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As 2023 draws to a close, the crypto industry has witnessed a series of ups and downs, shaping an industry that, while still expanding, has left a lasting impact on the global financial landscape.
Let's delve into some major events that made headlines in 2023.
SEC Lawsuits Target Binance and Coinbase
In June, the US Securities and Exchange Commission (SEC) took legal action against two major cryptocurrency exchanges – Binance and Coinbase.
According to Crypto Potato, both exchanges were accused of violating securities laws by offering assets for trading deemed as securities.
Despite the SEC's claims, Binance and Coinbase vehemently denied the allegations, seeking to dismiss the lawsuits. Binance.US, the American affiliate of Binance, downsized its workforce in anticipation of a protracted legal battle with the SEC.
Ripple's Legal Victories
Entangled in a lengthy legal battle with the regulator, Ripple achieved significant victories in July 2023. In December 2020, the SEC sued Ripple Labs, alleging a $1.3 billion unregistered securities offering through the sale of XRP.
Ripple's partial victory came as Judge Analisa Torres ruled that XRP sales on public crypto exchanges did not violate securities laws. Ripple secured additional wins in October, dismissing the SEC's appeal and dropping charges against Ripple's top executives.
In a significant development in November, Binance, the cryptocurrency exchange holding the top spot in market capitalization, settled with United States regulators, agreeing to pay a substantial $4.3 billion fine.
Facing regulatory scrutiny, particularly from the SEC, Binance resolved the matter by paying the hefty settlement. The company paid the fine and pleaded guilty to several charges, acknowledging its violation of the Bank Secrecy Act.
Binance and CZ Face Legal Woes
Binance's CEO, Changpeng Zhao, widely known as CZ, also admitted guilt in contravening the Bank Secrecy Act. As part of the settlement, he agreed to step down from his role and personally pay a fine amounting to $50 million.
While CZ resigned as the board of directors chairman at Binance.US, he will remain in the U.S. until his sentencing on Feb. 23, 2024. According to Crypto Slate, this decision follows a United States district court ruling, which sided with the government's argument that CZ posed a flight risk.
After these developments, Binance appointed Richard Teng, the former head of regional markets outside the U.S., its new CEO. The reshuffling of leadership marks a notable change for the company in response to its regulatory challenges.
As the year ends, the cryptocurrency landscape reflects a dynamic and evolving industry that continues to capture global attention. Only time will tell when crypto can make it into mainstream society. But one thing is sure: it is heading in that direction.
Photo: Karolina Grabowska/Pexels
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