Selected News:

1. Binance was fined $4.368 billion by US regulatory authorities, and CZ stepped down as CEO;

2. Bitcoin fell below $36,000, with a 24-hour decline of 4.02%;

3. Blast network TVL exceeds $81 million, with over 23,000 users;

4. Circle announces cross-chain USDC standard;

5. Data privacy solution Privy has completed a $18 million Series A financing round, led by Paradigm.

Binance Trends

Binance announced a historic settlement with US regulatory agencies, strengthening compliance and transparency.

On November 22nd, Binance announced a resolution with the US Department of Justice, Commodity Futures Trading Commission, Office of Foreign Assets Control, and Financial Crimes Enforcement Network regarding historical registration, compliance, and sanction issues. This resolution marks the company's acknowledgement of past criminal compliance violations and signifies its commitment to laying the foundation for the next 50 years of development.

Binance is committed to improving its compliance and governance as part of its promise to ensure enhanced security, transparency, compliance, and future growth. Binance has always been dedicated to protecting user assets and security, and has made significant progress in organizational structure, system upgrades, and compliance standards. Importantly, the solution proposed by US regulators did not accuse Binance of misappropriating user funds or market manipulation.

Binance's new leadership team has a rich compliance background and will lead the company into the next growth phase. At the same time, Binance is committed to strengthening cooperation with law enforcement agencies, improving transparency, and laying the foundation for the long-term development of the cryptocurrency industry.

Binance has been fined $4.368 billion, including $3.4 billion from the Ministry of Finance and $0.968 billion from OFAC.

On November 22nd, according to sources cited by Reuters, the United States will impose a fine of over $4 billion on Binance, which includes $3.4 billion from the Financial Crimes Enforcement Network (FINCEN) of the U.S. Department of the Treasury and $0.968 billion from the Office of Foreign Assets Control (OFAC), totaling $4.368 billion.

According to court records, Binance is facing three criminal charges, including conducting unauthorized money transfer operations, conspiring to commit charges, and violating international emergency economic power laws.

Binance founder CZ steps down as CEO, Richard Teng takes overOn November 22nd, Binance founder CZ announced his resignation as CEO. CZ stated that although this decision was emotionally difficult, he must take responsibility for past mistakes for the benefit of the community, Binance, and himself. He believes that Binance has a strong team and will continue to grow and optimize.

CZ stated that he plans to take a brief break before diving into passive investments in the fields of blockchain, Web3, DeFi, artificial intelligence, and biotechnology. "I can't imagine becoming a CEO of a startup again. In the future, I may be willing to privately mentor a few entrepreneurs and at least tell them what not to do."

The new CEO will be replaced by Richard Teng, the former global regional market leader of the company. With his thirty years of financial services and regulatory experience, he will lead Binance into the next growth stage, ensuring the company's development in security, transparency, compliance, and growth.

Teng said he feels honored and humbled to accept this role. As the world's largest cryptocurrency exchange with over 150 million users and thousands of employees, Binance's trust is something he will take seriously and cherish. With the support of CZ and the leadership team, he has accepted this position with the goal of meeting and exceeding the expectations of all stakeholders and fulfilling the company's core mission of financial freedom.

Binance Co-founder He Yi: No improper use of user funds or market manipulation accusations, will strengthen compliance construction

BlockBeats News, on November 22nd, in response to Binance's historic settlement with US regulators, Binance co-founder He Yi issued a statement emphasizing that US regulators did not accuse Binance of embezzling user funds or participating in market manipulation. He Yi stated that Binance will continue to strengthen its compliance measures and continue to build and develop its platform.

The US Treasury Department: Retains access to Binance's books, records, and systems for five years

On November 22nd, according to an announcement by the US Department of Treasury, in order to ensure that Binance complies with its settlement terms - including not providing services to Americans - and to ensure that illegal activities are addressed, the Treasury Department will retain access to Binance's books, records, and systems through a monitor for a period of five years.

If Binance fails to fulfill these obligations, it may face additional significant fines, including a deferred fine of $150 million, which FinCEN will impose if Binance fails to comply with required compliance commitments and regulatory terms.

The supervisor will oversee necessary remedial measures to address Binance's failure to comply with anti-money laundering and sanctions obligations. The regulatory agency will also conduct regular reviews and report its investigative findings and recommendations to FinCEN, OFAC, and CFTC to ensure Binance continues to comply with the terms of the settlement agreement.

CFTC: Binance paid a fine of $1.35 billion, the largest fine in CFTC history

On November 22nd, CFTC Chairman Rostin Behnam stated at a press conference on Tuesday that Binance's actions "undermined the foundation of a safe and stable financial market", while CFTC charged it $1.35 billion in trading fees. This is the largest fine ever imposed by the regulatory agency.

Rostin Behnam said that internal conversations with Binance CCO and others prove that Binance is aware that its platform is being used to facilitate criminal activities, including terrorism financing, but chooses to turn a blind eye in the name of profit. "Binance and its leaders attempt to deceive and indoctrinate their employees and customers, creating a cult-like following premised on evading their own compliance controls to maximize corporate profits above all else."

The former chief compliance officer of Binance was fined $1.5 million by the US CFTC, marking the first time that a compliance executive has been held personally responsible.

On November 22nd, Caroline Pham, a commissioner of the US Commodity Futures Trading Commission (CFTC), stated that in addition to fines imposed on Binance and CZ, former Chief Compliance Officer of Binance, Samuel Lim, will also pay a fine of $1.5 million and be prohibited from serving as an unregistered futures broker or operating any illegal cryptocurrency derivative platform if the proposed settlement is approved by a federal judge. Caroline Pham stated that this is the first time the CFTC has held a compliance executive personally responsible.

On the evening of November 21st, at around 23:00, data analysis platform Arkham announced that approximately 255 million BLUR tokens (equivalent to approximately 91.71 million USD) had been claimed in the second season airdrop of Blur, accounting for 8.52% of the total supply. The total number of claiming addresses was 26,107.

Hanwe received BLUR tokens worth $7.2 million, ranking first.

CBB0FE received BLUR tokens worth $6.3 million, ranking second in the token list.

0x77e received the third-ranked BLUR token worth $3.58 million.

0x8BC received BLUR tokens worth 2.09 million USD, ranking fourth in the token list.

Huang Licheng received BLUR tokens worth $1.86 million, ranking fifth.

Binance recently transferred over 3.9 billion USDT from its cold wallet to its hot wallet.

On November 22nd, according to information on the Tron blockchain, an address labeled "Binance-Cold 2" transferred over 3.9 billion USDT to a hot wallet address labeled "Binance 3" on November 9th.

A certain whale sold all of its Bitcoin holdings before the US Department of Justice announced a major law enforcement action.

On November 22nd, according to Lookonchain monitoring, before the US Department of Justice announced a major cryptocurrency enforcement action, a certain whale sold all 636 BTC (approximately $23.46 million). The whale address had previously earned over $40 million in BTC by buying low and selling high.

FTX/Alameda related addresses continued to transfer more than 28 million US dollars in tokens 3 hours ago

On the morning of November 22nd at around 9am, according to data from the monitoring platform Yu Jin, FTX/Alameda related addresses continued to transfer over 28 million USD worth of tokens 3 hours prior.

Transfer 975,859 AVAX worth $18.83 million to the crypto broker FalconX;

Project Updates

On November 21st, the cryptocurrency mining company Phoenix Group completed its IPO on the Abu Dhabi Securities Exchange, with an oversubscription of 33 times. The company issued 907,323,529 shares of stock, with retail investors oversubscribing by 180 times and professional investors oversubscribing by 22 times.

It is reported that the tender offer period will end on November 18th, and the listing will be conducted on December 4th, 2023, with the trading code being PHX.

Circle announces cross-chain USDC standard

On November 22nd, cryptocurrency data tool provider CoinGecko acquired NFT data infrastructure provider Zash, marking its first acquisition. The terms of the transaction have not been disclosed. CoinGecko co-founder Bobby Ong stated that Zash's coverage of NFT data is more than four times that of other alternatives, and plans to integrate Zash's NFT data infrastructure into its existing API products by the second quarter of 2024.

Zash's customers and partners can access CoinGecko's cryptocurrency data API. It is reported that Zash was founded in 2021 and provides indexed NFT data for 87 markets including Ethereum, Polygon, BNB Smart Chain, Solana, and Bitcoin Ordinals. Zash tracks NFT metadata, historical transactions, and lending data.

Aragon DAO community voted to support legal action against its founding team and provide 300,000 USDC in funding

On November 21st, the Aragon DAO community passed two votes to support suing its founding team and providing them with 300,000 USDC. This vote was in response to the Aragon Association's dissolution of itself and termination of its governance token ANT through ETH redemption.

30 million USDC will be used by Patagon Management LLC for legal action and negotiations with the Aragon team. After the vote, 30 million USDC will be sent to Patagon's wallet.

Layer2 network Kinto has migrated to the Arbitrum ecosystem

On November 21st, according to The Block, Layer2 network Kinto has migrated to the Arbitrum ecosystem through the Arbitrum Nitro technology stack. This migration was carried out after the structure of the Arbitrum Orbit chain ecosystem changed, giving the Arbitrum Foundation greater autonomy in negotiating Layer2 deployments.

Kinto states that it can support modern financial institutions and decentralized protocols by building Layer2 that complies with KYC standards. It also aims to reduce the risk of DeFi vulnerabilities and provide built-in insurance for all smart contracts.

Web3 community economic protocol Popula will integrate with Web3 wallet Sender

On November 21st, Popula, an economic protocol in the Near ecosystem Web3 community, announced a partnership with Sender, a Web3 wallet. Popula will seamlessly integrate Sender's secure and user-friendly solution, promising to provide users with a unified and simplified experience.

Popula and Sender Wallet's partnership will redefine community building and social economic networks, creating a more inclusive and user-friendly environment for global communities.

Equilibria: EQB liquidity pool on Arbitrum attacked

BlockBeats News, on November 21st, Equilibria, a yield enhancement protocol based on Pendle, announced that the EQB liquidity pool on Arbitrum had been attacked, and an unknown address had withdrawn all liquidity funds.

Financing Express

On November 21st, according to Fortune magazine, data privacy solution Privy completed a $18 million Series A financing round, led by Paradigm with participation from Sequoia Capital and others. On Tuesday, Privy also announced that Huang, former partner at Sequoia Capital and board member of Stripe, will join the Privy board of directors.

AVAX ecosystem receives $10 million funding from Colony Lab

On November 21st, according to CoinDesk, Avalanche ecosystem developer and accelerator Colony Lab announced that it will invest $10 million to support the long-term development of the network.

The company stated that it has purchased over 500,000 AVAX tokens worth $8 million in the past few months. These funds will be used to establish a validator program that benefits AVAX holders.

Regulatory News

The US Department of Justice will announce cryptocurrency enforcement action on November 22 at 4:00

On November 21st, according to Bloomberg, the US Department of Justice will announce a major cryptocurrency enforcement action on November 22nd at 4:00, with the lineup including Attorney General Merrick Garland, Treasury Secretary Janet Yellen, Deputy Attorney General Lisa Monaco, and Commodity Futures Trading Commission Chairman Rostin Behnam.

The US Department of Justice seizes $9 million worth of USDT related to the "Ponzi scheme" involving pig slaughter

On November 22nd, the US Department of Justice (DOJ) announced that they had seized $9 million worth of USDT, which was related to the "pig-killing" scam organization. The seizure was carried out after agents and analysts from the US Secret Service tracked the victims' deposits laundered through various cryptocurrencies. The DOJ referred to this technique as "chain hopping" in a press release issued on Tuesday.

BlockFi: The final deadline for international customers to submit debt proof is December 9th.

On November 22nd, BlockFi issued a notice to creditors stating that the company is undergoing forced liquidation under the supervision of the Bermuda Supreme Court. For international clients, the Bermuda court has set the final deadline for submitting debt claims as ADT time on December 8th, 2023 at 16:00 (3:00 AM Beijing time on December 9th).

Bloomberg analyst: Grayscale met with SEC officials yesterday to discuss Bitcoin spot ETF

On November 22nd, Bloomberg analyst James Seyffart stated on social media that Grayscale had a meeting with the SEC's Trading and Markets division (responsible for approving or rejecting 19b-4) yesterday. It is reported that other potential Bitcoin spot ETF issuers have also met with the SEC in the past week.

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