DeFi
Weekly article recap: 5/06-5/10
A summary of the notable new releases of the week.
Recap of the week in DeFi
As the DeFi and crypto space continues to evolve at a rapid pace, it is essential to stay informed with the latest developments and trends. Our weekly recap provides you with a concise but comprehensive overview of the most important news and trends in the DeFi and crypto space, helping you stay informed and up to date with the latest happenings.
Binance and KuCoin plan to return to India with FIU registration
Binance and KuCoin, major cryptocurrency exchanges, have received approval from India’s FIU-IND, according to a May 10 CoinDesk report. The nod signals a possible return to the Indian market after being banned due to alleged illicit activities. Compliance with anti-money laundering laws and tax frameworks is crucial for their return, and Binance is expected to make substantial changes.
Read the full history.
FTX Creditors to Receive 118% Payment Under New Stimulus Plan
FTX’s latest court filing reveals that the majority of the defunct cryptocurrency exchange’s creditors can expect to receive more than 100% of their original claims. The reorganization plan, pending approval by the Delaware Bankruptcy Court, suggests that almost all creditors, or 98% of them with claims under $50,000, will receive about 118% of what they are owed. of. This plan is significantly more generous than previous estimates, which predicted a recovery rate of only 90%.
Details in the article.
Binance targeted by unknown Nigerian officials for cryptocurrency settlement, CEO claims
During a recent meeting in Nigeria, Binance CEO Richard Teng revealed that the company had been approached by unidentified individuals with a secret settlement proposal. The proposal, which followed a heated discussion with Nigerian lawmakers, involved a significant amount of cryptocurrency to settle tax evasion and money laundering allegations against Binance.
Find more information here.
IMF urges Nigeria to allow crypto exchanges for enhanced regulation
The International Monetary Fund (IMF) has advised Nigeria to regulate cryptocurrency trading platforms, encouraging registration or licensing for global exchanges. This recommendation, from the latest IMF report following consultations with Nigeria, aims to ensure financial stability and investor protection in the country’s growing crypto market.
View full details.
DWF Labs Market Manipulation Allegations: What We Know
Allegations of market manipulation have emerged against Web3 company DWF Labs. The Wall Street Journal reveals findings from Binance surveillance team, indicating manipulative activities exceeding $300 million.
Discover the discoveries here.