25/09/2023. Weekly CryptoNews Digest (September, 18 – September, 24)

Hello everyone, and welcome back to the MNO blog which has been running for over sixteen years now, providing readers with food for thought and highlighting the most promising money-making opportunities one can only find online. Since 2007 the MNO blog and monitor has been at the forefront of the HYIP industry that used to be a locomotive for the whole profit generating investment projects one could only dream of.

Unfortunately, the overall situation has changed dramatically since then and the HYIP industry is as good as dead at the moment. The good old admins have all abandoned the once lucrative money-making schemes and their replacements are just a mere shadow of the best ones MNO would once regularly cover.

And with so many people now being able to actually trade cryptocurrencies without the high risks often associated with HYIPs it’s simply impossible to believe that the industry will get back to its former glory anytime soon. That doesn’t mean that the MNO blog and monitor is dropping the idea of following HYIPs completely – it just means that my site will switch attention to what really matters. Except for major cryptocurrency trends and the latest news from the crypto world I plan to replace HYIPs with other money-making opportunities that my readers can utilize to actually make a passive income with no risk whatsoever.

I guess that many of my readers might agree with me on the point that the golden era of HYIPs is well behind us. However, my own aim has been not just money-making for myself but providing my readers with essential information of some lucrative investment opportunities. Well, it was good while it lasted and maybe at some point we may yet see a revival in such programs. Before that happens though shifting my focus towards something else looks a sound proposal.

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And now with all introductions said and done let’s have a look at the Weekly CryptoNews Digest. This time it covers the period from September, 18 to September, 24, 2023. I will be looking at the latest news and trends that happened in the crypto market over the last seven days. Let’s get down to business, shall we?

BINANCE SAID IT MIGHT DELIST STABLECOINS ON THE EU MARKET

Binance, the world’s largest cryptocurrency exchange, has said that it may delist stablecoins from its European market in order to comply with the Markets in Crypto-Assets (MiCA) regulation, which is due to come into effect in June 2024.

MiCA is a comprehensive piece of legislation that will regulate the cryptocurrency market in the European Union. It includes a number of requirements for stablecoin issuers, such as the need to hold adequate reserves and to be subject to audits.

Binance has said that it is committed to complying with MiCA, but that it is concerned about some of the specific requirements for stablecoins. For example, Binance is concerned about the requirement for stablecoin issuers to be headquartered in the EU.

Binance CEO Changpeng Zhao has said that the company is working on a number of solutions to comply with MiCA, but that it may need to delist stablecoins from its European market if it is unable to find a solution that meets both MiCA’s requirements and Binance’s own needs.

If Binance does delist stablecoins from its European market, it would be a significant blow to the cryptocurrency industry in Europe. Stablecoins are widely used by cryptocurrency traders and investors, and they play an important role in the ecosystem.

It is important to note that Binance has not yet made a final decision about whether or not to delist stablecoins from its European market. The company is still working on a number of solutions to comply with MiCA, and it is possible that it will be able to find a solution that meets both MiCA’s requirements and Binance’s own needs.

However, the fact that Binance is considering delisting stablecoins from its European market is a reminder of the regulatory challenges that the cryptocurrency industry faces. It is also a reminder of the importance of MiCA, which is the first comprehensive piece of legislation to regulate the cryptocurrency market in the European Union.

GALAXY DIGITAL EXPANDS ITS PRESENCE IN EUROPE

Mike Novogratz’s U.S. based crypto firm, Galaxy Digital, is expanding its presence in Europe, calling it a “critically important” market. The company has appointed Leon Marshall as its first chief executive for the region. Marshall, who previously served as the global head of sales for Galaxy Digital, will oversee the company’s European expansion, managing operations and client relationships.

Galaxy Digital is one of the largest and most diversified cryptocurrency companies in the world. It offers a wide range of products and services, including trading, asset management, investment banking, and custody. The company has a presence in over 20 countries, but it has not had a significant presence in Europe until now.

Galaxy Digital’s expansion into Europe is being driven by a number of factors. First, the European cryptocurrency market is growing rapidly. According to a recent report by Chainalysis, Europe is now the second-largest cryptocurrency market in the world, behind only the United States.

Second, the European Union is developing a comprehensive regulatory framework for cryptocurrencies. This regulatory framework is expected to provide clarity and certainty for cryptocurrency businesses, and to make it easier for them to operate in Europe.

Third, Galaxy Digital is seeing strong demand for its products and services from European institutional investors. Institutional investors are increasingly looking to invest in cryptocurrencies, and Galaxy Digital is well-positioned to meet this demand.

Galaxy Digital’s expansion into Europe is a positive sign for the cryptocurrency industry as a whole. It suggests that major cryptocurrency companies are becoming more confident in the European market, and that they are committed to investing in the region.

JPEX UNDER INVESTIGATION BY HOLG KONG POLICE

Hong Kong police are investigating crypto trading platform JPEX for an alleged $166 million fraud. The investigation was launched after police received over 1,600 complaints from investors alleging that they had been defrauded by JPEX.

JPEX is an unlicensed cryptocurrency trading platform that was launched in 2021. The platform has been accused of making false promises to investors, such as guaranteeing high returns and promising to protect investors’ funds. However, investors have alleged that JPEX has failed to deliver on its promises and that they have lost millions of dollars as a result.

The Hong Kong police are currently investigating JPEX for a number of offenses, including fraud, money laundering, and operating an unlicensed cryptocurrency exchange. The police have also frozen JPEX’s assets and arrested several people in connection with the investigation.

While the outcome of the JPEX fraud case remains to be seen, the case is a reminder of the importance of investor education and protection in the cryptocurrency industry.

FTX FOUNDER PARENTS FACING LAWSUIT

The parents of FTX founder Sam Bankman-Fried, Joseph Bankman and Barbara Fried, are facing a lawsuit over alleged improper receipt of funds from the crypto firm before its collapse. The lawsuit was filed by FTX’s new CEO, John Jay Ray III, on behalf of the company’s bankrupt estate.

The lawsuit alleges that Bankman and Fried received millions of dollars in gifts and loans from FTX without proper authorization. The lawsuit also alleges that Bankman and Fried used their influence over Sam Bankman-Fried to enrich themselves at the expense of FTX’s customers.

Bankman and Fried have denied the allegations in the lawsuit. They have said that they received all of their money from FTX properly and that they did not use their influence over Sam Bankman-Fried to enrich themselves.

The lawsuit is still in its early stages, and it is unclear how it will be resolved. However, the lawsuit could have a significant impact on Bankman and Fried, as well as on the FTX bankruptcy proceedings that have been covered by the MNO blog for quite some time now. I will keep you posted on the whole case and how it’s going to be eventually resolved, so stay tuned for more!

EX DEUTCHE BANKER PLEADS GUILTY ON CRYPTO FRAUD

Rashawn Russell, a former Deutsche Bank investment banker, has pleaded guilty to charges of crypto fraud. Russell was charged with misappropriating funds from investors who were lured by promises of significant returns from cryptocurrency trading.

Russell’s guilty plea comes after he was arrested in April 2023. According to the Securities and Exchange Commission (SEC), Russell raised over $1.5 million from investors between November 2020 and August 2022. Russell promised investors that their money would be used to invest in cryptocurrencies, but he instead misappropriated the funds for his own personal use.

The SEC alleges that Russell used the investor funds to pay for personal expenses, such as rent, car payments, and gambling debts. Russell also allegedly used the investor funds to invest in his own personal cryptocurrency trading accounts.

Russell’s guilty plea is a significant victory for the SEC, which has been cracking down on crypto fraud in recent years. The SEC has said that it is committed to protecting investors from fraud in all markets, including the cryptocurrency market.

Russell faces a maximum prison sentence of 30 years and a fine of up to $1 million. He is also required to pay restitution to the investors who were defrauded.

BITCOIN MINERS SEIZED IN PRISON RAID IN VENEZUELA

Venezuelan authorities seized bullets, grenades, rocket launchers, and Bitcoin mining machines during a prison raid this week. The raid was conducted at the El Dorado prison in the state of Amazonas, which is known for its high levels of violence and corruption.

Authorities said that they seized over 100 Bitcoin mining machines during the raid. Bitcoin mining is a process that involves using powerful computers to solve complex mathematical problems in order to earn Bitcoin rewards. Bitcoin mining has become increasingly popular in Venezuela in recent years, as it is seen as a way to circumvent the country’s economic crisis.

Venezuelan authorities have been cracking down on Bitcoin mining in recent months. In June 2023, the government banned Bitcoin mining in order to reduce electricity consumption. The government has also been raiding Bitcoin mining farms and seizing equipment.

The seizure of Bitcoin mining machines from El Dorado prison is a sign that the government is taking a tough stance on Bitcoin mining, even in prisons. It is unclear why prisoners were mining Bitcoin in prison, but it is possible that they were doing so to generate income or to support criminal activities.

The seizure of Bitcoin mining machines from El Dorado prison is also a reminder of the risks associated with Bitcoin mining. Bitcoin mining can be a very energy-intensive process, and it can also be used to support criminal activities.

SEC LAWYER HINTS ON MORE AGGRESSIVE APPROACH TOWARDS CRYPTO

And let me finish today’s Weekly CryptoNews Digest on MNO with some warning towards crypto world coming from David Hirsch who is the head of the Securities and Exchange Commission’s (SEC) Crypto Assets and Cyber Unit. He has been with the SEC for over 20 years, and he has a deep understanding of the cryptocurrency industry.

Hirsch has been a vocal critic of the cryptocurrency industry, and he has warned that many cryptocurrencies are unregistered securities and that many crypto exchanges are operating illegally. He has also said that the SEC is prepared to take legal action against crypto firms and individuals who violate securities laws.

In a recent speech, Hirsch said that the SEC is “cracking down on crypto fraud,” and that the agency is “bringing enforcement actions against crypto firms and individuals who are violating securities laws.” He also said that the SEC is “committed to protecting investors from crypto fraud.”

Hirsch’s comments are a sign that the SEC is taking a more aggressive approach to regulating the cryptocurrency industry. The SEC has already brought a number of enforcement actions against crypto firms and individuals, and it is likely that we will see more enforcement actions in the coming months.

That’s about it for this latest Weekly CryptoNews Digest on the MNO blog. I’ll be posting the next update on cryptocurrency in a week and there will be all the latest developments and news covered. So, if you’re genuinely interested in what is going on in the cryptocurrency world, such as new projects and regulations, make sure you check it out next Monday.

That’s it for tonight, guys. Thanks for reading and I hope your business week will be fruitful and productive. I’ll be back with the next blog post in a few days time, and until then stay safe and happy. Thanks for staying loyal to MNO – For Money Lovers!