Scenius Sync (Issue #76)
CZ STEPS DOWN & PLEADS GUILTY, BINANCE AGREES TO PAY 4.3B, CZ TO BE SENTENCED IN FEB., SBF IS TRADING “MACKS” IN PRISON, USDC TO DEBUT IN JAPAN, & PUDGY PENGUINS RELEASE WALMART CYBER MONDAY EXCLUSIVE
Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.
Welcome to The Scenius Sync.
Our mission with this concise publication is twofold:
Share the essential stories driving the crypto industry and markets.
Highlight innovative applications and mainstream adoption of crypto and blockchain technology.
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Essential News 🗞
Binance agrees to pay fines totalling $4.3 billion
Binance reached agreements with FinCEN, OFAC, CFTC and will credit $1.8B to them and additional forfeiture of $2.51 billion
Binance appoints an independent compliance monitor for 3 years
5 year FiNCEN monitor with full access for Binance
CZ plea deal may preserve company's ability to operate
CZ to retain majority ownership of Binance
CZ can't operate Binance for 3 years from start of agreed upon date
Richard Teng named new CEO of Binance, read CZ Statement here.
Binance Founder Changpeng 'CZ' Zhao Released on $175M Bond, Will Be Sentenced in February
Binance founder and former CEO Changpeng "CZ" Zhao has been released from custody on a $175 million personal recognizance bond. Zhao pleaded guilty to violating the Bank Secrecy Act in court earlier on Tuesday, after federal officials alleged he directed Binance to allow U.S. customers to use the platform without conducting proper know-your-customer or anti-money laundering checks.
Relatedly, Binance Founder CZ Stuck in U.S. for the Moment as a federal judge considers a U.S. Department of Justice motion that would require him to remain in the country until he is sentenced early next year.
Blast launch 'crossed lines' in messaging and execution, says Paradigm
Following the controversial early access launch of the new Ethereum Layer 2 network Blast, Paradigm, which led Blast's seed round alongside Standard Crypto, has spoken out against the project's tactics. Paradigm's head of research Dan Robinson said in a post on X that the VC firm doesn't agree with Blast's decision to launch its bridge before the L2 network and to disable withdrawals for three months, which he said sets a bad precent for other projects. "We also think much of the marketing cheapens the work of a serious team," Robinson added.
Do Kwon's extradition to South Korea and US approved by Montenegro court
The Higher Court in Podgorica, the capital city of Montenegro, has approved the extradition of Terraform Labs co-founder Do Kwon based on requests from South Korea and the United States. The extradition is sought for charges related to financial crimes in both countries, the court said Friday. Kwon has agreed to be extradited to South Korea, but the Minister of Justice of Montenegro will make a final decision on which country takes precedence for extradition, the court added.
From macro to mackerel: Sam Bankman-Fried paid for haircut with fish, says WSJ
Sam Bankman-Fried, the former CEO of the collapsed crypto exchange FTX, now uses mackerel fish as currency in prison for services like haircuts, according to the Wall Street Journal. Mackerel, colloquially referred to as “macks,” has become the go-to currency in federal prisons since a ban on cigarettes in 2004.
Innovation & Adoption 💡📈
USDC stablecoin to make Japan debut in SBI tie-up
Japanese financial group SBI Holdings has partnered with U.S.-based Circle Internet Financial to make the company's USDC the first foreign stablecoin to circulate in Japan as soon as next year.
British investment managers get green light for tokenized funds
British investment managers have got the go-ahead to develop tokenized funds, in which assets are split into smaller tokens backed by blockchain technology, the industry's trade body said on Friday. Tokenization, or fractionalisation, of funds will enable a fund's assets to trade more cheaply and transparently and investors to buy into a wider range of assets, industry proponents say. Funds authorised by Britain's Financial Conduct Authority can take the first steps towards offering tokenised funds, provided the investments are in mainstream assets and valuation and settlement arrangements don't change, the Investment Association said in a statement.
Pudgy Penguins Release Exclusive Walmart 'Influencer Box' for Cyber Monday
Pudgy Penguins is one of the rare NFT collections that has actually grown in value and notoriety during the prolonged bear market, and it recently launched toys targeted at mainstream audiences. The brand has now released an exclusive “influencer box” of toys and collectibles available only via Walmart.com today for Cyber Monday.
Austria’s Raiffeisen Bank to Roll Out Crypto Trading for Retail Customers in January
Austria’s Raiffeisen Bank will roll out cryptocurrency trading services to retail customers by the end of January 2024. The move by the bank, which has some $215 billion in assets and 17.8 million customers across the European Union and eastern Europe, is another sign of crypto adoption ramping up, particularly in jurisdictions where clarity around rules is emerging.
Magic Eden Launches Cross-Chain NFT and Crypto Wallet for Bitcoin, Ethereum, Solana, and Polygon
Magic Eden sees a crypto future that spans multiple blockchains—and is launching its crypto wallet browser extension in closed beta to support that aim, the firm behind the NFT marketplace announced Monday.