Top stories

Binance Investigated for Sanctions Breach, 190 Accounts Seized for Terrorist Ties

The US Justice Department is investigating whether Binance Holdings Ltd. was illegally used to let Russians skirt US sanctions and move money through the cryptocurrency exchange.

Authorities in Israel have seized 190 Binance accounts with ties to Islamic terrorist groups since 2021.

PEPE Market Cap Crosses $1 Billion; Listed on Binance, Huobi, KuCoin

Pepe coin crossed the $1 billion market cap mark and has now solidified its position as a top 100 cryptocurrency. 

Following Binance's announcement of listing the memecoins Pepe ($PEPE) , several other major cryptocurrency trading platforms including Huobi, Crypto.com, KuCoin have quickly followed suit.

Former Coinbase CTO Balaji Closes Bitcoin Bet With $1.5M in Donations

Today Balaji disclosed that the 1 million Bitcoin bet has been "closed out by mutual agreement" and resolved ahead of schedule. As part of the settlement, he donated $500,000 to the charity Give Directly, $500,000 to Bitcoin core developers, and $500,000 to James Medlock.

Coinbase to Cease New Loan Issuance Through Bitcoin Borrow Service

Global crypto giant Coinbase has announced plans to shutter its loan services, effective May 10. Bitcoin-backed loans will cease to be available to customers. 

Collapsed FTX Seeks to Reclaim $3.9 Billion from Bankrupt Genesis

The filing claims that Genesis has already been "largely repaid" for the roughly $8 billion in loans that it provided to Alameda, which sets it apart from other FTX creditors and customers.

Global regulations

White House Wants Crypto Miners To Pay 30% Climate Change Tax

The Biden administration proposes a 30% tax on crypto miners to address climate change.

Zimbabwe Wants Citizens to Subscribe to its Gold-Backed Digital Currency

Applications for the tokens must be for a minimum of $10 for individuals and $5,000 for financial institutions and corporates. 

El Salvador Signs Bill to Eliminate All Taxes on Tech Innovations

Nayib Bukele, the President of El Salvador, announced on May 4th that he has enacted a law that eliminates taxes on "technology innovations, software and app programming, AI, computer and communications hardware manufacturing."

Ukraine, US Shut Down 9 Cryptocurrency Exchanges

The exchanges were accused of facilitating money laundering and illegal activities and were allegedly being used by criminals to launder the proceeds of their crimes. 

Nigeria Approves National Policy to Create 'Blockchain-Powered' Economy

Nigeria has reportedly approved a national policy to create a blockchain-powered economy. The policy is aimed at promoting the use of blockchain technology to drive innovation, economic growth, and job creation in the country. 

UK’s FCA Continues Crackdown on Unregistered Crypto ATMs

The UK's Financial Conduct Authority (FCA) has inspected crypto ATM sites in Exeter, Nottingham, and Sheffield alongside regional police, as part of its crackdown on unlawful crypto ATMs. 

Crypto weekly price action

Fundraising and investment

Warburg-Backed Advance Intelligence Raises $80 Million Funding

Advance Intelligence Group, a financial technology firm based in Singapore, has raised $80 million in a round led by existing backers Warburg Pincus and Northstar Group.

AlienSwap Raises $12 Million to Build the Leading NFT Trading Layer

AlienSwap, a community-based NFT marketplace and aggregator, has raised $12 million in a strategic funding round led by NEXT Leader Capital and C² Ventures. 

Temasek Invests $10M in Array’s Algorithmic Currency System

Singapore's Temasek has invested $10 million in Array, the developer of an algorithmic currency system based on smart contracts and artificial intelligence.

Bitget Pledges $10M for Blockchain4Youth Corporate Responsibility Project

Bitget, a cryptocurrency exchange, has reportedly pledged $10 million towards its "Blockchain4Youth" corporate responsibility project. 

ZkLink Raises $10M in Funding Round with Backing from Coinbase Ventures

ZkLink, an infrastructure layer that enables easier trading of assets across blockchains, has raised $10 million in a strategic funding round from investors including Coinbase Ventures. 

OpenSats Receives $10 Million From Jack Dorsey's #startsmall Initiative 

OpenSats, a non-profit organization that supports free and open-source software and projects related to Bitcoin, has received a donation of $10 million from #startsmall, Jack Dorsey's philanthropic initiative.   

Viral Quotes

"Coinbase is transitioning from crypto exchange to crypto-enabled banking services."

 –  Asheesh Birla, former Ripple exec

"The situation in banking is very similar to what it’s always been in banking – the fear is contagious, always."

–  Berkshire Hathaway Inc.’s Warren Buffett

"You can look at bitcoin as being insurance on the failure of a basket of fiat currencies. $200 trillion is the liability just of the United States. You take 160 [basis points] times $200 trillion and you get … $3.2 trillion would be the implied insurance value on the United States … What is bitcoin trading for? Well, about half a trillion dollars"

–   Validus Power Corp.’s executive director, Greg Foss