Cypherpunk Times Monthly Roundup(November 2023 Edition)

November 2023 roundup of all things crypto and what’s happening in the cryptocurrency realm. What was your biggest news piece?

November 1st to November 8th:

  1. Coinbase crypto futures for retail US traders goes live, includes 'nano' Bitcoin trading
Coinbase crypto futures for retail US traders goes live, includes ‘nano’ bitcoin trading
The largest cryptocurrency exchange in the U.S. continues to expand its offerings as it launches futures trading for retail customers.
  1. PayPal UK unit registers as crypto service provider
PayPal UK Unit Registers as Crypto Service Provider
The Financial Conduct Authority’s approval means the payments firm can offer certain crypto services and advertise to local clients.
  1. Funding rates for Bitcoin perpetual futures markets have flipped positive across exchanges for the first time in months, suggesting a bullish bias. Open interest is also slowly rebuilding after a wave of liquidations during the initial price surge
The Bitcoin Rally, Explained - Kaiko - Research
An exploration of what drove the bitcoin price rally and its effects on the market, including surging volumes and volatility.
  1. In October, MicroStrategy acquired an additional 155 BTC for $5.3 million and now holds 158,400 BTC
  1. SBF's closing argument: Prosecution's 'movie villain' narrative lacks any clear motive
SBF’s closing argument: Prosecution’s ‘movie villain’ narrative lacks any clear motive
The prosecution brought plenty of evidence, from spreadsheets and audio recordings to witness testimony. SBF’s lawyer simply asked, “But why?”
  1. Swiss bank launches Bitcoin and Ether custody and trading services, in partnership with SEBA
Swiss bank launches bitcoin and ether custody and trading services, in partnership with SEBA
A Swiss bank has launched digital asset custody and brokerage services for its clients, in partnership with SEBA Bank.
  1. Hong Kong sets out requirements for asset tokenization in light of ‘market demand’
Hong Kong sets out requirements for asset tokenization in light of ‘market demand’
The securities regulator intends to oversee intermediaries for tokenized securities and the tokenization of investment products.
  1. PayPal received a subpoena from U.S. SEC division of enforcement relating to PYUSD stablecoin
PayPal Faces SEC Subpoena Over Its PYUSD Stablecoin
In August, PayPal said it would introduce its own U.S. dollar-pegged stablecoin, PayPal USD.
  1. On Coinbase, BTC and ETH account for the majority of volumes, at 36% and 22%, respectively. Altcoins account for just 31% while stablecoins represent 10%.

    However, on Korean exchanges, the vast majority of volume comes from altcoins. On Upbit, just 2% of its volume has come from ETH and just 9% from BTC
Exploring the Korean Crypto Market
Exploring the ins and outs of Korean exchanges, which are very different from other exchanges in terms of token distribution.
  1. ProShares launches Ether futures ETF for crypto bears
ProShares launches ether futures ETF for crypto bears
ProShares is rolling out the first exchange-traded fund (ETF) that allows investors to take a bearish view on ether, the world’s second-largest cryptocurrency, the firm said on Thursday.
  1. Tether extends debt financing to Northern Data capped at $610 million
Tether extends debt financing to Northern Data capped at $610 million
Northern Data has secured a $610 million debt financing facility from Tether to expand its Bitcoin mining, AI and data center operations.
  1. Coinbase beats estimates but sees lower trading volumes in third quarter
Coinbase shares fall on lower trading volume despite revenue beat
Cryptocurrency exchange Coinbase on Thursday beat estimates for third-quarter revenue, but saw trading volumes decline for the second quarter in a row, sending shares of the company down in after-hours trading.
  1. Sam Bankman-Fried found guilty on all seven criminal fraud counts, sentencing set for March 28, 2024
Sam Bankman-Fried found guilty on all seven criminal fraud counts
A jury has found Sam Bankman-Fried guilty of all seven criminal counts against him.
  1. Bitcoin settled more than 40 million transactions in a single quarter for the first time since its inception in Q3 of 2023

https://4822441.fs1.hubspotusercontent-na1.net/hubfs/4822441/HDX%20-%20Q323%20Market%20Pulse.pdf

November 9th to November 16th:

  1. SEC Chair Gensler says rebooted FTX run by ex-NYSE chief is possible if done 'within the law'

https://www.cnbc.com/2023/11/08/secs-gensler-says-rebooted-ftx-is-possible-if-done-within-the-law.html

  1. Standard Chartered unit, SBI Holdings team up to invest $100 million in crypto startups
Standard Chartered unit, SBI Holdings to invest $100M in crypto startups
Standard Chartered’s SC Ventures and SBI Holdings have partnered to set up a $100 million crypto vehicle in the UAE.
  1. Lightspeed Faction launches $285M early-stage crypto fund
Faction launches $285M early-stage crypto fund | TechCrunch
As the crypto market continues to slog through a fundraising winter, Faction Ventures, a blockchain-focused venture capital firm, is betting big on the Lightspeed Faction launches $285M early-stage crypto fund
  1. EU Parliament approves Data Act with smart-contract kill switch provision
EU Parliament Approves Data Act With Smart-Contract Kill Switch Provision
The final version of the bill’s text, reviewed by CoinDesk in July, revealed that it contained a smart-contract kill switch clause.
  1. OneCoin legal chief pleads guilty to money laundering and wire fraud: DOJ
OneCoin legal chief pleads guilty to money laundering and wire fraud: DOJ
OneCoin’s head of legal pleaded guilty to charges after prosecutors said she participated in a scheme that caused investors to lose billions.
  1. Celsius Network cleared to exit bankruptcy, said it could start repaying customers in January
Failed Crypto Lender Celsius Network Cleared to Exit Bankruptcy
Failed crypto lender Celsius Network LLC won bankruptcy court approval of its plan to transform into a creditor-owned Bitcoin mining firm as part of a broader proposal to repay customers whose accounts have been frozen for more than a year.
  1. BlackRock Eth ETF confirmed in Nasdaq filing
  1. CME just flipped Binance for the largest share of Bitcoin futures open interest
  1. JPMorgan switches on programmable payments using blockchain tech
JPMorgan Switches On Programmable Payments Using Blockchain Tech
One of the most high-profile blockchain systems in traditional banking has added a new feature that lets companies shift cash automatically.
  1. Poloniex wallet seemingly drained of around $63 million in cryptocurrency; Poloniex hack estimates rise to $114 million
Justin Sun’s crypto exchange Poloniex seemingly hit by hack for over $100 million
Poloniex, a centralized crypto exchange owned by Justin Sun, appears to have suffered a security hack on one of its wallets, tagged as Poloniex 4 on Etherscan.
  1. FTX sues crypto firm Bybit to recover assets worth $953 million
FTX Sues Crypto Firm Bybit to Recover Assets Worth $953 Million
FTX’s bankruptcy advisers sued crypto exchange Bybit Fintech Ltd and two corporate affiliates to recover cash and digital assets valued at roughly $953 million that was withdrawn from Sam Bankman-Fried’s crypto exchange before it filed Chapter 11 a year ago.
  1. Genesis, Three Arrows Capital reach agreement on $1B of claims with a payment of $33 million
Genesis, Three Arrows Capital Reach Agreement on $1B of Claims
The bankrupt crypto lender is seeking court approval to settle the claims with a $33 million payment to the defunct hedge fund, 3AC.
  1. The Block sold it's majority stake to Foresight Ventures in deal valuing it at $70M, most capital used to buy out former CEO Mike McCaffrey's stake

https://www.axios.com/pro/fintech-deals/2023/11/13/the-block-70-million-foresight-ventures

  1. Cboe Digital to launch margined Bitcoin and Ether futures on January 11
Cboe Global Markets, Inc. - Cboe Digital to Launch Margined Bitcoin and Ether Futures on January 11, 2024, Backed by Crypto and Traditional Finance Players
  1. Tron's dominance of the stablecoin market has grown from 23% a year ago to 37.55% today
  1. Goldman and BNP Paribas lead $95M new funding for UK-based Fnality blockchain payments firm
Goldman leads new funding for Fnality blockchain payments firm
Fnality, a blockchain-based wholesale payments firm, said on Tuesday it has raised 77.7 million pounds ($95.09 million) in a second round of funding backed by Goldman Sachs and other blue chip financial firms as it awaits Bank of England approval to start operations.
  1. Australia updates its capital gains tax guidance to include wrapped tokens and DeFi
Australia Updates Its Capital Gains Tax Guidance to Include Wrapped Tokens and DeFi
Last year, the Australian Taxation Office (ATO) warned cryptocurrency investors that capital gains and losses must be reported every time a digital asset is sold.
  1. The Bitcoin Illiquid Supply metric, which measures the amount of supply held in wallets with minimal history of spending is at an ATH of 15.4M BTC
  1. Delaware authorities reported the authors of fake BlackRock XRP filing to law enforcement
Delaware authorities reported the authors of fake BlackRock XRP filing to law enforcement
The person who registered a “Blackrock” entity for a potential XRP ETF has been reported to the DOJ, according to a spokesperson.
  1. India's Supreme Court turns away petition asking government to frame crypto guidelines
India’s Supreme Court Turns Away Petition Asking Government to Frame Crypto Guidelines
“Though the petition is under Article 32 of the Constitution, it is evident that the real purpose is to seek bail in proceedings which are pending against the petitioner,” the order said.
  1. Binance Japan to list 13 new tokens, including Near and Optimism
Binance Japan to list 13 new tokens, including Near and Optimism
Binance Japan is set to list 13 more tokens, bringing its total to 47 — the highest number in the country, as claimed by the exchange.
  1. Commerzbank wins crypto custody license in digital assets push
Commerzbank Wins Crypto Custody License in Digital Assets Push
Commerzbank AG has received a crypto custody license, providing more evidence that European banks are growing warmer toward the asset class.
  1. Judge denies motion by FTX lawyers to delay the bankruptcy process to 'find out what happened to FTX'
Judge denies motion by lawyers to delay the bankruptcy process to ‘find out what happened to FTX’
Attorney for one of the defendants in the FTX case had asked the court to delay the bankruptcy process until the discovery of how FTX became insolvent became clear.
  1. South Korea’s national pension fund buys $19.9 million worth of Coinbase shares
South Korea’s national pension fund buys $19.9 million worth of Coinbase shares
National Pension Service’s latest holdings report showed it bought Coinbase shares in the third quarter of this year.
  1. CoinShares tees up potential buy of Valkyrie’s crypto ETF wing

https://blockworks.co/news/coinshares-potential-buy-valkyrie

November 17th to November 24th:

  1. XREX obtains in-principle approval for Major Payment Institution license in Singapore
XREX obtains in-principle approval for Major Payment Institution license in Singapore
The Asia-based crypto exchange said it hopes to get the full license within six months and expand its payment tool BitCheck once approved.
  1. Derivatives trading volume on the CME exchange rose 73.5% to $57.4bn, recording the highest volumes since November 2021
Executive Summary: Exchange Review October 2023
CCData’s Exchange Review captures the key developments within the cryptocurrency exchange market, analysing spot markets, derivatives, fiat…
  1. Santander Private Bank introduces Bitcoin, Ethereum trading for clients in Switzerland
Santander Private Bank Introduces Bitcoin, Ethereum Trading for Clients in Switzerland
Santander Private Banking International is offering buy, sell and hold services with bitcoin and ether to clients with accounts in Switzerland.
  1. Japan’s Osaka Digital Exchange to start digital securities trading next month
Japan’s Osaka Digital Exchange to start digital securities trading next month
The exchange plans to start what could be the country’s first trading of digital securities, according to Bloomberg.
  1. Crypto exchange Bullish buys 100% of CoinDesk from DCG
WSJ News Exclusive | Company Led by Former NYSE President Buys Crypto News Site CoinDesk
CoinDesk says former Wall Street Journal Editor in Chief Matt Murray will chair an independent editorial committee.
  1. Tether freezes 225m in stolen USDT linked to an international human trafficking syndicate
Following Investigations by Tether, OKX, and the U.S. Department of Justice, Tether Voluntarily Freezes 225M in Stolen USDT Linked to International Crime Syndicate
following-investigations-by-tether-okx-and-the-us-department-of-justice-tether-voluntarily-freezes-225m-in-stolen-usdt-linked-to-international-crime-syndicate
  1. 21Shares & ARK amends its Bitcoin ETF spot filing, discloses 80bps fee

https://vxtwitter.com/EricBalchunas/status/1726593229481738448

  1. U.S. SEC just filed a case against Kraken for operating online crypto trading platform without registering with the agency

https://fxtwitter.com/SummersThings/status/1726725624159748172

  1. Binance founder Changpeng 'CZ' Zhao released on $175m bond, will be sentenced in February
Binance Founder Changpeng ‘CZ’ Zhao Released on $175M Bond, Will Be Sentenced in February
Binance settled charges with the DOJ, agreeing to pay $4.3 billion.
  1. Genesis sues Gemini to recover “preferential transfers” worth $689m
Genesis Sues Gemini to Recover ‘Preferential Transfers’ Worth $689M
Genesis and Gemini have been embroiled in a public and legal feud since the collapse of FTX.
  1. Mt. Gox creditors to receive 'repayments in cash' starting in 2023: trustee email

https://fxtwitter.com/pourteaux/status/1727192415214166494

  1. UK finance minister announces legislation to boost the nation's digital asset sector
UK finance minister announces legislation to boost the nation’s digital asset sector
The digital asset sector in the UK received a boost in the nation’s “mini-budget” announcement on Wednesday.
  1. US prosecutors ask federal judge to prevent Binance founder CZ from returning to UAE before sentencing
US prosecutors want Binance’s Zhao to remain in US until sentencing -filing
U.S. prosecutors pressed a federal judge on Wednesday to require Binance Holdings founder and former chief Changpeng Zhao to remain in the continental United States before his sentencing hearing on Feb. 23, 2024, according to a court filing.
  1. Singapore plans more rules to curb retail crypto speculation
Singapore Plans More Rules to Curb Retail Crypto Speculation
Singapore proposed additional regulations that further harden its stance against retail speculation in cryptocurrencies, including barring individual investors from borrowing to trade.
  1. Do Kwon’s extradition approved by Montenegro court
Do Kwon’s Extradition Approved by Montenegro Court
Minister will decide if Kwon will be extradited to the U.S. or South Korea.

November 25th to November 30th:

  1. CEO Teng outlines 'responsible growth’ vision amid Binance’s compliance overhaul
CEO Teng outlines ‘responsible growth’ vision amid Binance’s compliance overhaul
Binance’s new CEO Richard Teng said the exchange will focus on a commitment to users and regulatory collaboration.
  1. Judge says former Binance CEO Changpeng Zhao cannot leave US ahead of sentencing
Binance Founder CZ Stuck in U.S. for the Moment
Changpeng Zhao was set to return to the UAE, where his wife and children live, but a district judge stayed this part of his bond release for now.
  1. USDC stablecoin to make Japan debut in SBI tie-up
USDC stablecoin to make Japan debut in SBI tie-up
Move follows law paving the way for legal-tender-backed digital coins
  1. DCG struck a new repayment deal with bankrupt unit Genesis to end $620 million suit
Digital Currency Group in Deal With Bankrupt Unit Genesis to End $620 Million Suit
Digital Currency Group struck a new repayment deal with its bankrupt subsidiary, Genesis Global Holdco LLC, as part of an agreement to end a lawsuit that sought roughly $620 million from DCG.
  1. Philippines' SEC to block access to world's largest crypto exchange Binance
Philippines Security Regulator Warns Binance Is Operating Without a License
The regulator is also seeking to have the platform blocked in the country.
  1. US Treasury seeks expanded sanctions powers in digital space
Treasury Seeks Expanded Sanctions Powers in Digital Space
The US Treasury’s No. 2 official said the Biden administration is asking Congress to consider the most serious reforms to the department’s sanctions powers since the terrorist attacks of 2001 to help combat the use of digital assets in illicit finance.
  1. FTX approved to start selling $744 million in Grayscale assets
FTX Approved to Start Selling $744 Million in Grayscale Assets
FTX Trading Ltd. won bankruptcy court approval to begin selling its stakes in digital trusts managed by crypto firm Grayscale Investments in order to raise money to repay creditors owed billions of dollars.
  1. MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per Bitcoin