Crypto Weekly Roundup: Mango Markets Exploiter Found Guilty, Binance Aims India Return, & More

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Multiple issuers in Hong Kong have received approval from the Securities and Futures Commission for spot Bitcoin and Ethereum ETF applications, signaling a significant development in the crypto market. Ethereum, the leading blockchain platform, has seen the launch of a new blockchain tool by Ernst & Young aimed at simplifying complex business agreements and enhancing security while reducing costs. Polkadot founder Gavin Wood has introduced the Gray Paper outlining the upcoming Join-Accumulate Machine (JAM) upgrade for the network, showcasing the continuous technological advancements in the crypto space.

Moreover, the Worldcoin Foundation is launching the Layer-2 blockchain, World Chain, to address scalability issues and enhance network efficiency with novel authentication methods. OKX, a leading crypto exchange, has launched the public mainnet of its Layer-2 solution, X Layer, to drive adoption and innovation in decentralized applications. The Polkadot community has proposed a $8.8 million sponsorship deal with Lionel Messi’s Inter Miami football club to amplify its global presence, further showcasing the integration of crypto into mainstream business.

In the business sector, Safe, a smart contract wallet provider, is enhancing its blockchain solutions by acquiring wallet management software provider Multis. However, two top OKX executives have departed the exchange, signaling changes in leadership. PayPal has announced changes to its Seller Protection Program, removing protection for NFT transactions and sales over $10,000, reflecting the evolving landscape of crypto transactions and security measures.

In terms of security, Avraham Avi Eisenberg, the Mango Markets Exploiter, has been convicted of fraud and manipulation charges related to the Mango Markets exploit, highlighting the importance of security measures in the crypto space. Canada has announced plans to adopt the International Crypto-Asset Reporting Framework (CARF) by 2026, setting stringent reporting requirements for crypto asset service providers and leading the charge in global crypto tax regulation.

In regulatory news, Binance has announced its return to India as a registered entity with the Financial Intelligence Unit of the Finance Ministry, following the Indian government’s ban on the largest cryptocurrency exchange in January. This move signals Binance’s commitment to adhering to all relevant laws and frameworks, including the PMLA and VDA taxation framework. Democratic Senator Sherrod Brown, a known crypto skeptic, has expressed conditional support for stablecoin legislation, hinting at potential progress in regulatory challenges facing the crypto industry.

Overall, the approval of spot Bitcoin and Ethereum ETF applications in Hong Kong, alongside technological advancements, business integrations, regulatory developments, and security measures, signifies the continued growth and maturation of the crypto market. Investors and industry stakeholders should stay informed about these ongoing advancements to make informed decisions in the evolving landscape of digital assets.
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