This Week in Crypto News: SEC Stablecoin Crackdown, LocalBitcoins Calls it Quits, and Metaverse Misgivings

This week in crypto news ended with a bang as the U.S. Securities and Exchange Commission (SEC) started tightening its manacles on stablecoins.

It sounded like all-out war was brewing at press time as the agency’s chief, Gary Gensler, hit Kraken with a $30 million fine and ordered the closure of its staking service. 

The decision even perplexed SEC commissioner Hester Pierce, who publicly scolded her own agency saying, “using enforcement actions to tell people what the law is in an emerging industry is not an efficient or fair way of regulating.”

And to compound matters, the New York Department of Financial Services (NYDFS) launched an investigation into stablecoin issuer Paxos.

Then the Office of the Comptroller of the Currency (OCC), a federal bank regulator, reputedly asked Paxos to withdraw its application for a national trust bank charter, although the stablecoin issuer refuted the rumors. The effect was Paxos briefly lost parity with the USD

Crypto – Socially Speaking

Figures courtesy of

Confusion Reigns at Binance

Mystery surrounded a decision by Binance to suspend USD withdrawals. A spokesman for the biggest crypto exchange gave no reason. But other payment methods, such as Apple Pay and Google Pay were unaffected. 

The move immediately prompted confusion, with the U.S. arm of the business having to explain that the suspension only applied to Binance and not Binance.US. So now that’s clear.

Rumors that a revised relationship with Signature Bank could be at least part of the reason. Supporting this theory is a substantial pullback by Signature to reduce its crypto asset exposure after the collapse of FTX last year. 

Crypto Coin News

The top gaining cryptocurrency of the past week was SingularityNET (AGIX), which saw a price increase of 133%. The Graph (GRT) made an impressive 64.81%. Meanwhile, at the other end, the biggest loser this week was Fantom (FTM), which saw a 25% fall in price. Aptos (APT) and Terra (LUNA) had an equally dismal week, both falling 21%.

Top 10 cryptocurrencies by market cap. Courtesy of BeInCrypto

Farewell Old Friend

The news of the demise of the LocalBitcoins exchange caused sadness across the BeInCrypto family. 

The Finnish P2P Bitcoin exchange shut up shop after 10 years citing the crypto winter which shrunk its market share and trading volumes. 

The exchange was, for many, where they bought their first Bitcoin. And the comments in the Twitter thread below serves as an admirable testimony to their services.

This Week in NFT Sales

The biggest news in the NFT space last week is the meteoric rise of Blur since its launch last Oct. The marketplace is going toe-to-toe with OpenSea for dominance of the space, winning over business with zero trading fees and marketplace “floor sweeping.” And it has now become the second-largest NFT marketplace by volume.

Courtesy of

Metaverse Misgivings

It was supposed to be the biggest thing since the last big thing, But for Microsoft, the metaverse has proved to be something of a liability. 

The software giant has canned its team of 100 staff after just four months. This particular metaverse team was called the Industrial Metaverse Core and focused on industrial settings. Specifically, it aimed to build interfaces for operating control systems in electrical power plants and robotics and transportation networks, according to The Information.

Microsoft laid off 100 staff in its Industrial Metaverse Core after only four month.

Microsoft is not the only tech giant to have reigned in its ambitions. Meta announced that it would shut down Crayta, which it purchased less than two years ago. The company is also closing Echo VR, a metaverse game popular in its ecosystem.

A Ripple of Good News?

Senior analyst Valdrin Tahiri see bullish signs this week in the Ripple (XRP) price action.


All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

Bookmark (0)
ClosePlease loginn

Related Posts

Bitcoin: The Best Performing Asset Class in Q1 2023

Bitcoin set for its best trading quarter in nearly 2-years.
The top cryptocurrency vastly outpaces stocks performance.
BTC is well placed for more gains in Q2 2023.

Bookmark (0)
ClosePlease loginn

USDC Supply Shrinks by $10 Billion in March, But Hits 6-Month High on Smart Contracts

USDC supply declined by $10 billion in March following its exposure to the US banking crisis.
However, the stablecoin use on smart contracts reached a six-month high of 42.08%.
Tether USDT is now the dominant stablecoin, accounting for over 60% of the market.

Bookmark (0)
ClosePlease loginn

Bittrex Quits US, Cites Unfavorable Regulatory Environment

Crypto exchange Bittrex said it was leaving the United States because of the regulatory environment.
The crypto company had had previous skirmishes with financial regulator in the country.
Crypto stakeholders have warned that the US regulatory landscape would force many firms out of the country.

Bookmark (0)
ClosePlease loginn

Solana overcomes FTX fiasco — SOL price gains 100% in Q1

The cryptocurrency market may have overreacted to Solana’s FTX links and its tainted boss, Sam Bankman-Fried.

Bookmark (0)
ClosePlease loginn

Elon Musk requests dismissal of $258B Dogecoin lawsuit: Report

The plaintiff’s brought up Musk’s Saturday Night Live appearance in 2021, where he portrayed “a fictitious financial expert” and called Dogecoin “a hustle,” resulting in a steep price decline minutes later.

Bookmark (0)
ClosePlease loginn

Here’s how the crypto industry is using artificial intelligence

The rise of artificial intelligence, though in its early stages, has found use cases in crypto through countless projects.

Bookmark (0)
ClosePlease loginn

Leave a Reply

Your email address will not be published. Required fields are marked *