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The latest of Binance’s regulatory battles is unfolding in France, where authorities have reportedly launched an investigation into the exchange over allegations of money laundering and tax fraud. The Paris Public Prosecutor’s Office is examining Binance’s activities between 2019 and 2024, probing its ties to money laundering linked to drug trafficking. Binance has denied all allegations.
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Zhao recently completed a four-month prison sentence after pleading guilty to violating US Anti-Money Laundering laws. Following his departure, Richard Teng assumed the role of CEO, prioritizing regulatory compliance as Binance navigates ongoing legal challenges.
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Alvin Kan, chief operating officer of Bitget Wallet, added that volatility in traditional markets may spill over into the crypto market:
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“During previous debt ceiling standoffs, Bitcoin has shown mixed correlations with traditional market liquidity metrics. The key factors to watch will be institutional behavior and whether this situation triggers broader market uncertainty,” Kazmierczak told Cointelegraph.
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The funding will support Avalon’s expansion of its Bitcoin-backed DeFi ecosystem, which includes products like Bitcoin-backed lending, stablecoins, and savings accounts.
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Bitcoin protocol Avalon Labs has raised $10 million in a Series A funding round led by Framework Ventures, with additional investment from firms including Kenetic Capital and SNZ Capital.
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This edition of Cointelegraph’s VC Roundup features some of the startups that raised capital in the last weeks of 2024.
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“Crypto VC fundraising has historically lagged broader crypto market trends, and there will be some amount of “catchup” over the next four quarters,” said Alex Thorn and Gabe Parker.
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United States lawmakers in the Senate Banking Committee will reportedly make another attempt to confirm Caroline Crenshaw to another term at the Securities and Exchange Commission (SEC) before Democrats lose their majority control in January
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On Nov. 1, Australian-based NFT and gaming firm Immutable was also served a Wells notice from the SEC, though it hasn’t reported any enforcement actions.
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Cointelegraph contacted CyberKongz for comment but didn’t receive an immediate response.
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CyberKongz NFTs are randomly generated two and three-dimensional social avatars that can be used in “play & kollect” and “adventure runs” games on the Ronin blockchain.
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The CyberKongz team has received words of support from one of Axie Infinity’s founders, Jihoz Zirlin, who is “confident that the new administration will end the persecution of our people.”
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CyberKongz said the enforcement action was a last-minute attempt from the Biden administration to set the industry back, adding:
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CyberKongz said it has never raised capital and has been mostly bootstrapped, so it has a small treasury, adding that it has been “suffering in silence” since it was first contacted by the SEC two years ago.
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One of the SEC’s issues with CyberKongz stemmed from its “sale” of Genesis Kongz NFTs in April 2021. The NFT firm said that it was a contract migration, not a primary sale.
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A Wells notice is a formal letter issued by the SEC informing an entity that the regulator has completed a preliminary investigation and is considering an enforcement action. CyberKongz will have 30 days to file a response.
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This would have “major implications” for the Web3 gaming industry, CyberKongz said, adding that it would “defend against this stance for the wider space.”
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“I would hazard a guess that Trump and Atkins are probably opposed to creating new regulations, but rather increasing the clarity as to where the crypto industry can operate.”
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Ho believes it’s unlikely that the United States will pursue a similar course to Europe in introducing an overarching regulatory regime like Markets in Crypto-Assets Regulation (MiCA). Instead, she expects the Atkins-led SEC to be more focused on providing direction and removing regulatory roadblocks.
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