Binance, one of the world’s leading cryptocurrency exchanges, has recently taken part in a discussion with the European Banking Authority (EBA) on the proposed Markets in Crypto-Assets (MiCA) regulation. The discussion aimed to provide feedback and insights from the crypto industry on how to foster innovation and consumer protection in the digital asset space.
Binance shared its views on topics such as the scope and definitions of MiCA, the authorization and supervision of crypto-asset service providers, the issuance and governance of crypto-assets, and the prevention of market abuse and manipulation. Binance expressed its support for a harmonized and balanced regulatory framework that would enable the growth and development of the crypto ecosystem in Europe, while ensuring a high level of security and transparency for users.
The US Court of Appeals has denied the request of Samuel Bankman-Fried, the founder and CEO of FTX, to be released from custody pending his trial. Bankman-Fried is facing charges of securities fraud, market manipulation and money laundering related to his involvement in the GameStop stock frenzy earlier this year. The court ruled that Bankman-Fried posed a flight risk and a danger to the community, and that no conditions of release could reasonably assure his appearance in court or the safety of others.
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Bankman-Fried’s lawyers argued that he is a respected businessman who has cooperated with the authorities and has no criminal history. They also offered to post a $100 million bond and surrender his passport. However, the court was not convinced by these arguments and upheld the decision of the lower court to keep him in jail until his trial date, which is scheduled for next month.
Outlier Ventures, a leading venture platform for the open metaverse, has announced a major leadership change. Stephan Apel, who joined the company in 2019 as Chief Operating Officer, has been appointed as the new Chief Executive Officer. He will be responsible for driving the company’s vision, strategy and growth in the emerging metaverse economy.
Jamie Burke, the founder and former CEO of Outlier Ventures, will transition to the role of Chairman. He will focus on supporting the company’s portfolio of over 50 Web3 projects and leading its thought leadership initiatives.
Linear Finance, a decentralized finance (DeFi) protocol that allows users to create and trade synthetic assets, has announced that it was the victim of a cyberattack that resulted in the loss of USD liquidity from its pools.
According to a post-mortem report published by the team, the attacker exploited a vulnerability in the protocol’s reward distribution logic, which allowed them to claim excessive amounts of USD rewards and then sell them on the market. The team estimates that the attacker drained about $7.6 million worth of USD from the protocol, causing a significant drop in its price and liquidity.
A federal judge has ruled that some of the witnesses subpoenaed by the defense team of Sam Bankman-Fried, the founder and CEO of FTX, will not be allowed to testify in his upcoming trial. Bankman-Fried is facing charges of market manipulation, fraud and insider trading related to his involvement in the GameStop stock frenzy earlier this year. The judge said that the witnesses, who include prominent figures from the crypto industry, the media and the government, are irrelevant to the case and would only cause confusion and prejudice to the jury.
The prosecution welcomed the decision, saying that it would prevent the defense from turning the trial into a circus. The defense, however, argued that the witnesses are crucial to show that Bankman-Fried acted in good faith and in accordance with the law. The trial is scheduled to begin next month and is expected to last for several weeks.
The legal team of Binance.US, the US-based affiliate of the global cryptocurrency exchange Binance, has filed a motion to dismiss the lawsuit brought by the Securities and Exchange Commission (SEC) against them. The motion argues that the SEC has failed to show that Binance.US violated any securities laws or regulations, and that the case is based on unfounded allegations and speculation. The motion also claims that the SEC is trying to stifle innovation and competition in the crypto industry by targeting Binance.US, which is one of the largest and most compliant platforms in the US market.
Blockchain.com CEO said in an interview with Bloomberg that he does not expect the crypto credit markets to recover fully after the collapse of 3AC, a major crypto lending platform that defaulted on its debts in September. Smith said that 3AC’s failure exposed the risks and vulnerabilities of the crypto credit industry, which relies on overcollateralized loans and high interest rates.
He said that Blockchain.com, which also offers crypto lending services, has been more conservative and selective in its lending practices, and has not been affected by 3AC’s default. He added that he expects the crypto credit markets to evolve and become more regulated and transparent in the future, but not to return to the same level of growth and activity as before.