Weekly Update: 15 June 2023
1) Crypto.com winds down US institutional business [CoinDesk]
– Crypto.com is winding down its US institutional business due to regulatory complexities. The firm will focus on retail customers and its DeFi wallet.
2) SEC requests for more time to respond to Coinbase’s crypto clarity petition [Cointelegraph]
– The SEC has asked for an additional 120 days to respond to Coinbase’s request for crypto regulatory clarity. The regulator claims Coinbase’s request for a writ of mandamus has “no merit”.
3) a16z opening UK office as prime minister plans to make country web3 hub [The Block]
– Venture firm Andreessen Horowitz plans to open its first international office in the U.K. due to increasing regulatory scrutiny on cryptocurrencies in the United States.
4) Bank of China’s BOCI issues tokenized securities on Ethereum in Hong Kong [CoinDesk]
– BOCI, Bank of China’s investment bank, has issued tokenized securities on Ethereum. The move is part of a pilot project to explore the potential of blockchain technology in the financial sector.
5) Binance.US sees 78% decline in market depth following SEC lawsuit [The Block]
– Binance.US market depth plunged by 78% after being sued by the SEC. The decline is attributed to the swift departure of market makers from the platform, raising concerns over liquidity.
6) Cathie Wood’s ARK buys $21.6M Coinbase shares as SEC suit sends stock tumbling [CoinDesk]
– ARK Investment Management purchased 419,324 shares of Coinbase, worth around $21.6 million, after the SEC sued the crypto exchange. This took ARK’s total Coinbase holdings to 11.44 million shares.
7) eToro halts ALGO, MANA, MATIC and DASH purchases for US customers [Cointelegraph]
– The move comes just a few days after competitor Robinhood also halted support for MATIC, ADA and SOL. The company stated that it took this action to ensure regulatory compliance with the SEC.
8) Thailand launches retail CBDC pilot with 2 banks and Singapore payment service [Cointelegraph]
– The central bank of Thailand and three payment processors have teamed up for a retail CBDC pilot project that will run through the end of August.
9) TrueUSD stops minting via Prime Trust, loses dollar peg [Cointelegraph]
– Stablecoin TrueUSD (TUSD) lost its dollar peg after a pause in minting activities through its technology partner Prime Trust. TUSD minting and redemption services via other banking partners remain unaffected.
10) Uniswap V4 released, allowing for new types of liquidity pools [Cointelegraph]
– Uniswap V4 features “hooks” that allow developers to create on-chain limit orders, automatic deposits to lending protocols and more. V4 will be implemented after receiving feedback from the community.
