The founder of HEX faces fraud charges,
Binance is still doing business in China
and copy trading: who’s doing it?
These stories and more, this week in crypto.
Hi, I’m Nate Martin from 99Bitcoins.com,
and here’s what’s happened this week in crypto.
The US SEC has charged HEX
and PulseChain founder Richard Heart
with defrauding investors of millions
through the illegal sale of unregistered crypto securities.
The SEC also claims he misappropriated $12 million
for luxury goods like a Rolex, McLaren, Ferrari,
and a $4 million black diamond.
HEX's market cap plunged by $500 million
in the two days following the news.
Investigative journalists at The Wall Street Journal
have revealed that Binance conducts most of its business from China,
despite the country's crypto ban.
In May, the exchange recorded over $90 billion
in spot and futures trading volume from China,
with a total trading volume of over $670 billion.
China tops the list of Binance's top four markets in May,
which includes South Korea, Turkey, and Vietnam.
Coinbase beat second-quarter revenue expectations
due to increased interest income,
and the firm remains optimistic
about winning its legal battle with the SEC.
The agency accused Coinbase of trading
unregulated crypto securities,
and while the SEC denies making any such formal request,
Coinbase claims it was asked to halt trading in everything except Bitcoin.
CEO Brian Armstrong stated
that complying would mean the end of the US crypto industry,
leading Coinbase to choose court resolution instead.
Major fintech neobank, Revolut will halt
its US crypto operations from September 2
due to regulatory concerns in the United States.
Complete access will be disabled by October 3,
preventing US customers from buying crypto on the platform.
Revolut still aims to explore alternative ways to offer
crypto products in the future.
Hackers stole over $61 million from Curve Finance's token pools,
impacting the decentralized finance ecosystem
with broader contagion risks for DeFi protocols.
The attack targeted stable pools using certain versions
of the Vyper programming language.
The crypto community has been studying the exploits
to determine whether it can impact other projects in the future.
Australia’s financial regulator sued leading trading platform, eToro
over its contract-for-difference product,
alleging it to be harmful for investors.
The regulator claims that nearly 20,000 users lost money
between October 2021 and June of this year
investing in CFD products.
The case focuses on eToro's target market
and its screening test
as to whether it is appropriate for some retail clients to trade in CFDs.
Hong Kong has granted its first crypto licenses to HashKey and OSL,
fulfilling its promise to develop a global digital asset hub.
HashKey, in partnership with Standard Chartered,
will offer fiat currency deposits and withdrawals,
along with virtual asset over-the-counter trading.
Hong Kong's revamped crypto framework
aims to compete with Singapore as a leading Asian financial center.
Younger investors, especially Gen Z,
show a higher inclination for copy trading
and seeking advice from social media influencers.
A report by crypto exchange Bitget revealed that among copy traders,
44% are under 25 years old, followed by the 25-35 age group,
which makes up nearly a third of the total.
35-55 make up 17%,
while only 7% of copy traders are 55 or older.
That’s what’s happened this week in crypto,
see you next week.
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