November 23, 2023

Al-Khwarizmi Weekly #20: Crypto & Blockchain Weekly News Summary

Welcome to the 20th edition of Kurdcoin’s crypto and blockchain weekly newsletter. As the crypto market is undergoing major shifts, we bring you the most important news and insights so you stay ahead by staying informed. We curate the most relevant industry news and summarize them for you to read in under 5 minutes. Read on

Market recap

At the moment of writing, the global crypto market cap is $1.42T, with a 24-hour trading volume of $54.18B. Bitcoin is currently trading at $37,000, up 2.54% in the last 24 hours. Ethereum is trading at $2,020, up 0.72% in the last 24 hours. The Fear & Greed Index is currently at 73/100, still firmly in the “greed” zone.

Top Headlines

Binance CEO Steps Down in $4 Billion Settlement with US Regulators

Binance CEO Changpeng “CZ” Zhao has stepped down as part of a major $4 billion settlement with US Department of Justice, which is the largest in US history. As part of the deal, Zhao pleaded guilty to federal charges and Binance will pay a $3.4 billion penalty to FinCEN and $968 million to OFAC. Binance will also be subject to compliance requirements and monitoring for a period of five years.

Tether Plans Expansion into BTC Mining with $500M Investment

Tether, the firm behind USDT, is investing around $500 million to bring a Bitcoin mining facility online, according to incoming CEO Paolo Ardoino. The ambitious expansion includes the construction of new mining facilities in Uruguay, Paraguay, and El Salvador, aiming to work up to 1% of BTC mining’s total computing power.

Other Headlines

SEC Charges Kraken with Operating Unregistered Securities Exchange

The U.S. Securities and Exchange Commission (SEC) has filed charges against Kraken, alleging that it has been operating an unregistered securities exchange. The SEC claims that Kraken has violated investor protection laws by failing to register its services and by commingling customer funds with its own. Kraken has denied the allegations, stating that the SEC’s complaint is “a technical argument” and that it has not caused any losses for its customers.

ProtonMail Introduces Blockchain-Powered Email Authentication

ProtonMail, a leading privacy-focused email service provider, is developing a blockchain-based feature for email authentication. This new feature will utilize the Proton private blockchain to securely verify email addresses and prevent the risk of emails being sent to the wrong recipients. The feature is currently in beta testing but is expected to be rolled out to the public in the near future.

Apple Faces Class Action Lawsuit for Blocking P2P Crypto Payments

Apple is facing a class-action lawsuit alleging that the company has engaged in anti-competitive behavior by blocking the use of decentralized cryptocurrency technology in iOS payment apps. The plaintiffs claim that Apple has entered into agreements with popular payment platforms such as PayPal’s Venmo and Block’s Cash App to restrict competition and inflate prices for users. They are seeking damages for excessive fees and overcharging. This lawsuit comes amid a growing trend of crypto apps struggling to remain on the Apple Store due to the company’s strict guidelines and 30% revenue cut.