Look Back Crypto Market (Week of Aug 28 – Sep 3) - Look at the most important moves and news in crypto over the last week.

    Binance will end support for BUSD

    Binance announced that it will end support for stablecoin BUSD, and encourage users to convert into other stablecoins before February 2024. The reason is that the issuer of BUSD, Paxos, has been ordered by the US government to stop issuing this stablecoin, making it impossible for Binance to continue supporting BUSD.

    Binance suggests users to convert into other stablecoins like FDUSD and even offers zero fees for these transactions.

    Binance Japan will list at least 100 tokens on its platform

    Binance Japan, a branch of Binance in Japan, recently announced that it aims to list at least 100 tokens on its platform in the near future. A representative of Binance Japan said in an online meeting that they intend to cooperate with other local cryptocurrency exchanges in Japan to ensure the best liquidity in the market.

    Previously, Binance Japan listed 34 tokens, including BTC, ETC, DOT, QTUM, ALGO, ETH, ADA, ENJ, SAND, ASTR, BCH, BNB, MATIC, XLM, ATOM, XRP, BAT, MKR, XTZ, AVAX, LTC, DAI, IOST, Xem, AXS, CHZ, DOGE, JASMY, LINK, SHIB, SOL, TRX, ONT, ZIL. Among them, BNB is the first token listed on Binance Japan.

    Binance delist 10 spot trading pairs

    Binance has delisted some trading pairs on September 1, 2023: ANKR/BNB, CVC/BUSD, EPX/BUSD, HIVE/BUSD, IOTA/BNB, KLAY/BUSD, LRC/BNB, MBL/BUSD, MTL/ETH, UMA/BUSD.

    Binance is leaving the Russian market?

    According to a report from the Wall Street Journal, a Binance spokesperson said that the global cryptocurrency exchange was considering all options in regard to Russia, “including a full exit.” Previously, Binance P2P announced that it would ban Russians from using any currency other than the Russian ruble (RUB).

    Meanwhile, Binance’s Russian customers living abroad will be banned from using currencies such as RUB, euro (EUR), US dollar (USD) and Ukrainian hryvnia (UAH).

    Binance’s important updates

    Binance has announced a reduction in the minimum order sizes for spot and margin trading pairs involving various quote assets. This strategic update aims to make trading more inclusive and user-friendly, benefiting traders across the platform.

    Starting from August 31, 2023, at 03:00 (UTC), the minimum order size adjustments will be implemented for trading pairs featuring DAI, EUR, USDT, TUSD, GBP, FDUSD, USDC, or VAI as quote assets. Additionally, for trading pairs with ETH, BNB, RON, PLN, or ZAR as quote assets, the changes will take effect by August 31, 2023, at 07:00 (UTC).

    Twitter X obtains license to provide crypto trading services

    The social network giant of billionaire Elon Musk has gained a license to provide cryptocurrency trading services. This move will be a premise for the platform to launch crypto trading or payment services in the future. This seems to be in line with Elon Musk’s vision of turning Twitter (or X) into a payment super app like Wechat in China.

    Grayscale wins lawsuit against SEC

    Crypto asset manager Grayscale Investments has scored a major victory against the United States Securities and Exchange Commission in its efforts to convert its over-the-counter Grayscale Bitcoin Trust (GBTC) into a listed Bitcoin exchange-traded fund (ETF). The court explained the SEC lacked a coherent explanation for the denial. Bitcoin price jumped more than 5% to 28,000 USD after this news.

    US Court calls Bitcoin and Ethereum commodities

    A New York court has called Ethereum (ETH) and Bitcoin (BTC) “commodities” while dismissing a proposed class action lawsuit against leading decentralized crypto exchange Uniswap in a Wednesday filing last week.

    Earlier in April last year, trader Nessa Risley representing a group of investors filed a lawsuit in court, accusing Uniswap of being an unregistered broker, offering and soliciting securities on an unregistered exchange. The tokens cited in the suit include Ethereum (ERC-20) tokens EthereumMax (EMAX), Bezoge (BEZOGE) and Alphawolf Finance (AWF).

    Judge Katherine Polk Failla of New York Southern District Court dismissed the lawsuit before it goes to trial, stating the true defendants of the case were the issuers of the “scam tokens” in question and not Uniswap. In the court’s ruling, the judge also mentioned Ethereum (ETH) and Bitcoin (BTC) and argued that these two cryptocurrencies are commodities and not securities.

    Football star Ronaldinho faces possible arrest in Brazil for crypto fraud

    According to local sources, Ronaldinho didn’t participate in a congressional hearing on a pyramid scheme probe allegedly linked to one of his companies. The former Paris Saint-Germain, F.C Barcelona and AC Milan star ignored a subpoena for a second time on Aug 24, citing adverse weather conditions.

    Congressman Aureo Ribeiro said Ronaldinho will have another opportunity to participate in the hearing on August 31. In the event that Ronaldinho cannot appear, the authorities will temporarily arrest for investigation.

    OnlyFans accounts take over

    Creators from OnlyFans creators are flocking to, a new social network built on Layer 2 Base, after this app launched its photo feature. There are 4 OnlyFans content creators who have entered the list of top 50 most-valuable accounts on alongside crypto influencers. For example, JenfoxxUwU’s keys currently fetch 0.87 Ethereum, or $1,435, while her monthly OnlyFans subscription costs $3.75.

    Hashkey Capital’s $100 million fund will invest significantly in Altcoins

    Hong Kong digital asset financial services firm HashKey Capital will invest a significant chunk of its assets in altcoins, according to Reuters. A month ago, HashKey Capital established a new fund with the goal of raising $100 million to invest entirely in digital assets.

    Less than half of the fund’s investments will be in bitcoin (BTC) and ether (ETH), the two largest cryptocurrencies, so it can diversify allocations to smaller cap assets, portfolio manager Jupiter Zheng said, according to the report.

    Vitalik sells Maker (MKR) for the first time in 2 years

    The community recently discovered that Vitalik, co-founder of Ethereum, sold hundreds of thousands of dollars in MKR, thereby marking the first sale of this token in 2 years. Vitalik’s wallet then transferred the above ETH amount to wallet 0x3F…2aEB. Besides, this wallet currently holds about $1.09 million in crypto assets, including 415.76 ETH (about $679,000).

    This move comes after Maker has just updated its plans. They will build an independent blockchain based on Solana’s source code.

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