WEB3 UPDATES: BINANCE BRACE UP AS MORE REGULATORY CONCERNS EMERGE

1ATH.Studio
3 min readJun 26, 2023

In a far from quiet weekend for the cryptocurrency world where regulations bite harder on centralized finance, we explore the big talking points.

Binance Hires Ex-DOJ Prosecutor for SEC Defense

Binance has strengthened its legal defense against the SEC lawsuit by hiring a former DOJ prosecutor.

This strategic move highlights Binance’s proactive approach in addressing regulatory challenges head-on. By leveraging the expertise of this seasoned legal professional, Binance aims to mount a robust defense and ensure a fair assessment of its operations.

Belgium Cracks Down on Binance

Belgium has taken regulatory actions against Binance, ordering a halt to its crypto services within the country. The Federal Services and Markets Authority (FSMA) issued a strict mandate, immediately ceasing all digital asset offerings, citing concerns over Binance’s operations from non-European Economic Area countries. Compliance with the law is emphasized, prohibiting firms governed by non-EEA laws from providing digital asset services in Belgium.

Cristiano Ronaldo Joins Forces with Binance to Unleash His Second NFT Collection

Renowned footballer, Cristiano Ronaldo has teamed up with Binance, The leading cryptocurrency exchange, to release his second exclusive non-fungible token (NFT) collection.

The highly anticipated launch is scheduled to take place on July 3, 2023, and is expected to captivate fans and collectors alike.

US Approves First 2x Bitcoin ETF

The first leveraged crypto ETF in the US, Volatility Shares’ 2x Bitcoin Strategy ETF (BITX), has been approved by the SEC and will launch on Tuesday, according to an executive at the company.

The 2x ETF will provide customers with bitcoin exposure by requiring them to invest only half the value of the bitcoin. Despite the SEC’s history of blocking spot products, the approval of this leveraged ETF marks a significant milestone for digital assets in an ETF format.

MUFG, Japan’s Biggest Bank, In Talks To Issue Global Stable Coins

MUFG is reportedly in talks to issue global stablecoins. Signaling a notable shift as traditional institutions explore the potential of digital currencies.

If successful, this initiative could reshape cross-border payments and accelerate the mainstream adoption of cryptocurrencies.

BAYC NFT Declines Drastically As Huang Sells Over 50 Bored Apes

The Bored Ape Yacht Club (BAYC), one of the leading NFT collections, experienced significant turbulence over the weekend due to a series of transactions initiated by Jeffrey Huang, also known as Machi Big Brother.

Huang sold over 50 Bored Apes in the past few days, with one transaction alone generating 651 Ethereum (approximately $1.2 million) on the NFT marketplace Blur.

Australia’s Token Mapping Innovation

Australia’s Treasure official has revealed plans to develop a mapping technology that is compatible with various blockchain platforms.

This tech-agnostic approach aims to promote compatibility and seamless token-based transactions. By allowing the tokens to move seamlessly across different blockchain networks, Australia seeks to foster innovation and facilitate the growth of the digital economy.

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