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

Multiple issuers in Hong Kong stated the Securities and Futures Commission had approved spot Bitcoin and Ethereum ETF applications. Let’s dig deeper. 

Ethereum

Accounting giant Ernst & Young has launched a new blockchain tool to simplify complex business agreements, reduce costs, and ensure security. 

Technology

Polkadot founder Gavin Wood has introduced the Gray Paper outlining the upcoming Join-Accumulate Machine (JAM) upgrade for the network.

The Worldcoin Foundation is launching the Layer-2 blockchain, World Chain, which will integrate novel authentication methods and prioritize human users to address scalability issues and enhance network efficiency.

Leading crypto exchange OKX has officially launched the public mainnet of its Layer-2 solution, X Layer, to drive adoption and innovation in decentralized applications.

Business

The Polkadot community has proposed a $8.8 million sponsorship deal with Lionel Messi’s Inter Miami football club as the protocol is to amplify its global presence. 

Leading smart contract wallet provider Safe is enhancing its blockchain solutions by acquiring wallet management software provider Multis. 

Two top OKX executives, Global Government Relations Chief Tim Byun and product chief Wei Lan, have departed the exchange. 

NFT

PayPal announced changes to its Seller Protection Program, removing protection for Non-Fungible Token (NFT) transactions from May 20. Furthermore, NFT sales with a transaction amount of $10,000 or higher are also no longer protected by the company against false claims, chargebacks, or other financial scams targeting sellers. 

Security

Mango Markets Exploiter Avraham Avi Eisenberg has been convicted of fraud and manipulation charges related to the Mango Markets exploit by a federal court in Manhattan. 

Regulations

Canada announced plans to adopt the International Crypto-Asset Reporting Framework (CARF) by 2026, leading the charge in global crypto tax regulation with stringent reporting requirements for crypto asset service providers.

In a major development, Binance has announced its return to India as an entity registered with the Financial Intelligence Unit of the Finance Ministry, which oversees trades conducted in virtual digital assets. The Indian government banned the world’s largest cryptocurrency exchange in January, but it has now committed to adhering to all relevant laws, including the PMLA and the VDA taxation framework. 

Democratic Senator and known crypto skeptic Sherrod Brown has expressed conditional support for stablecoin legislation, signaling potential progress amidst longstanding regulatory challenges.

Multiple issuers in Hong Kong stated the Securities and Futures Commission had approved spot Bitcoin and Ethereum ETF applications.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.