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Binance CEO steps down, SEC sues Kraken, and spot ETF discussions continue

The Hash Insider

November is coming to an end with another positive week as both bitcoin (BTC) and ether (ETH) surged to new yearly highs. The Nasdaq Crypto Index rose 1.7%, primarily due to BTC's 1.0% increase after surpassing the $38,000 mark early in the week and ETH’s increase of 3.5%.



Binance's Zhao pleads guilty, steps down as part of DOJ settlement

The US Department of Justice closed a $4.3 billion settlement with crypto exchange Binance, concluding its investigation into the company's alleged involvement in money laundering, bank fraud, and sanctions violations. As part of the deal, Binance must meet conditions including the payment of fines, admission of non-compliance, and setting up a monitoring process for future legal compliance.

SEC sues Kraken, alleging it’s an unregistered exchange, Mixes User Funds

The US Securities and Exchange Commission (SEC) has filed a lawsuit against Kraken, alleging the commingling of customer and corporate funds, and operating as an unregistered broker, clearing agency, and dealer. Kraken refutes the accusations, asserting its intention to defend itself in court.

Spot bitcoin ETF discussions continue at SEC

Memos released by the SEC show that the regulator continues to meet with issuers that have filed for spot bitcoin ETFs. The ongoing discussions are a positive sign that the SEC will at some point approve spot ETFs, but the timing of this remains unclear.



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