Weekly Crypto News Headlines: Binance to Make Exit from U.S & More
Nova Reyes
Markets Navigator
The crypto landscape is witnessing chaos, dramas, and price fluctuations. This week, significant events unfolded in the crypto world. Here are the top weekly crypto news headlines.
TL;DR
This week saw major developments including Sam Altman's return as OpenAI CEO, Binance's record fine and exit from the U.S., and Solana's BONK reaching an all-time high.
Key Takeaways
- Sam Altman is reinstated as OpenAI CEO after a brief firing.
- Binance faces a $4.3 billion fine and will exit the U.S. market.
- Solana's BONK meme coin hits an all-time high of $0.00000539.
- Apple is sued for blocking crypto technology in payment apps.
Sam Altman to Return as OpenAI CEO
Sam Altman, the ex-CEO of OpenAI, is set to return nearly a week after being fired on November 22, 2023. OpenAI's board made a unanimous decision to remove him, but an agreement was reached for his reinstatement. This news shocked the crypto community, as Altman had led OpenAI to significant achievements.
On November 23, 2023, OpenAI confirmed the agreement for Altman's return, with a new board including Bret Taylor as Chair.
Binance to Pay $4.3 Billion Fine and Exit U.S.
The U.S. Treasury announced the largest enforcement action in its history against Binance, the world's largest digital currency exchange. On November 22, 2023, Treasury Secretary Janet Yellen revealed that Binance will pay a $4.3 billion fine and exit the U.S. market. This settlement involves significant penalties for violating the Bank Secrecy Act. Changpeng Zhao, Binance's CEO, will also resign as part of the agreement.
BONK, Solana’s Meme Coin Reaches All-Time High
On November 21, 2023, Solana's meme coin BONK reached an all-time high of $0.00000539, marking a 90% increase in the last 30 days. Launched in December 2022, BONK was created to compete with other popular meme coins.
Apple Sued for Blocking Crypto Tech
On November 17, 2023, a lawsuit was filed against Apple for allegedly entering an anti-competitive agreement with PayPal’s Venmo and Block’s Cash App, restricting the use of decentralized cryptocurrency technology in iOS payment apps. Plaintiffs claim this has led to inflated prices for Apple users.
What’s Next?
As of now, many significant cryptocurrencies are experiencing dips, with Bitcoin being notably affected. Stay tuned for our next article, which will delve deeper into Binance's exit from the U.S. and its implications for the crypto world. Have a safe Thanksgiving!