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This week’s crypto news roundup highlights the newest developments and trends in the cryptocurrency market.
Binance founder Changpeng Zhao, also known as CZ, has been released from a California prison after serving a four-month sentence for failing to implement effective Anti-Money Laundering (AML) measures at Binance.
His early release, granted due to a rule allowing for weekend or holiday discharges, came two days ahead of schedule. Despite his release, CZ will not return to a leadership role at Binance, as part of a plea agreement that permanently prohibits him from involvement in the exchange.
Meanwhile, U.S. Vice President and Democratic presidential nominee Kamala Harris has committed to fostering growth in digital assets and artificial intelligence (AI) as part of her presidential campaign.
During a New York fundraiser, she emphasized her vision of partnering with various stakeholders to enhance America’s competitiveness and technological innovation while ensuring consumer protection and investor safety.
CZ is a Free Man Now
Former Binance CEO CZ is now a free man, released from jail after serving a four-month sentence. The charges against Zhao stemmed from allegations that Binance enabled illicit activities by not maintaining adequate AML protocols. CZ received a relatively lenient four-month term following a settlement in which Binance agreed to pay a $4.3 billion fine.
Live footage of CZ getting out of jail this week pic.twitter.com/KyEo2tnrc2
— Layah Heilpern (@LayahHeilpern) September 23, 2024
Binance founder ‘CZ’ leaves prison on Friday—along with his $60 billion fortune (Fortune)
Harris Administration Pledges to Support Crypto
The Harris administration has pledged to support crypto investment. Harris’s public support for crypto is seen as a strategic pivot in her campaign, distinguishing her from President Joe Biden, who has been perceived as anti-crypto.
Harris Vows to Aid AI, Crypto Sectors in Pitch to NYC Donors (Bloomberg)
Crypto Market Surges Driven by China’s Economic Stimulus
Bitcoin is holding above $64,000 following a surge driven by China’s economic stimulus measures. The People’s Bank of China’s liquidity injection has positively impacted various digital assets, particularly Conflux (CFX), which saw an 18% rise as traders view it as a “China beta” asset.
Bitcoin Holds Above $65,000 After China’s ‘Policy Bazooka’ Stimulus (Decrypt)
PayPal Allows U.S. Business Accounts to Buy and Sell Crypto
PayPal has introduced a new feature allowing U.S. business account holders to buy, sell, and hold cryptocurrencies directly through their PayPal accounts. The move comes after PayPal previously enabled individual users to trade crypto back in 2020.
PayPal Now Allows Business Accounts to Buy, Hold, and Sell Crypto (Techopedia)
Mango Markets to Destroy Token
Mango Markets has agreed to a settlement with the SEC regarding charges of unregistered sales of its MNGO tokens. As part of the settlement, the firm will pay a $700,000 civil penalty and destroy all MNGO tokens. Additionally, they have committed to requesting that exchanges delist the MNGO tokens.
US SEC charges Mango Markets with offering unregistered crypto token (Reuters)
U.S. Disrupts Russia-Linked Network that Uses Crypto to Evade Sanctions
U.S. authorities, in collaboration with international partners, have disrupted a Russia-linked network that used cryptocurrencies to evade sanctions and launder money. The operation involved the seizure of three illicit crypto exchange domains—UAPS, PM2BTC, and Cryptex—which allegedly processed over $800 million in illegal transactions tied to cybercriminal activities.
Treasury Takes Coordinated Actions Against Illicit Russian Virtual Currency Exchanges and Cybercrime Facilitator (Treasury)
Crypto Market Seeks to Influence Ohio Senate Race
The crypto industry has significantly influenced the Ohio Senate race by investing $40 million through various political action committees (PACs) to support Republican candidate Bernie Moreno and oppose incumbent Senator Sherrod Brown. Brown, known for his anti-crypto stance as chairman of the Senate Banking Committee, has become a target for the crypto sector, which views him as a major obstacle to favorable regulatory changes.
Crypto Industry Rallies Behind Bernie Moreno in Critical Ohio Senate Race (Cryptonews.com)
Tornado Cash Developer Set to Go on Trial
Tornado Cash developer Roman Storm is set to go on trial in December after a New York judge denied his motion to dismiss charges of money laundering and sanctions evasion. Storm and co-founder Roman Semenov were accused in August 2023 of facilitating the laundering of over $1 billion through the Tornado Cash platform.
Tornado Cash co-founder Roman Storm to face trial as US judge rejects dismissal (The Block)
Binance Assists India Clamp Down on Scam Gaming App Fiewin
Binance assisted India’s Enforcement Directorate (ED) in tracing and recovering $47.6 million related to a fraudulent online gaming app, Fiewin. The scam lured victims into participating in online betting and gaming with promises of high returns, only to prevent them from withdrawing their funds later.
Binance Claims It Helped ED Crack Fiewin Gaming Scam that Defrauded Players of $47.6 Million (Gadgets360)
Caroline Ellison Sentenced to Two Years in Prison
Caroline Ellison, the former CEO of Alameda Research, was sentenced to two years in prison for her role in the multibillion-dollar fraud involving FTX, one of the largest cryptocurrency exchanges. Despite her potential to face up to 110 years in prison, Ellison’s cooperation and remorse contributed to her receiving a lighter sentence.
Ex-Alameda CEO Caroline Ellison Gets Two Years In Prison For Role In FTX Collapse (99bitcoins)
Polymarket Seeks $50M in Funding
Polymarket, a blockchain-based prediction market platform, is seeking $50 million in new funding as interest in U.S. election betting surges. The company is also considering launching its own token, which would allow users to verify real-world event outcomes.
Breaking news: Polymarket, the top prediction market platform, is reportedly planning a token launch valued at over $50M! 💰 According to sources via The Information, the tokens will reward users who verify information on the platform. #TokenLaunch
— Andres Meneses (@andreswifitv) September 24, 2024
Polymarket Reportedly Seeks $50M in Funding, Mulls Token as Election Bets Surge (CoinDesk)
Telegram to Provide User Data to Officials
Telegram has announced that it will begin providing user data, including IP addresses and phone numbers, to government authorities in response to legal requests following the arrest of its CEO, Pavel Durov, in France. The policy shift represents a significant change for the company, which has previously been known for its strong stance on user privacy and non-compliance with government data requests.
Telegram to Share User Data with Authorities After Pavel Durov’s Arrest (Techopedia)
