Weekly Crypto News: Binance, Base, Digital Euro, Thefts

TL;DR

This week in crypto news, Binance faces a $4.3 billion fine and exits the U.S. due to legal issues, while Base, a Layer-2 scaling solution for Ethereum, achieves $10 million in revenue. Additionally, discussions around the digital euro and a significant rise in crypto thefts are making headlines.

Key Takeaways

Binance is fined $4.3 billion and must exit the U.S.
Changpeng Zhao, Binance's CEO, resigns amid legal troubles.
Base has generated over $10 million in revenue since its launch.
The digital euro is debated as a safer alternative to bank deposits.
November 2023 saw $363 million lost to crypto scams.

What Happened with Binance?

Last week, the U.S. Department of Justice (DOJ) demanded that Binance accept conditions to resolve its ongoing anti-money laundering case. These conditions included a $4.3 billion fine, a permanent exit from the U.S. market, and the resignation of CEO Changpeng Zhao. On November 27, 2023, U.S. District Judge Richard Jones ruled that Zhao could not return to the UAE before his trial, adding to the challenges facing Binance.

Base Achieves Significant Revenue

Base, a Layer-2 blockchain scaling solution for Ethereum, has made impressive earnings since its launch in August 2023. Utilizing Optimism technology, Base has generated over $10 million in revenue as of November 28, 2023. Predictions suggest that Ethereum's growth may further impact Base's stability positively.

Criticism of the DOJ's Actions

Arthur Hayes, former CEO of BitMEX, criticized the DOJ's actions against Binance, calling the penalties "absurd" compared to those faced by traditional financial institutions. He argues that the treatment of Binance reflects a broader skepticism towards cryptocurrency by U.S. authorities.

Digital Euro Debate

On November 28, 2023, Miguel Fernández Ordóñez, former governor of Spain, stated that digital euros are preferable to bank deposits, highlighting the risks associated with traditional banking. Critics warn that the introduction of digital euros could threaten banking stability, leading to potential regulatory challenges for the European Union.

Rise in Crypto Thefts

November 2023 marked a significant increase in crypto scams, with $363 million lost to thefts. According to Certik Alert, the largest scams involved losses of $131.4 million and $113.3 million on Poloniex and HTX, respectively. Overall, $1.7 billion in crypto has been lost to scams and flash loan attacks this year.

What’s Next?

This week has been eventful for the crypto industry, with Binance's legal troubles and Base's revenue achievements. As the debate over the digital euro continues, the impact of these developments on the market remains to be seen. Stay tuned for more updates from Coin Informer.