Breaking News and Updates on Cryptocurrency Markets and Industry Developments:
• Binance-Paxos BUSD Saga Continues: The New York Department of Financial Services (NYDFS) has ordered Paxos to cease issuing the Binance USD (BUSD) stablecoin, citing concerns about its reserves and risk of harm to consumers. Binance has stated that it will continue to support BUSD and explore other options.
• Huobi Exchange to Lay Off 20% of Workforce: Huobi Global, one of the world's largest cryptocurrency exchanges, is reportedly planning to lay off 20% of its staff due to market conditions and restructuring.
• Coinbase to Launch Base, a Layer-2 Network: Coinbase has announced Base, a new Layer-2 network built on Ethereum, aimed at improving scalability and reducing transaction costs for developers.
• US SEC Charges Do Kwon and Terraform Labs with Fraud: The U.S. Securities and Exchange Commission (SEC) has charged Do Kwon and Terraform Labs with orchestrating a multi-billion dollar fraud involving the TerraUSD (UST) stablecoin and Luna token.
• Crypto Lender Genesis Files for Bankruptcy: Genesis Global Capital, a major crypto lender, has filed for Chapter 11 bankruptcy protection in the United States, citing the collapse of FTX and the subsequent market downturn.
• Bitcoin Recovers Above $25,000: Bitcoin has rebounded from recent lows and is currently trading above $25,000, buoyed by positive market sentiment and short covering.
• Ethereum Shanghai Upgrade Anticipated: The highly anticipated Shanghai upgrade for Ethereum is expected to go live in March 2023, enabling staked ETH withdrawals.
• Crypto Regulation in the EU: The European Parliament has approved the Markets in Crypto Assets (MiCA) regulation, which will establish a comprehensive framework for regulating cryptocurrencies in the EU.
• Crypto Market Outlook: Despite recent volatility, the cryptocurrency market is showing signs of recovery, with many altcoins outperforming Bitcoin. Analysts remain cautious but see potential for further growth in the long term.
