Binance Labs Operations Leader: Currently more focused on supporting startups that already have real products and revenue
Dana Hou, responsible for Binance Labs' business strategy and operations, told Bloomberg that the department is currently making more active contact with cryptocurrency project founders. Despite this year's unfavorable regulatory environment, Binance Labs will continue to invest in more cryptocurrency projects, including those based in the United States. Binance's recent layoffs have not affected Binance Labs, and the team is still operating stably, Dana Hou said.Dana Hou said that Binance Labs and other venture capitalists are now more focused on supporting start-ups that already have actual products and revenue. In the past, projects would be hyped up simply because they received investment from venture capitalists, but hype is no longer as concerning in the cryptocurrency industry.
Address starting with 0xc108 lost $3.4 million in cryptocurrency due to phishing scam
According to PDS monitoring, three phishing addresses, Fake_Phishing187019, Fake_Phishing188246, and Fake_Phishing188615, stole approximately $3.4 million worth of cryptocurrency from addresses starting with 0xc108 on Ethereum, Polygon, and Arbitrum.
BC Technology Group stock resumed trading, rose to HK$5.1 in the short term and then fell back
Stock of BC Technology Group, the parent company of OSL, resumed trading on the Hong Kong Stock Exchange today. The closing price before the resumption of trading was HKD 4.92, and the opening price today was HKD 4.97, rising to HKD 5.1 at one point. It is now reported at HKD 4.51, a decrease of 8.33% compared to the closing price before the resumption of trading. Yesterday, it was reported that the cryptocurrency group BGX made a strategic investment in BC Technology Group, the parent company of OSL, a licensed virtual asset trading platform in Hong Kong, subscribing to new shares worth approximately HKD 710 million. The transaction is subject to shareholder approval.
SEC: A total of nearly US$5 billion in fines will be imposed in fiscal year 2023, focusing on areas such as cryptocurrency
US SEC announced its enforcement results for the 2023 fiscal year on its official website. The report shows that the SEC initiated a total of 784 enforcement actions, an increase of 3% from 2022. The enforcement actions resulted in fines totaling $4.949 billion, second only to the $6.4 billion in 2022, making it the second-highest in history. The SEC stated that "the 2023 fiscal year was a productive year for enforcement work." The cases it focused on investigating involved cryptocurrency, cybersecurity, false statements by listed companies, and market manipulation, among other areas.
California Governor Signs Digital Financial Assets Law, Regulating Cryptocurrency Industry
The signing of the Digital Financial Assets Law by California Governor Gavin Newsom has caused a stir in the industry, with many viewing it as a response to recent scandals. The new law is based on New York's bitlicense regime and puts the responsibility of filling in the details on California's Department of Financial Protection and Innovation (DFPI). The DFPI should prioritize protecting consumers, investors, and the company itself from cyber threats and criminal misuse, as well as enforcing policies tailored to the business and consistently deploying and enforcing them. The agency should also draft regulations well in advance, define terms and the scope of regulation, and consider having companies register with the agency before applying for licensing. The California bill will come into effect on July 1, 2025, and the industry should start preparing for compliance measures without waiting for regulations to be issued.
Crypto.com gets Dubai cryptocurrency license
Crypto.com's Dubai entity has received a virtual asset service provider (VASP) license from the city's regulatory agency. The license is pending operational approval and allows Crypto.com's Dubai entity to provide trading, brokerage, and lending services.
Hong Kong-listed company Boyaa Interactive seeks shareholder authorization to purchase up to $100 million in cryptocurrency within one year
On November 14th, according to an announcement from the Hong Kong Stock Exchange, the board of directors of listed company Boyaa Interactive stated that purchasing and holding cryptocurrencies is an important initiative for the group's business layout and development in the Web3 field, and an important component of the group's asset allocation strategy. After careful consideration, the board of directors recommends seeking shareholder approval for the issuance of a purchase authorization, granting the board the right to potentially purchase cryptocurrencies during the authorization period, which is within the 12-month period from the date of the special general meeting of shareholders passing the relevant authorization and potential cryptocurrency purchase ordinary resolution, with a total purchase amount not exceeding 100 million US dollars.
Blockchain Association Opposes Proposed IRS Tax Regulations for Cryptocurrency Transactions
The Blockchain Association, a US-based cryptocurrency advocacy group, has submitted a letter to the Internal Revenue Service (IRS) opposing proposed tax regulations. The group argues that the rules, which aim to regulate the sale and exchange of digital assets by brokers, exceed the IRS's authority and demonstrate a "fundamental misunderstanding" of digital assets and decentralised technology. The Blockchain Association claims that many participants in the crypto space would struggle to comply with the regulations if enacted, and that the rules could infringe on privacy rights. The proposed regulations could go into effect in 2026 for transactions conducted in 2025.
48 OECD countries agree to share cryptocurrency tax data
The Organization for Economic Cooperation and Development (OECD) has developed a standardized framework for automatic sharing of tax-related information on encrypted assets among countries, called the Cryptocurrency Asset Reporting Framework (CARF). Currently, 48 jurisdictions have signed the framework, including the United States, the United Kingdom, many EU countries, Australia, and Brazil.
Alleged crypto fraudster attends South Korean president’s state visit to Saudi Arabia
Last month, a cryptocurrency fraud suspect accompanied South Korean President Yoon Suk-yeol on a state visit to Saudi Arabia. Yoon discussed cooperation between the two countries, while the cryptocurrency company executive is currently under investigation by prosecutors for fraud.
