CoinCodeCap WeekInFocus: June 9, 2024

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WeekInFocus is your ally in plugging in the gaps in the news you might have missed during the course of the previous week. Beyond that, it serves as a catalyst for your professional and personal development by introducing you to new ideas and exciting job opportunities. Join us in accepting both what is occurring and what is conceivable.



Australia Debuts First Spot ETF Directly Holding Bitcoin

  • When markets open on Tuesday, Australia’s first spot Bitcoin exchange-traded fund (ETF), which owns the asset directly, is scheduled to begin trading.
  • In contrast to its US counterparts, which are cash-created, investors can redeem the ETF in kind.

Dubai Financial Authority Revamps Crypto Token Rules for Funds

  • In an effort to improve and expand the legal framework governing tokens inside its special economic zone, the DFSA has announced changes to its crypto token rules.
  • The amendment affected the capacity to provide units of outside and international funds that invest in approved crypto tokens.

Central Bank of UAE Approves New System to License Stablecoins

  • Reportedly, the regulations clarify the issuance, licensing and supervision of AED-backed payment tokens. 
  • Kokila Alagh said that the payment tokens must be backed by UAE dirhams and cannot be linked to other currencies or digital assets.

Turkey Denies Intentions to Tax Crypto and Stock Gains

  • Turkey has rejected proposals to tax crypto and stock market gains, but it has proposed a “very limited” transaction tax.
  • Minister Şimşek allegedly emphasized the significance of appropriately taxing all financial revenue during a meeting over the weekend.

Nigeria Stands Firm on Binance Executive Prosecution

  • The trial of Binance and its executive for unlawful crypto trading in Nigeria is proceeding in accordance with the nation’s legal protocols.
  • The minister assured that Binance had granted the US proper consular access and had taken all necessary precautions, adhering to established diplomatic norms and the law.

NY Attorney General Files $1B Crypto Fraud Lawsuit Against NovaTech

  • The Attorney General of New York has launched a lawsuit, claiming that two crypto companies with founders who overlapped caused over $1B in losses to thousands of investors.
  • According to the lawsuit, NovaTech also misrepresented the status of its registration and licensing.

Platform and Tokens

MicroStrategy Founder Michael Saylor Settles Tax Fraud Case for $40 Million

  • The Attorney General’s office estimated Saylor avoided paying over $25 million in taxes. 
  • The lawsuit claimed Saylor listed himself as living in Florida or Virginia, which have lower tax rates while residing in Washington.

MiCA Rules Force Binance to Impose Restrictions on ‘Unauthorized’ Stablecoins

  • From June 30, unauthorized stablecoins will switch to a “sell-only” mode on Binance. 
  • Binance is dividing stablecoins into “regulated” and unauthorized” coins to comply with the new rules.

Block Earner Escapes Penalty in Crypto Yield Suit

  • Block Earner was exempted from paying a fine by an Australian federal court, even though the court found that Block Earner did not possess a license to provide a crypto product.
  • Charlie Karaboga stated that seeking legal advice prior to product launch demonstrated their integrity and full range of actions as a startup.

Worldcoin Suspends Spanish Operations Until Year-End Amid Data Privacy Probe

  • Worldcoin has agreed not to resume collecting and processing data until the end of 2024 or until the BayLDA probe  reaches an end
  • WorldCoin has offered  users the option to remove iris codes as data privacy concerns loom over the firm

Politicians Call on Biden to Secure Return of Binance Executive from Nigeria

  • Tigran Gambaryan is said to have received requests from several US lawmakers for President Joe Biden and the hostage affairs section to attempt to bring him home.
  • Gambaryan was detained by Nigerian authorities following two encounters that were regarded as professional at first but turned progressively confrontational.

FTX Settles with IRS for $200 Million

  • The United States Internal Revenue Service (IRS) and bankrupt crypto exchange FTX tentatively reached an agreement.
  • In exchange for agreeing to settle the IRS’s $24 billion claim, $200 million in priority tax claims would be paid within 60 days of the plan’s approval.

Bybit Opens Overseas Registration for Chinese Nationals

  • Chinese nationals living abroad are apparently now able to register and have their identities verified by the crypto exchange Bybit.
  • Since 2017, China has prohibited crypto exchanges from functioning there, forcing numerous businesses to relocate.

Group of FTX creditors Object to Reorganisation Plan, Seeks Reform

  • The group of creditors argues that the cash payouts in the reorganisation plan would trigger taxable events for creditors
  • The plan proposes reimbursing creditors with claims of $50,000 or less up to 118% of their claims.

Sky Mavis Reclaims $5.7M Stolen in Ronin Bridge Hack

  • The popular P2E game developer Sky Mavis has revealed that, with the help of Norwegian authorities, it has recovered $5.7M from the infamous Ronin Bridge incident of 2022.
  • Law enforcement, attorneys, accountants, and blockchain forensic teams like Chainalysis needed to coordinate their operations, according to Sky Mavis.

Project Updates

OKX Starts Crypto Trading Services in the Netherlands

As per the official statement, Dutch customers can now trade around 150 digital assets, including over 60 crypto-Euro pairs. OKX has announced a new user bonus of up to 50 euros for all customers who sign up by July 3.

Crypto Exchange DMM Bitcoin to Raise $320 Million After Exploit

Crypto Exchange DMM Bitcoin assured users that they will be fully reimbursed for their stolen funds. A capital increase of $308 million is scheduled for June 7th.

Robinhood to Acquire Bitstamp for $200 Million All-Cash Deal

The $200 million all-cash acquisition deal is expected to close in the first half of 2025. Barclays Capital Inc. served as exclusive financial advisor to Robinhood.

Podcasts and Interviews

  • “The Greatest Bitcoin Explanation” podcast by Altcoin Daily
  • “Crypto Founder Reveals Inside Secrets” podcast by Varun Mayya
  • “Bitcoin Will Reach $8 Trillion Market Cap” podcast by Scott Melkar

Job Listings

2k24 Events

  • ETHKyiv hackathon & conference from June 21 to June 23
  • EthCC (Brussels) conference from July 8 to July 11
  • ETHGlobal Brussels hackathon from July 12 to July 14
  • EDCON Tokyo conference from July 29 to July 30
  • Ethereum Argentina conference & hackathon from August 2 to August 4

As we wrap up another week of insights and discoveries, remember that staying informed and motivated is an ongoing journey. WeekInFocus by CoinCodeCap is here to accompany you on this path, bringing you a fresh perspective on the news, a doorway to exciting job possibilities, and a collection of thought-provoking podcasts. Let’s embrace the coming week with curiosity and determination. Until next time, keep focused and keep thriving!

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