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The crypto market is in much better shape than it was a month ago. Indeed, it seems as though the asset class is finally reaching a turnaround point after it shaved $1 trillion from its total market capitalization. But although we are seeing the market slowly entering a regenerative state, uplifting news is hard to come by. Much of the top crypto news this week isn’t very positive.
Much of the week has been talk of policy and regulation for the market. Of course, justifying this talk are a slew of bearish turns of events: hacks, exposés and government investigations are sapping up much of the crypto news bandwidth. So while the market’s losses seem to be reaching a bottom floor, there is adversity yet to overcome. Here’s what to know about this week’s top crypto news.
Top Crypto News of the Week
Binance gets hit with accusations from SEC and Reuters
Binance (BNB-USD) is likely scrambling behind the scenes to get some good PR out there this week. Earlier, the exchange platform was accused by the Securities and Exchange Commission (SEC) over the launch of its BNB crypto in 2017. The agency claims that the coin is a security, rather than a currency; as such, it should have registered the initial coin offering (ICO) with the SEC prior to launch. Moreover, the company is spotlighted in a lengthy Reuters article accusing it of processing billions of dollars in illicit transactions. Specifically, it links the exchange to Russian darknet drug market Hydra and the North Korean state-funded hacker group Lazarus.
Optimism network facing more adversity after market maker’s severe mistake
The Optimism (OP-USD) network got some spotlight last week after its turbulent OP crypto airdrop. Yes, shame on the network for not properly accommodating the many investors looking to claim the token. However, the network’s suffering this week is no fault of its own. Optimism…
