Binance warns of delisting stablecoins in the EU, An influencer-backed crypto exchange is busted in Hong Kong And you will never guess what you might find In a Venezuelan prison! These stories and more, this week in crypto. Hi, I’m Nate Martin from 99Bitcoins.com, And here’s what’s happened this week in crypto. Bitcoin extended its rally, Climbing above the $27,000 mark for the first time since August. Altcoin markets also ticked upwards With Solana, Bitcoin Cash and Litecoin, rallying as much as 8% in two days. The buying pressure comes with the announcement That the Federal Reserve would pause raising interest rates, Encouraging a risk-on appetite for investors. Binance is warning that stablecoins could all be delisted In Europe next year, unless uncertainties surrounding The EU's Markets in Crypto Assets regulations can get sorted out. Marina Parthuisot, Head of Legal at Binance France, Expressed the concerns during an online hearing Hosted by the European Banking Authority, Suggesting that if no projects secure approval By the time that MiCA takes effect, Binance could potentially delist all stablecoins in Europe On June 30 of next year. Hong Kong police are investigating crypto trading platform JPEX For an alleged $166 million fraud. Eleven individuals, including crypto influencers who backed the exchange, Were arrested after 2,000 investors' complaints. The case is a significant test for Hong Kong, Which aspires to be a digital asset hub, Especially after the financial regulator disclosed last week That JPEX operated without a license. David Hirsch, the head of the SEC's crypto enforcement agency Made it known that more legal actions are coming to crypto.
Despite acknowledging the agency lacks the resources To go after everything, The SEC is already pursuing complex crypto cases in federal courts. Not content to just focus on Coinbase and Binance, Hirsch intends to bring charges against other exchanges And DeFi platforms that breach regulations. Mike Novogratz's U.S. based crypto firm, Galaxy Digital Aims to expand its presence in Europe, Calling it a "critically important" market. The company has appointed a new regional CEO, Leon Marshall, Who will lead Galaxy Digital's European expansion from London. Marshall said the European Union's progress on crypto regulations Was a crucial factor in the decision for expansion. The parents of FTX founder Sam Bankman-Fried Face a lawsuit over alleged improper receipt of funds From the crypto firm before its collapse. The Bankman-Fried parents received a $10 million cash gift From Alameda Research, And property in the Bahamas worth $16 million. Managers of the bankrupt firm Claim the couple held fraudulently transferred millions And ignored misconduct at the company. A former Deutsche Bank investment banker, Rashawn Russell Pleaded guilty to misappropriating funds, And faces 30 years in prison With one and a half million dollars in restitution. Russell falsely claimed to be a licensed broker And promised high returns from a cryptocurrency fund He purportedly managed. But in fact, he used the funds for gambling and personal expenses While sending fake updates to investors. Venezuelan authorities seized bullets, grenades, rocket launchers And – Bitcoin mining machines during a prison raid this week. In an operation to crack the South American country’s
Most powerful organized crime group, 11,000 troops were used to raid the Tocorón prison in Aragua state. The prison boasted gang-installed amenities such as a zoo, a pool, Gambling rooms, a disco, a baseball field and a restaurant. That’s what’s happened this week in crypto, See you next week. If you’ve enjoyed this video, leave us a thumbs up, Subscribe to the channel, and click the notification bell So you don’t miss a review, news update, Or the clearest information about bitcoin and cryptocurrencies anywhere.