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The U.S. Securities and Exchange Commission (SEC) has extended its review period for several Ether exchange-traded funds (ETFs), setting a new decision deadline for May 2024.

A U.S. court has ordered cryptocurrency exchange Binance and its former CEO, Changpeng “CZ” Zhao, to pay substantial fines to the Commodity Futures Trading Commission (CFTC).

Prominent fintech firm Revolut is temporarily suspending some of its cryptocurrency services for business clients in the UK in response to upcoming regulatory changes announced by the Financial Conduct Authority (FCA).

Top stories in the Crypto Roundup today:

  • SEC Postpones Decision on Ether ETFs Until May 2024
  • Binance and Former CEO CZ to Pay $2.85 Billion in CFTC Settlement
  • Revolut Suspends Crypto Services for UK Business Clients
  • Crypto Investment Products’ AUM Soar by Over 150% YTD

 
24 hours chart of the price of BTC
 

SEC Postpones Decision on Ether ETFs Until May 2024

 

The U.S. Securities and Exchange Commission (SEC) has extended its review period for several Ether exchange-traded funds (ETFs), setting a new decision deadline for May 2024.

According to multiple regulatory filings, the delay also encompasses the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF. The former would hold both spot Ether and futures contracts, while the latter could pave the way for converting Grayscale’s ETH Trust into a spot Ether ETF.

In the filings, the SEC announced the commencement of proceedings to gather more public feedback on whether these ETFs should be approved. The regulator has in the past approved Ethereum futures ETF, but hasn’t yet approved any spot or mixed-type funds.

The crypto market has been keenly observing if the SEC will give the green light to 13 proposed spot Bitcoin ETFs, with some analysts suggesting a decision could come as soon as January 10, 2024.

 
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Binance and Former CEO CZ to Pay $2.85 Billion in CFTC Settlement

 

A U.S. court has ordered cryptocurrency exchange Binance and its former CEO, Changpeng “CZ” Zhao, to pay substantial fines to the Commodity Futures Trading Commission (CFTC).

The leading cryptocurrency exchange is required to pay $2.7 billion, while CZ faces a personal penalty of $150 million in a decision that comes after the U.S. District Court for the Northern District of Illinois approved a previously announced settlement agreement.

The court found that both Zhao and Binance “violated the Commodity Exchange Act (CEA) and CFTC regulations” and imposed the $150 million civil monetary penalty against the exchange’s former CEO while requiring Binance to disgorge $1.35 billion of “ill-gotten transaction fees” and pay a $1.35 billion penalty.

The settlement concludes a lengthy legal battle, which began with the CFTC suing CZ and Binance on March 27 for evading U.S. regulations and operating an unauthorized derivatives exchange.

The court also ordered Binance’s former chief compliance officer, Samuel Lim, to pay a $1.5 million fine for his role in “aiding and abetting Binance’s violations and engaging in activities outside of the U. S. to willfully evade or attempt to evade U.S. law.”

 
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Revolut Suspends Crypto Services for UK Business Clients

 

Prominent fintech firm Revolut is temporarily suspending some of its cryptocurrency services for business clients in the UK in response to upcoming regulatory changes announced by the Financial Conduct Authority (FCA).

Starting on January 3, the firm’s customers will reportedly no longer be able to purchase cryptocurrencies through Revolut Business, while still being able to hold and sell their existing crypto assets on the platform.

The change notably doesn’t affect Revolut’s Retail customers and comes as the firm moves to align with new regulations set by the FCA in October. These forthcoming rules include introducing a 24-hour "cooling off" period for new investors and prohibiting promotional incentives like "refer a friend" bonuses.

The new rules become effective from January 8, 2024, with the FCA allowing a grace period for companies to implement these changes, which may require technical updates.

 
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Crypto Investment Products’ AUM Soar by Over 150% YTD

 

The assets under management (AUMs) of widely-used crypto products have been seeing a distinct upward trend. Over the course of twelve months, ten of them showed month-on-month increases.

Year-to-date, the total AUMs have surged by over 150%, climbing from $19 billion at the close of December 2022 to $49 billion as of December 10th

Explore emerging trends and potential shifts in the digital asset space via CCData’s Q4 2023 Outlook Report.

 
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