry in early 2023 and quickly enact those measures. (Financial Times)
2. The Bank of England said it would strengthen supervision of the cryptocurrency market
The Bank of England said that there is a need to strengthen the supervision and enforcement of cryptocurrency markets and activities. Due to the lack of supervision, financial institutions and investors should take a "particularly cautious approach" to crypto assets. (Jinshi)
3. Canadian regulators: A stricter regulatory framework will be implemented, and stablecoins may be securities or derivatives
The Canadian Securities Administrators (CSA) has announced a series of reforms to make Canada's existing regulatory framework for crypto-asset trading platforms (CTPs) more stringent. (McCarthy)
4. Thailand Securities and Exchange Commission: Plans to set up a working committee to set stricter regulatory rules for crypto assets
The Thai Securities and Exchange Commission will set stricter rules for crypto assets for the purpose of "investor protection". The Thai Securities and Exchange Commission plans to set up a working committee composed of relevant government agencies and private sector representatives to study and propose a complete crypto asset law. (Bangkok Post)
