Wu’s Choice CZ controversially banned from the US, MicroStrategy adds more BTC, FTX approved to sell assets worth 873 million, and Top 10 news.

Wu's Choice CZ Sparks Controversy with US Ban, MicroStrategy Increases BTC Holdings, FTX Receives Approval for 873 Million in Asset Sales, and the Latest Top 10 News.

Author | Wu Discusses Blockchain

Top 10 News This Week

1. Vitalik Buterin Plans to Redesign Ethereum Staking, Praises UTXO Payment Model

On November 27th, Ethereum co-founder Vitalik Buterin, during the Devconnect conference in Turkey, revealed in a video interview with The Defiant that he plans to redesign Ethereum staking and address all the issues impacting its performance. He praised the Unspent Transaction Output (UTXO) payment system model for its characteristics. Vitalik shared his views on integrating various new protocols into the Ethereum code blockchain, specifically mentioning private mempools, the ERC-4337 account abstraction protocol, code precompilation, ZK-EVMs, and liquid staking. He expressed a preference for integrating protocols like ERC-4337, while protocols like mempools require more caution. Vitalik also expressed concerns about the increasing concentration of Ethereum liquid staking in the proof-of-stake model.

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2. MicroStrategy Makes Another Purchase of 16,130 Bitcoin

On November 30th, MicroStrategy purchased approximately 16,130 bitcoins for about $593.3 million in cash, at an average price of $36,785 per BTC. MicroStrategy now holds 174,530 BTC, valued at about $5.28 billion, with an average acquisition price of $30,252.

3. Robert F. Kennedy Jr.: We Need an Independent and Government-Free Currency

On November 26th, Robert F. Kennedy Jr., an independent candidate who withdrew from the Democratic Party’s presidential race, expressed the need for a free currency – a currency that is independent and not controlled by the government. He voiced concerns over government restrictions on Bitcoin and suggested issuing treasury bonds backed by hard currency, possibly a combination of Bitcoin, platinum, gold, silver, and other hard assets. He opposes central bank digital currencies, believing they will become tools of power and control.

Robert F. Kennedy Jr. gained a 20% approval rating in the latest opinion poll. Additionally, 30% of people support Biden, and 32% support Trump.

4. Spanish Tax Agency: Citizens Must Declare Holdings on Overseas Cryptocurrency Platforms by the End of March Next Year

On November 28th, the Spanish Tax Administration released a tax declaration form for overseas virtual assets, requiring Spanish citizens to declare their holdings of cryptocurrency assets held on overseas platforms from January 1, 2024, to March 31, 2024. Individuals and corporate taxpayers must declare the amount of funds in their overseas cryptocurrency accounts by December 31st. Only when an individual’s balance sheet exceeds 50,000 euros (approximately $55,000) equivalent in cryptocurrency assets are they obliged to report their overseas assets. Users who store assets in self-custody wallets must report their holdings by using the standard wealth tax form 714.

5. Binance Weekly Recap

a. Binance’s new CEO: Binance is transitioning to a regulated traditional financial company

On November 27th, according to Fortune, Binance’s new CEO Richard Teng stated that Binance is shifting from a rule-breaking tech startup to a traditional financial company. It will adopt a traditional company structure, including transparency in the board of directors, address, and finances. Once these corporate structures are established, financial data will be shared. The fundamentals of Binance’s business are very strong, with no debt in its capital structure, expenses are modeled, and revenue and profits remain strong. Binance’s efforts to reshape itself as a regulated company will pay off, increasing the percentage of individuals holding cryptocurrencies from 5% to 20%.

Binance’s new CEO Richard Teng has published his first blog post, highlighting the significant efforts made over the past two years to recruit, employ, and retain suitable personnel to strengthen Binance’s compliance plans and culture. As an industry, we need to pay more attention to collaborating with policymakers. We are eager to work with peers throughout the industry to make this important effort together. Committed to blockchain, such as increasing financial inclusivity, cross-border remittances, lowering transaction costs, and giving individuals more control over their personal data.

b. Binance will cease support for BUSD products on December 15, 2023

On November 29th, Binance announced that due to LianGuaixos ceasing to mint new BUSD, Binance will stop supporting BUSD products on December 15, 2023. Binance reminds users to withdraw their BUSD holdings or convert their BUSD assets to other assets supported by the Binance platform before December 15, 2023. Users can trade their BUSD assets for FDUSD with zero fees on the Binance spot market. Binance expects to exchange the collateral assets of Binance-Peg BUSD to FDUSD at a ratio of 1:1 around December 2023. Users will be notified separately when the collateral asset conversion is fully completed.

Previously, BUSD was forced to stop minting by the New York State regulatory agency in February and was recognized as a security in the SEC’s lawsuit against Binance in June.

c. US Department of Justice reiterates restrictions on CZ residing in mainland US and prohibits travel to the UAE

On November 26th, according to John Reed Stark, the Department of Justice reiterated in court documents filed late Saturday that CZ should be restricted from residing in mainland US and prohibited from traveling to the UAE. The defense argues that CZ faces a short-term prison sentence without legal basis, and the upper limit of the guideline’s scope could be as high as 18 months, while the US is free to claim any maximum statutory term of up to 10 years.

d. Binance US announces Zhao Changpeng’s resignation as Chairman of the Board

On November 29th, Binance US announced that Zhao Changpeng has decided to resign as Chairman of the Board and will transfer his voting rights through a proxy arrangement. CZ’s involvement in the company is purely for economic interests and he will no longer participate in its governance.

6. Coinbase CEO claims 30 meetings with the SEC leading to no results

On November 30th, Coinbase CEO Brian Armstrong stated that Coinbase has had 30 meetings with the SEC over the past 18 months. He said, “We haven’t gotten any feedback from them about which assets they consider securities and which ones they don’t, other than Bitcoin.” Armstrong criticized the lack of clear regulations in the United States and mentioned that Coinbase is seeking to expand its business outside the country, citing the supportive attitude of the UK government towards cryptocurrencies, which contrasts with the regulatory environment in the US.

7. Exclusive: Hong Kong’s VAEX, mistaken for Binance, supported by KuCoin

On November 28th, Wu said exclusively that the Hong Kong Securities and Futures Commission (SFC) recently announced that Hong Kong VAEXC Limited/VAEX, a company applying for a compliant virtual asset platform license, is supported by KuCoin, to some extent making it consider as KuCoin’s Hong Kong application entity. Previously, due to the similarity in names, it was mistakenly regarded as HKVAEX, the Hong Kong application entity of Binance. In March 2023, KuCoin’s official website promoted VAEX, headquartered in Hong Kong, and mentioned that it is supported by KuCoin. KuCoin responded to Wu’s statement, saying that VAEX is an independently operated exchange and KuCoin provides technical support to it.

8. FTX approved by the court to start selling assets worth $873 million from Grayscale and Bitwise

On November 30th, FTX was approved by the bankruptcy court in New York to sell approximately $873 million worth of shares from Grayscale and Bitwise investment funds. FTX’s trust assets include Grayscale Bitcoin Trust (GBTC) and Bitwise Crypto Index Fund shares. According to court documents filed on November 3rd, the valuation was approximately $744 million as of October 25th. Due to the increase in the price of Bitcoin, the value of FTX’s trust assets may have risen to approximately $873 million.

9. Football superstar Cristiano Ronaldo faces collective lawsuit for promoting Binance

On November 29th, football superstar Cristiano Ronaldo faced a collective lawsuit for promoting Binance. Documents submitted to the Florida court show that the plaintiffs claim Ronaldo collaborated with Binance to promote, facilitate, and/or actively engage in the issuance and sale of unregistered cryptocurrency securities, causing them financial losses. Binance established a long-term exclusive partnership with Ronaldo last year and released the Ronaldo NFT collection.

10. Charlie Munger Passes Away: The Sharpest Bitcoin Critic

Charlie Munger, assistant to Warren Buffett and vice chairman of Berkshire Hathaway, passed away on Tuesday at the age of 99. Munger was globally renowned as a critic of Bitcoin and cryptocurrencies. In November of this year, he stated that digital assets are a financially disruptive invention that lacks stability and productivity. He had previously called for a complete ban on cryptocurrencies in the United States. For more on Munger’s historical comments regarding cryptocurrencies, visit the Wu Shuo official website.

Key Financing Events

• Blockchain fan engagement platform MITH announces completion of $3.5 million seed funding round

• Titan Content secures seed funding, led by RW3 Ventures and Raptor Group

• DeFi yield platform Coinchange raises $10 million in Series B funding

• OCEAN announces completion of $6.2 million seed funding round led by Jack Dorsey

• Web3 consumer application Setter raises $5 million in seed funding, with a16z leading

• Cryptocurrency derivatives exchange MYX completes $5 million seed funding round

• Web3 entertainment company AnotherBall raises $12.7 million in seed funding

• Payment company Wind, supported by the Polygon blockchain, secures $3.8 million in funding

• Cryptocurrency tax company Waltio completes €1.8 million in funding, with participation from the Agricultural Credit Bank of France’s Capital Development Department

• ExLianGuainso announces completion of $7.5 million seed funding round, led by General Catalyst and Hetz Ventures

• iPeakoin announces nearly $10 million in Series A funding, led by ZhenFund

• Cross-chain protocol Wormhole raises $225 million at a valuation of $2.5 billion

For more industry financing events, visit crypto-fundraising.info.

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