Last Week in Crypto – November 27-December 3 – Top Stories You Might Have Missed

So many things have happened since we last talked about the crypto market. As we all know, crypto does not sleep, so all we can do is sit and watch or sit, analyze, and invest the right way. With so many events in the crypto space, it is no wonder that crypto prices also fluctuate, and to have a better view of the digital asset market, you need to stay up to date regarding the latest crypto news.  

So, just like last week and those before, we are here again to give you all the big news concerning the crypto industry.

1. OKX Launched a Crypto Exchange in Brazil

Summary: OKX crypto exchange launched its crypto exchange and Web3 wallet in Brazil, thus allowing Brazilian crypto investors to perform multiple crypto-related actions on its platforms.  

Details: One of the top crypto exchanges, OKX, announced that it launched its crypto exchange and Web3 wallet in Brazil, thus offering Brazilian crypto enthusiasts “a trusted, secure gateway to decentralized finance (DeFi) and crypto trading.”  

By launching its platforms in Brazil, OKX ensures that Brazilian citizens have access to multiple crypto trading products, numerous major cryptocurrencies, and advanced features, including staking rewards and DeFi integrations. Furthermore, OKX’s non-custodial Web3 wallet will also be available in Brazil, allowing users to explore a user-friendly portal to DeFi, NFTs, dApps, and many more.  

Source: OKX 

2. Animoca Brands Becomes TON’s Largest Validator

Summary: After investing significant funds in the project, Animoca Brands became the largest blockchain validator of TON (The Open Network) blockchain.   

Details: Web3, metaverse, and gaming-focused company Animoca Brands and TON Foundation announced that the former has become the largest blockchain validator for the TON ecosystem. The announcement was made on Animoca Brands’ official website, where the company offered more details regarding the collaboration.  

According to Animoca Brand’s announcement, the company has performed extensive research before investing in TON (The Open Network). Furthermore, Animoca Brands also developed 2 research papers explaining the potential of the TON blockchain to contribute to the mass adoption of crypto. 

Source: CoinDesk 

3. Changpeng Zhao Stepped Down as Binance.US Chair

Summary: Major crypto exchange Binance announced that co-founder Changpeng Zhao stepped down as chair of the board of directors for Binance.US, in the light of the recent lawsuit and settlement with the US officials.  

Details: Binance announced that Changpeng Zhao, the co-founder of the crypto exchange, also stepped down from his position as chair of the board of directors for Binance.US, the United States-based crypto exchange.   

Although Binance.US is not a party to the $4.3 billion settlement between US officials, Binance, and Changpeng Zhao, the Binance co-founder agreed to step down as chair and not be involved in the governance of Binance.US. CZ’s voting rights will be transferred through a proxy, and Binance.US will continue to be led by Norman Reed and the existing management team.   

Source: Binance 

4. Cristiano Ronaldo Was Sued for Promoting Binance

Summary: Cristiano Ronaldo is now part of a lawsuit claiming that his partnership with Binance affected users by encouraging them to make unsafe investments.  

Details: Portuguese footballer Cristiano Ronaldo is part of a class-action lawsuit, looking at approximately $1 billion in damages after promoting NFTs (Non-Fungible Tokens) issued by the largest crypto exchange on the market, Binance.   

Cristiano Ronaldo launched his inaugural NFT collection in collaboration with Binance in November 2022. The federal court in the Southern District of Florida alleges that the promotion conducted by Ronaldo was “deceptive and unlawful.” Now, the plaintiffs claim that the partnership between Binance and Ronaldo led them to unsafe investments.   

Source: The Guardian 

5. Philippines SEC Accused Binance of Operating Illegally

Summary: Binance was accused by the SEC of the Philippines that it has been operating without a license. 

Details: The trouble seems to continue to follow Binance, as the largest crypto exchange in the world is now scrutinized in the Philippines. The Securities and Exchange Commission (SEC) of the Philippines reported that the cryptocurrency exchange has been operating illegally in the country. The authority warned crypto users that Binance does not have the authorization to “sell or offer securities in the nation.”  

The Philippines SEC alleges that Binance has been illegally advertising its trading services in the country and operating without a license, an accusation that is more than serious. According to Section 73 of the SRC, this is a crime punishable by a fine of up to $5 million Philippine pesos, 21 years in jail, or both.   

Source: CoinMarketCap 

6. SoFi Will Exit the Crypto Market

Summary: SoFi will stop its crypto-related activity after receiving approval to operate as a bank holding company. 

Details: SoFi Technologies announced that it will shut down its crypto services by December 19, 2023. The move has been planned over the past 2 years after the company received conditional approval from the Office of the Comptroller of the Currency (OCC) to operate as a bank holding company. The approval mentioned that SoFi cannot engage in any crypto-related activities or services without previous approval from the OCC.   

At the moment, SoFi users can migrate their crypto activities and funds to Blockchain.com or let their accounts be closed and liquidated by December 19. However, users should keep in mind that Blockchain.com is not supported all across the US, so some might need to use an intermediary to complete this action. However, depending on their location, investors will be offered details regarding how they can move their funds to a safe place.   

Source: Investopedia 

7. Brazil Will Impose Crypto Taxes

Summary: The Brazilian officials discussed and approved new income tax regulations implying that those earning profit from crypto will be required to pay a 15% tax from January 1, 2024.  

Details: The Brazilian Senate recently approved a law implying that citizens earning crypto will be required to pay a 15% tax on new income. The bill was already approved by the Chamber of Deputies, and it should be sanctioned by President Luiz Inácio Lula da Silva.   

According to the income tax regulations, starting on January 1, 2024, Brazilian citizens earning more than $1,200 from “foreign-based crypto exchanges” will be subject to a 15% tax. Earnings from funds accessed prior to December 31, 2023, will be taxed at only 8%. 

Source: Yahoo Finance 

8. Crypto Hacks Reached $363 Million in Stolen Funds in November 2023

Summary: November 2023 was the most concerning month regarding crypto hacks and the amount of crypto stolen via various thefts, all the funds summing up to $363 million.  

Details: Stolen crypto funds reached a concerning amount of $363 million in November, making the last month the most “damaging” one in 2023. Certik analyzed this problem and offered more details in a tweet on November 30, 2023. According to its research, exploits reached $316.4 million, with another $45.5 million coming from flash loans and $1.1 million from exit scams.   

With the largest exploits in November being Poloniex ($131.4 million) and HTX/Heco Bridge ($113.3 million), crypto experts are overly concerned about how such unfortunate events can affect the cryptocurrency industry.   

Source: Cointelegraph 

9. Where Is Richard Heart? SEC’s Efforts to Find Him Still Go Nowhere

Summary: After becoming part of a lawsuit focusing on him and his main project, Hex, Richard Heart cannot be served the lawsuit, as the SEC and other major authorities from both the US and Finland cannot find him.  

Details: We all know that it is not a surprise, but Hex founder Richard Heart is nowhere to be found after he became the main character in a lawsuit accusing him of raising over $1 billion in unregistered securities. Heart, whose real name is Richard Schueler, is the founder of Hex and PulseChain and is now looked for by major US authorities to be served a lawsuit for its previous actions. 

After the SEC requested in August that the Ministry of Justice of Finland serve the lawsuit to Heart, the agency did not receive a confirmation from the Finland authorities. An initial court appearance was scheduled for November 28, 2023, via a teleconference, but it was postponed to January 30, 2024, by Magistrate Judge Peggy Kuo, considering that Richard Heart has not yet been found.  

Source: The Block 

10. When the Tables Turn and the SEC Is Sanctioned for Its Actions

Summary: District Judge Robert Shelby may sanction the SEC (Securities and Exchange Commission) after the agency may have led to an unfair decision involving DEBT Box.  

Details: The “SEC Street” seems to not always be sunny after all, as the US District Judge Robert Shelby cautioned the US Securities and Exchange Commission due to “deceptive statements” in a legal action against crypto company DEBT Box (also known as Digital Licensing Inc.).  

The SEC alleged that the company deceived investors by approximately $50 million through unregistered securities. However, Judge Robert Shelby found some discrepancies in the case built by the SEC. While the agency and its leader, attorney Michael Welsh, convinced the court to freeze DEBT Box’s assets, this decision is now questionable, considering the latest discoveries.  

Source: Cointelegraph