Crypto Highlights: BlackRock’s Bitcoin ETF, Binance’s $2.7B Settlement, SOL Beats BNB, Nigeria Lifts Crypto Ban, and more!

Hey Crypto Enthusiasts! 😃

Dive into the latest crypto buzz with us this week.Let’s explore together! 👇

🔵Weekly Highlights🔵

BlackRock’s Bitcoin ETF Progress

• Submission of Revised S-1 Filing: BlackRock has submitted a revised S-1 filing for its proposed physically-backed Bitcoin ETF, IBIT, to the SEC.
• Creation and Redemption Mechanism Details: The amended document includes specifics on the creation and redemption mechanism discussed in recent meetings with SEC officials.
• Industry Momentum: Ark 21Shares and WisdomTree also submitted amended S-1 filings for their proposed Bitcoin ETFs on the same day.
• Potential Approval Timeline: SEC officials suggest approval for physically-backed Bitcoin ETFs is likely before January 10, 2024, a significant development for BlackRock.

Binance & CZ’s $2.7 Billion Settlement

• Historic Settlement Reached: Binance and ex-CEO CZ settle with CFTC for a historic $2.7 billion, facing three criminal charges.
• Financial Terms: CZ required to pay $150 million, with one-third due within 30 days, and Binance fined $1.35 billion, mandated to return an equivalent amount in “illegally obtained trading fees.”
• Governance Improvements Mandated: The settlement outlines governance improvements for Binance and CZ, including the establishment of a board of directors and compliance measures.
• Compliance Measures for Sub-Accounts: Binance must prevent sub-accounts from bypassing compliance controls, with existing sub-accounts undergoing KYC procedures.

U.S. Appeals Court Seizes Silk Road-Linked BTC

• Official Seizure of Bitcoin: U.S. Appeals Court officially seizes 69,370 BTC linked to the Silk Road case.
• Execution of Court Decision: The court’s decision to confiscate the Bitcoin has been executed.
• Cryptocurrency Associated with Silk Road: The event involves the formal seizure of cryptocurrency associated with the Silk Road case.
• Legal Process Completed: The process of legally taking possession of the 69,370 BTC is completed by the U.S. Appeals Court.

Tether’s Collaboration with Law Enforcement

• Letters to Government Committees: Tether expresses commitment to security and collaboration with law enforcement agencies in letters to U.S. Senate and House Committees.
• Prohibition of USDT Use: Tether CEO announces the prohibition of USDT use in wallets on the OFAC sanctions list.
• Inclusion of Law Enforcement Agencies: Tether collaborates with the FBI and U.S. Secret Service, onboarding them onto its platform.
• Address Blacklisting: Tether blacklists six wallet addresses, suspected to be related to the Finiko pyramid scheme.

SOL Surpasses BNB in Market Capitalization

• Market Capitalization Milestone: SOL overtakes BNB, securing the position of the fourth-largest cryptocurrency globally.
• Price Surge and Trading Activity: SOL records a 20-month high, surging over 16% with increased trading volume and total position value.
• Coinglass Data Highlights: The overall trading volume of SOL contracts surpasses $10 billion, ranking below only BTC and ETH.
• Global Cryptocurrency Ranking: SOL’s remarkable increase in market capitalization solidifies its position among the top cryptocurrencies worldwide.

Hacker Shakeeb Ahmed’s Conviction for Smart Contract Attack

• Guilty Verdict: Hacker Shakeeb Ahmed found guilty of appropriating assets from DEX via a smart contract attack.
• Legal Consequences: Ahmed faces a maximum of 5 years in imprisonment and the confiscation of stolen cryptocurrencies valued at $12.3 million.
• Landmark Legal Development: The conviction marks the first-ever for attacking smart contracts, a significant milestone in cybersecurity.
• Sophisticated Techniques Used: Ahmed attempted to obscure his traces using various methods, including cryptocurrency mixers and overseas exchanges.

Nigeria Lifts Ban on Crypto Firms

• Reversal of Ban: Banks in Nigeria can now collaborate with cryptocurrency companies, overturning the previous ban by the Central Bank.
• Central Bank’s Caution: While welcomed, the Central Bank warns of potential risks related to money laundering and terrorism.
• Nigeria’s Cryptocurrency Leadership: Nigeria leads in Africa’s use of cryptocurrency, and the decision aligns with broader trends on the continent.
• Facilitating Digital Currency Use: The Central Bank aims to make it easier for Nigerians to use digital currencies, reflecting a larger trend in Africa’s approach to cryptocurrency.

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