Last week’s biggest news was the CFTC’s (Commodity Futures Trading Commission) lawsuit against crypto exchange Binance. The agency accused the company of unregistered derivatives trading. The accusations don’t end there; CFTC also claims that Binance failed to adopt effective know-your-customer and anti-money laundering policies.
Surprisingly, the lawsuit was not discussed much on crypto Twitter. It could be because the industry has noticed enforcement actions brought against Binance do not have a considerable effect. The largest exchange by trading volume is currently being investigated by Internal Revenue Service and the Securities and Exchange Commission.
When the lawsuit became public knowledge, the Binance CEO tweeted a single number ‘4’, which according to his January tweet, means “Ignore Fake news and FUD (Fear, Uncertainty, and Doubt).
Meanwhile, crypto analytics firm Nansen shared on-chain data that suggested Binance clients disregarded the lawsuit. The customers only withdrew $850 million compared to December 13, when they removed $3 billion from the exchange.
Gucci’s Metaverse Plans
On Tuesday, luxury fashion brand Gucci announced a partnership with Bored Ape Yacht Club developer Yuga Labs. As per the tweet, it appears that Gucci is trying to step into the metaverse. The latest move comes months after the Italian company began accepting crypto payments at specific stores.
That day, Polygon rolled out its Polygon zkEVM, an Ethereum scaling solution designed to process transactions cheaply and faster than the Ethereum mainnet. Ethereum founder Vitalik Buterin had the honor of initiating the first transaction on the protocol.
MicroStrategy Can’t Stop Buying BTC
On Wednesday, the founder and CEO of Cloud software firm MicroStrategy Michael Saylor tweeted that his company had repaid a $205 million Silvergate loan and bought 6,455 BTC for about $150 million. MicroStrategy’s total Bitcoin holdings now stand at 146,120, with a value of roughly $4.1 billion.
On Thursday, a video of Hollywood star Matt Damon explaining why he agreed to feature in a crypto.com ad made rounds on Twitter. The actor said he did the ad because he wanted to raise money for his project called water.org.
