FameEX Morning Crypto News Recap | March 28, 2023
Crypto Giant Binance, CEO Hit with US Charges for Breaking Regulatory Rules
Binance, the world's largest cryptocurrency exchange, and its CEO Zhao Changpeng have been charged with multiple violations by the US Commodity Futures Trading Commission (CFTC). The regulator has accused Binance of operating an "illegal" exchange and having a "sham" compliance program. This is the latest move by US regulators against the cryptocurrency sector, which has faced increasing scrutiny over the past year for its lack of compliance with anti-money laundering and other regulations.
Regulatory Uncertainty over ETH Classification as Security or Commodity Drives 90% of Ethereum Supply off Exchanges
Ethereum is not only the second-largest cryptocurrency but also the second-generation cryptocurrency, which introduced decentralized finance (DeFi) to the crypto space. However, the platform's Proof of Stake transition plan has made it a target for regulators. As a result, Ethereum has faced repeated regulatory scrutiny, which has impacted its value and decreased confidence in exchanges.
Investment in European DeFi Startups Surges by 120% in 2022 with Boost from VC Funding
In 2022, the crypto industry faced a turbulent market, including the high-profile collapses of industry leaders like Terra and FTX. However, VC investments in European crypto startups reached a record high of $5.7 billion, indicating that VC investors still have confidence in the potential of crypto startups. This highlights a positive outlook for the industry despite the bear market and other challenges, and emphasizes that VC investors remain dedicated to supporting the growth and advancement of crypto startups.
Taiwan's Financial Watchdog, FSC, to Take Control of Cryptocurrency Regulation
Taiwanese lawmakers are expected to establish a cryptocurrency regulatory framework by March or April 2023. The Financial Supervisory Commission (FSC) will take on the role of primary regulator for the crypto industry in Taiwan, according to FSC chairman Huang Tien-mu. This decision was announced recently and marks a significant development in the regulation of cryptocurrencies in the country.
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