Daily Crypto News

1. Binance Allocates Another $1B for Its Crypto Recovery Fund — Crypto exchange Binance has allocated another $1 billion for its industry recovery fund, effectively increasing the size of the fund to over $2 billion. The additional allocation was announced by Binance CEO Changpeng “CZ” Zhao on Friday. The size increase comes a day after CZ said that Binance is targeting $1 billion for its crypto recovery fund. Aptos Labs, Jump Crypto, along with other prominent crypto companies joined Binance’s initiative and will contribute $50 million to the fund. The recovery fund would be used to buy distressed crypto assets and support the industry. The crypto market has seen a massive decline since the start of the year, leading to several crypto firms going out of business. The crypto market continues to be under pressure, with BTC trading 1.6% lower during the day, hovering at around $16,400 at the time of writing.
2. Singapore police say they are investigating crypto lender Hodlnaut on fraud allegations — Singapore’s white-collar crime unit is investigating Hodlnaut, a local cryptocurrency lender under court protection from creditors, on allegations of fraud, according to a statement on the website of the Singapore police dated Nov. 23. The police Commercial Affairs Department that handles white-collar crime said they received multiple reports between August and this month alleging Hodlnaut and/or its directors had made false representations relating to the company’s exposure to an unspecified digital token. The police launched an investigation into Holdnaut and its directors for possible cheating and fraud offenses under Sections 417 and 424A of the Penal Code 1871, according to the statement. Those who deposited digital tokens with Hodlnaut and believe they may have been defrauded through false representations by the company can file police reports supported by documentary evidence.
3. Binance says it will set up US$1 billion ‘recovery’ fund for distressed crypto businesses — Binance, the world’s largest cryptocurrency exchange, said it will establish a US$1 billion fund for its “Industry Recovery Initiative” to mitigate the damage from the collapse of the FTX exchange, according to a Thursday blog post. Binance CEO Changpeng Zhao first announced the launch of an industry recovery fund on November 14 to help firms that “are otherwise strong but in a liquidity crisis” following the bankruptcy of cryptocurrency exchange FTX. Binance posted its initial commitment, which shows 1 billion Binance USD (BUSD), a fiat-backed stablecoin issued by Binance and blockchain infrastructure platform Paxos. The exchange said the commitment may increase to BUSD 2 billion depending on need.
4. Binance’s Crypto Rescue Plan Fails to Quell All the Fears of Post-FTX Contagion — Crypto mogul Changpeng “CZ” Zhao’s vow to set up a recovery fund of up to $2 billion to help cash-strapped startups failed to dispel all the sector’s contagion fears following the collapse of the FTX exchange. In an interview Thursday with Bloomberg Television’s Haslinda Amin, Zhao gave more details on the deals his Binance Holdings Ltd. is examining in the wake of rival FTX’s bankruptcy. Key to Zhao’s plan is a fund with co-investors aimed at backing promising crypto projects facing a liquidity squeeze. “We’re going with a loose approach where different industry players will contribute as they wish,” he said, flagging a possible $1 billion for the fund. A later blog post explained the commitment could rise to $2 billion if needed. Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group are making an initial combined pledge of $50 million.
5. Bitcoin Stays Calm at $16.5K — The largest cryptocurrency by market capitalization was recently trading at about $16,500, down a mere 0.11% over the past 24 hours. BTC has been holding steady around $16,000 for the past three weeks, although it took a brief dip below $15,500 on Monday amid fears about the future of crypto trading and lending firm Genesis Global Capital, which has been caught up in crypto platform FTX’s implosion.
6. Bitcoin little changed, Ether rises ahead of ‘Shanghai’ upgrade, XRP climbs — Bitcoin traded little changed Friday morning in Asia, while Ether rose amid a mixed performance by the top 10 non-stablecoin cryptocurrencies by market capitalization. XRP was the biggest winner ahead of deadlines for filing briefs in the lawsuit between the U.S. Securities and Exchange Commission (SEC) and Ripple Labs Inc. Ripple’s payment network is powered by XRP.
7. Cardano DeFi Project Ardana Halts Development, Citing Funding, Timeline Concerns — Ardana (DANA), a once-promising decentralized finance project built on perennial top-ten proof-of-stake blockchain Cardano (ADA) has halted development. The project cited “funding and project timeline uncertainty” as the reason for ceasing operations, in a tweet addressed to the Ardana community yesterday. Ardana was barely a year into development after raising $10 million last year via a funding round led by now defunct crypto hedge fund, Three Arrows Capital, Cardano’s cFund and Ascensive Assets. The project was working on stablecoin minting and foreign exchange services, and aspired to be “the MakerDAO and the Curve Finance of Cardano.” Per the Ardana Twitter account, “Development on Cardano has been difficult with a lot of funding going into tooling, infrastructure and security. This alongside the uncertainty around development completion has led to the best course of action being halting development of dUSD.”
8. Bitcoin, Ether Needn’t Follow Financial Rules, Belgian Regulator Says — Cryptocurrencies without an issuer such as bitcoin (BTC) and ether (ETH) are not securities, Belgium’s Financial Services and Markets Authority said Thursday. The regulator said it was getting an increasing number of questions about the regulatory treatment of crypto and hoped to address the most frequently occurring gray areas, including when digital assets can be classified as securities. In jurisdictions such as the U.S., squabbles over when crypto is a security have led to court proceedings, with the Securities and Exchange Commission saying Ripple Labs should have registered its cryptocurrency XRP. The Belgian rule “is neutral as regards technology,” FSMA added, suggesting that classification as a financial instrument or security shouldn’t depend on whether an asset uses a blockchain or something more traditional.
9. FTX’s collapse shows regulation is needed ‘before the next crypto catastrophe takes down our economy,’ Elizabeth Warren warns — FTX’s sudden implosion shows there’s a need for proper crypto regulation before digital assets cause wider economic damage, according to Elizabeth Warren. The Massachusetts senator said Tuesday that financial watchdogs need to intervene in the space to protect retail investors, after the sudden collapse of Sam Bankman-Fried’s exchange erased at least $1.7 billion in customers’ funds. “FTX’s implosion should be a wake-up call,” she wrote in a Wall Street Journal op-ed. “Regulators must enforce the law before more people get cheated, and Congress must plug the remaining holes in our regulatory structure — before the next crypto catastrophe takes down our economy.” FTX filed for bankruptcy last week after rival exchange Binance marked down its holdings of the group’s FTT token, sparking a solvency crisis. FTX’s new CEO John Ray III said in a Chapter 11 filing published November 17 that the group’s total crypto holdings had been worth just $659,000, rather than the $5.5 billion claimed by Bankman-Fried — and that he had “substantial concerns” over their financial statements.
10. Ethereum Developers Agree on What Could Be Included in the Next Upgrade — But Not When — On Thursday, Ethereum developers decided to consider eight Ethereum Improvement Proposals (EIPs) for inclusion in the network’s upcoming hard fork, called “Shanghai.” The hard fork upgrade will unlock Beacon Chain staked ETH withdrawals, and might include proposals that address issues of scalability and others designed to improve the Ethereum Virtual Machine. But there is no consensus yet on when that will happen. Having EIPs “considered for inclusion” (CFI) means that the developers will commit to developing these proposals and will run them through tests on developer networks (devnets). However, there’s no guarantee that all these proposals will make the final cut for inclusion in Shanghai. Even before the core developers met, they’d determined that Beacon Chain withdrawals, or EIP 4895, was definitely going to be part of the fork. This means that once Ethereum goes through its next upgrade, users that staked ether prior to the Merge by locking them up in the Beacon Chain smart contract will be able to access them, along with any additional accrued rewards.

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