THE LATEST CRYPTO NEWS FROM CNS Binance withdrawals and B | Crypto Never Sleeps Broad

THE LATEST CRYPTO NEWS FROM CNS

Binance withdrawals and BUSD redemptions surge post Paxos crackdown

Cryptocurrency exchange Binance has seen a surge of withdrawals over the last 24 hours as investors appear to be spooked over recent news of regulatory action against Paxos and its stablecoin Binance USD.

At the same time, the BUSD token has recorded significant redemptions, with 342 million BUSD burned over the last 24 hours according to Peckshield.

https://cointelegraph.com/news/binance-withdrawals-and-busd-redemptions-surge-post-paxos-crackdown


SEC to target crypto firms operating as ‘qualified custodians’

The United States Securities and Exchange Commission (SEC) is reportedly planning to propose new rule changes this week that could impact what services crypto firms can offer their clients.

According to a Feb. 14 report from Bloomberg citing “people familiar with the matter,” the securities regulator is working on a draft proposal that would make it difficult for crypto firms to hold digital assets on their client’s behalf as “qualified custodians.”

This may, in turn, affect the many hedge funds, private equity firms and pension funds that work alongside such crypto firms.

https://cointelegraph.com/news/sec-to-target-crypto-firms-operating-as-qualified-custodians-report


Crypto mixer Blender has been rebranded to Sinbad, says Elliptic

Blender, the cryptocurrency mixer sanctioned by the United States Department of the Treasury’s Office of Foreign Assets Control in May, was “highly likely” relaunched as Sinbad, according to risk management firm Elliptic.

In a Feb. 13 report, Elliptic said its analysis of Sinbad indicated that the crypto mixer was likely a rebrand of Blender as well as having “the same individual or group responsible for it.” According to the firm, Sinbad was behind the laundering of roughly $100 million in Bitcoin
BTC for North Korea’s hacking group Lazarus.

https://cointelegraph.com/news/crypto-mixer-blender-has-been-rebranded-to-sinbad-says-elliptic


Proposed EU parliament rule could have banks apply 1,250% risk weight to crypto exposure

The European Parliament has released a report on a draft bill proposing that banks holding cryptocurrencies set aside a large amount of capital in an effort to address potential risk.

In a Feb. 9 notice, European Union lawmakers said any framework applied to crypto assets should “adequately mitigate the risks of these instruments for the institutions’ financial stability,” proposing banks apply a 1,250% risk weight on their exposure to digital assets — one of the highest risk ratings for investments. The proposed law suggested that such requirements go into effect until Dec. 30, 2024.

https://cointelegraph.com/news/proposed-eu-parliament-rule-could-have-banks-apply-1-250-risk-weight-to-crypto-exposure