1. BlackRock CEO: Even if Ethereum is deemed a security, it is still possible to launch an Ethereum ETF

BlackRock CEO Larry Fink said in an interview with Fox Business that even if the U.S. Securities and Exchange Commission (SEC) designates Ethereum as a security, the launch of an Ethereum ETF is still possible. Fink responded in the affirmative to the question of whether BlackRock would launch an Ethereum spot ETF once Ethereum is considered a security. Currently, eight potential issuers, including BlackRock, have submitted Ethereum spot ETF applications to the SEC. The SEC is due to make a final decision in May, and industry experts predict that the application will not be approved regardless of the SEC’s view of the nature of Ethereum.

2. London Stock Exchange will accept listing applications for crypto ETNs from April 8, 2024

The London Stock Exchange has announced that it will accept listing applications for Bitcoin and Ethereum crypto ETNs from April 8, 2024. The first cryptocurrency ETNs will begin trading on May 28, 2024, subject to approval from the Financial Conduct Authority (FCA).

3. The SEC has asked a judge to fine Ripple Labs $2 billion

Stuart Alderoty, chief legal officer of Ripple, said that the SEC has asked a New York judge to impose a $2 billion fine on Ripple Labs. The documents for the fine are part of Ripple’s years-long case with the SEC. Ripple’s response is due to be filed next month, but as seen previously, Ripple claims that the statements issued by the SEC are false, mischaracterized, and intended to mislead, and that instead of faithfully enforcing the law, the SEC To punish and intimidate Ripple and the entire industry.

4. SBF sentenced to 25 years in prison

SBF was eventually sentenced by the judge to 240 months in prison, and then added a consecutive 60-month sentence (the 60-month sentence will start immediately after completing the sentence of the previous sentence), for a total of 300 months (25 Year). Prosecutors had earlier recommended a 40-year sentence. The sentence under the guidelines is life imprisonment. The judge said SBF should forfeit more than $11 billion in addition to prison terms.

The judge rejected the SBF's arguments that investors had been paid in full and that the accidental increase in the value of certain cryptocurrencies had nothing to do with the seriousness of the crime committed. Even if repaid, a thief who took his stolen goods to Las Vegas and successfully placed a bet on the money would not be eligible for sentence reduction. The judge found the damages far exceeded the top level of $550 million, with investors losing $1.7 billion, lenders $1.3 billion and customers $8 billion.

5. Kucoin was sued in the United States and considered selling its business

a. The U.S. Attorney’s Office and CFTC indicted KuCoin and its two founders

The U.S. Attorney’s Office announced an indictment against KuCoin and its two founders, Chun Gan and Ke Tang, for conspiring to operate an unlicensed money transfer business and conspiring to violate the Bank Secrecy Act, intentionally failing to maintain a security code designed to prevent KuCoin from being used for money laundering and Terrorist financing has an adequate anti-money laundering (AML) program, does not maintain reasonable procedures to verify customer identities, and does not submit any suspicious document activity reports. KuCoin was also accused of operating an unlicensed money transmission business and serious violations of the Bank Secrecy Act. The CFTC initiated a civil enforcement action against KuCoin and sought restitution of disgorgement, civil penalties, permanent trading and registration bans, and a permanent injunction against further violations of the CEA and CFTC regulations.

b. KuCoin Exchange considered cessation of business and sale in 2023

Three independent sources confirmed to Wu that KuCoin considered ceasing operations and selling the exchange in 2023. Relevant personnel from multiple exchanges including Binance received information about the sale. In 2023, many KuCoin businesses will be spun off at an accelerated pace to reduce risks.

KuCoin was launched into criminal investigation by the U.S. DOJ in 2023, and has also been subject to multiple investigations in China. KuCoin was previously the only major offshore exchange that did not ban US IP. Wu said that data research conducted in 2022 had pointed out that KuCoin may face extreme pressure from the United States. The DOJ said KuCoin had a passive attitude towards supervision and never submitted any required suspicious activity reports. In July 2023, when KuCoin was notified of the U.S. criminal investigation into its activities, KuCoin launched a KYC process for new customers.

6. OKX has prioritized its US compliance department to the highest level

Wu said he learned exclusively that OKX has recently adjusted its compliance department in the United States to be the highest priority among all departments. All operations are conducted with the highest priority by the compliance department located in the United States. OKX founders also frequently travel to the United States. OKX recently announced compliance actions to delist USDT in Europe and the largest USDT freeze with Tether, which has attracted industry attention.

Notably, OKX’s global chief compliance officer, Patrick Donegan, left in January this year after just six months on the job (joining OKX in August 2023). His previous responsibilities included anti-money laundering, where he managed a team of 300 people. Patrick Donegan previously served as chief compliance officer and senior vice president at Signature Bank, where he worked for nearly eight years.

7. CommEx, the buyer of Binance’s Russian business, announced that it will gradually cease operations.

CommEx, the buyer of Binance’s Russian business, has announced that it will gradually cease operations. It began to suspend new user registration at 18:00 on March 25, Beijing time, and stopped asset transfers from the original Binance. The official website will be closed on May 10, and users will not be able to access CommEx related content. Binance announced its complete withdrawal from the Russian market in September last year, and related businesses were sold to CommEX.

8. Nigerian media: Detained Binance executive escaped from prison in Nigeria

Detained Binance executive escaped from jail in Nigeria Anjarwalla escaped from detention on March 22 after being taken to a nearby mosque for Friday Ramadan prayers, Nigerian outlet Premium Times reported. A Binance spokesperson said that its primary concern is the safety of its employees and that it is working closely with Nigerian authorities to resolve the issue as soon as possible. In addition, Binance was charged by Nigerian authorities with four counts of tax evasion, including failure to pay value-added tax, corporate income tax, failure to file tax returns, and conspiracy to help customers evade taxes through its platform.

Another detained Binance executive, Tigran Gambaryan, has filed a lawsuit against Nigeria’s National Security Agency (NSA) and the Economic and Financial Crimes Commission (EFCC). Tigran Gambaryan sued the NSA on March 28, alleging violations of its fundamental human rights, seeking five main remedies from the court. He urged the court to approve the return of his passport and his immediate release after more than three weeks; requested a ban on future detentions in similar investigations and a public apology from the NSA and EFCC; and asked the court to pay full compensation for the legal costs.

9. Tether: Expanding its strategic focus to AI

Tether announced that it will expand its strategic focus to the field of artificial intelligence. First, Tether data plans to take the lead in developing open source, multi-modal artificial intelligence models, seamlessly integrate artificial intelligence solutions into market-driven products, and is committed to promoting the development of the open artificial intelligence field. In addition, Tether data also announced the recruitment of AI-related talents globally.

10. Vitalik: We need to create a world where blockchain and AI work together

Vitalik said at the BUIDL Asia 2024 conference in Seoul on March 28: “Artificial intelligence is a huge market and its importance is growing day by day. We need to create a world where blockchain and AI work together. AI is already available Create an application in 100 to 500 lines of code. If you have the ability to write 10,000 lines of code, you can eliminate most bugs in the Ethereum Virtual Machine (EVM)." "In order to not make the world dependent on AI, we need to think about how to safely Manufacturing AI requires a certain degree of decentralization." As a solution, he proposed a data provision and reward mechanism. The blockchain developer community feeds the AI ​​only professionally screened data and is rewarded with tokens. This ensures data integrity.

Key financing events

Binance Labs, OKX Ventures strategic investment StakeStone

Sci-fi themed NFT card game Parallel announces completion of $35 million in financing

Crypto game developer Gunzilla Games announces $30 million in funding

DePIN L1 blockchain project Peak raises $15 million in pre-launch funding

Chain gaming studio Illuvium completed US$12 million in Series A financing, with Animoca Brands and others co-leading the investment

Reya Network developer Reya Labs completed US$10 million in financing, with participation from Coinbase Ventures and others

Web3 infrastructure company 0G Labs completes $35 million in pre-seed round of financing

Bitcoin DeFi platform ALEX completes $10 million strategic financing, led by Spartan Capital

Bitcoin L2 project BEVM announced the completion of tens of millions of dollars in financing, with participation from ArkStream Capital and others

Bitcoin L2 Bitlayer completes US$5 million in seed round financing, co-led by Framework Ventures and ABCDE Capital

Web3 AI platform MyShell completes US$11 million in financing, led by Dragonfly

Web3 game studio 7 Digital Labs announces $4 million in seed funding

Intent execution network dappOS completes $15.3 million Series A funding

RWA project Midas announces completion of $8.75 million seed round

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