Sorry About The “4:FUD!”
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So it has come to pass that the once seemingly unimpeachable CZ finds himself writing letters of apology to the court. 161 others have done likewise in his support - which is almost disappointing when you consider that this time last year he could motivate a thousand or more braying donkeys to support his view with a de minimis Twitter cri de coeur of “it’s 4:FUD!”
Thus CoinDesk says Binance Founder Changpeng Zhao Apologizes Ahead Of Sentencing, 161 Others Send Letters Of Support while Reuters reports US Seeks 36 Months' Jail For Binance Founder Zhao. The latter strikes me as quite remarkable as the spread with SBF I thought was not 8X? Remember, CZ has a deal where he can appeal a sentence above 18 months.
In Nigeria, rumours abounded that Nigeria Freezes Over 300 P2P Accounts On More Crypto Exchanges Amid Forex Concerns (CryptoSlate) but Cointelegraph later noted Nigeria's Central Bank Forced To Deny Claims Of Crypto Account Freeze.
At the same time, Nigeria Directs Entities To Identify Those Dealing Crypto With Bybit, KuCoin, OKX And Binance (CoinDesk).
A typically subjective “because we’re millennials we deserve all rules to be rewritten to suit us” discussion is posited as an OpEd in the FT Crypto Regulation Must Not Prioritise Memes Over Matter where the problem is mostly that the rules exist, it’s just crypto folks don’t like applying them. Having been stymied with several projects in the cryptoverse by regularity opacity (or indeed outright hypocrisy) I have some sympathy but just throwing out the Howey test because it doesn’t suit the cryptokiddies, is not a good look.
In a batch of warnings to worse for the regulatory / judicial complex, here’s today’s brief roundup:
Hong Kong’s Financial Regulator Warns Investors On Two Crypto Trading Platform
CoinGape
Crypto Mogul Kwon Appeals Against Montenegro Court's Extradition Verdict
The Korean Herald
Indonesian President Joko Widodo Warns Of Money Laundering Via Crypto And NFTs
CoinDesk
South Korean Police Arrest 49 In Crypto-Powered Drug Bust
Cryptonews
The bigger topics to consider are the size and scope / scale of HKEX’s upcoming BTC ETFs which Bloomberg ponders: Hong Kong Crypto ETF Launches Will Test Ambition To Be Digital-Asset Hub. In a way I think it’s only one element of assessment, as, let’s face it ETFs having to underpin the BTC price are an admission that widespread crypto adoption is not trusted on the blockchain.
Then there’s a fragmentation effect with not one but two crypto friendly challengers seeking to take Fauxcahontas’ Senate seat in November: Warren Gets A Second Crypto-Friendly Republican Senate Challenger Notes Politico. Chances Of A Pro Crypto Revolution Are Methinks Rather Slight, as the north eastern corner of the US seems to rather like firebrand left-wing interventionists amongst their representatives.
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