The perpetuals trading platform and layer-1 blockchain, dYdX, is set for a significant event on Friday. Founders, investors, and other key figures involved with the project will gain access to about 150 million previously locked DYDX tokens, currently valued at around $490 million. This unlocking event will increase the circulating supply of DYDX by roughly 80%.

Traditional wisdom says unlocks are bearish, since supply suddenly rises while demand stays static — but DYDX’s price rose 30% this month and open interest grew after dYdX’s chain went to beta mainnet on Nov. 14. 

Ultimately, some of the unlocked tokens will be difficult to sell, and doing so may not be the most…

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Portuguese professional soccer star Cristiano Ronaldo has been named in a class-action lawsuit filed in a United States district court in Florida, that centers around his involvement in promoting the cryptocurrency exchange Binance BNB/USD.

The suit, filed on Nov. 27, 2023, stated that in 2022, Ronaldo entered into a multi-year partnership with Binance, involving the launch of his first-ever NFT (Non-Fungible Token) collection.

As part of this agreement, Ronaldo became a paid spokesperson for Binance, participating in the company’s global advertising campaign.

The promotional materials featuring Ronaldo were disseminated through various public channels, including websites, television, and…

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After Singapore, Paxos received approvals to issue stablecoins in the Abu Dhabi Global Market (ADGM).

What Happened The regulated blockchain and tokenization infrastructure platform was granted in-principle approvals (IPAs) by the Financial Services Regulatory Authority (FSRA) in the ADGM.

It has secured the necessary Financial Services Permissions to issue USD and other currency-backed stablecoins and offer crypto-brokerage and custody services from two regulated ADGM entities.

“Our IPAs from the FSRA, on the heels of our IPA from the Monetary Authority of Singapore, solidify our commitment to pursuing international growth through regulated frameworks. Paxos is unique in the industry for…

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Major cryptocurrency exchange Binance announced it will cease support for all Binance USD (BUSD) products starting on Dec. 15 following Paxos halting the minting of new coins.

In a Nov. 29 notice, Binance said users should withdraw or convert their existing BUSD on the exchange into other assets before Dec. 15. Starting Dec. 31, Binance will disable withdrawals for BUSD. At that point, existing balances will automatically be converted into First Digital USD (FDUSD) for certain users.

In accordance with past communications, #Binance will cease support for BUSD products starting on December 15, 2023.

Users may trade or convert their BUSD balances for $FDUSD at zero trading fees.

Full details…

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Pando Asset is the latest fund group looking to launch a spot bitcoin ETF in the US. 

The Switzerland-based asset manager joins a crowded field of issuers looking to bring to market a type of fund the US Securities and Exchange Commission has never approved. 

The company proposed its Pando Asset Spot Bitcoin Trust in a Wednesday filing. The trust’s  assets would consist primarily of bitcoin held by its custodian — Coinbase Custody Trust company. The disclosure names BNY Mellon as the trust administrator.

A Pando Asset spokesperson did not immediately return a request for comment. 

About a dozen issuers — including traditional finance giants BlackRock, Fidelity and Invesco —…

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Wally Adeyemo, Deputy Secretary of the United States Treasury, said his department is looking into new sanctions tools to pursue bad actors in the crypto space, citing a recent settlement with Binance.

In prepared remarks for the Blockchain Association’s Policy Summit on Nov. 29, Adeyemo said the U.S. Treasury had called on Congress to allow sanctions in which an entity could be fully cut off from the U.S. financial system. The Deputy Treasury Secretary said the move aimed to stop bad actors like the terrorist organization Hamas from “find[ing] safe haven within the digital asset ecosystem,” but also referenced U.S. authorities’ settlement with crypto exchange Binance.

“Over…

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In this week’s newsletter, read about footballer Cristiano Ronaldo facing a lawsuit after promoting nonfungible tokens (NFTs) tied to crypto exchange Binance, and find out how an NFT collector thwarted a hacking attempt by a person impersonating a journalist. In other news, Azuki DAO is rebranding to Bean, game developer Square Enix announces an NFT collection, and one user claimed tokens worth $11 million in the recent Blur airdrop. 

Cristiano Ronaldo sued for promoting Binance, unregistered securities

Football superstar Cristiano Ronaldo faces a class-action lawsuit for allegedly participating in the sale of unregistered securities in partnership with crypto exchange Binance. The…

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The Securities and Exchange Commission of the Philippines has reminded citizens that Binance is not permitted to operate or offer its services in the country, even though it is trying to. 

“Binance has been actively employing promotional campaigns on various social media platforms to attract and entice Filipinos to engage in investment and trading activities using its platforms,” the Philippines SEC wrote in an advisory Tuesday. 

Binance does not hold the required licenses to advertise and serve customers in the Philippines, the agency added. The Philippines SEC advised citizens to exercise caution when engaging and investing with unregistered entities. 

“Those who act as…

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