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Monday, May 15, 2023

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Binance, the world's largest cryptocurrency exchange, is withdrawing from Canada due to new regulations. The exchange says it hopes to return when the regulatory environment is more favorable.

The new regulations prohibit Binance from offering certain products and services to Canadian investors, including stablecoins and derivatives. The exchange says the regulations make it difficult for it to operate in Canada.

In today's news, CBDC's banned in Florida, Quadriga CX refunds users 13% of funds, and Paradigm buys more COIN.

Read on!

Ethereum Burn Statistics 2023

ETH burns are at an all time high!

The Ethereum network burned a record 108,140 ETH in April 2023, up 17.5% from March.

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What is liquidity in cryptocurrency? In this 3-min animation, let's find out what it means, and learn to differentiate between a liquid market and an illiquid market!

Let's find out here!

13 Cents on the Dollar

Former users of the bankrupt Canadian crypto exchange Quadriga CX will receive 13% of their claimed funds as an interim dividend. The value of the crypto will be paid out according to values pegged at April 15, 2019 market prices.

The total value of the claims is CAD $303.1 million, and there are 17,648 creditors. The largest creditor is Canada Post, followed by the Canada Revenue Agency. There are also 15,236 claims valued under CAD $10,000.

The value of the crypto will be paid out according to values pegged at April 15, 2019 market prices. For example, users with bitcoin claims will get CAD $6,739.08 per BTC. For Ethereum, users will get CAD $223.45 per ether.

CoinDesk

No CBDC's in this state!

Florida Governor Ron DeSantis signed a bill banning the use of central bank digital currency (CBDC) in the state. DeSantis believes that CBDCs are a form of government surveillance and control.

DeSantis has been a vocal critic of CBDCs, arguing that they would give the government too much power over people's finances. He has also said that CBDCs could be used to track people's spending and even control what they buy.

DeSantis's bill, SB-7054, passed the Florida House of Representatives with only one vote against it. It is now law in Florida.

Decrypt

Toss some COIN to Paradigm

Crypto venture capital firm Paradigm bought more shares in Coinbase worth around $50 million. The investment comes amid Coinbase's ongoing battle with the Securities and Exchange Commission.

Paradigm is investing further in the company amid Coinbase's ongoing battle with the Securities and Exchange Commission.

"Paradigm, and the entrepreneurs it backs, have a strong interest in ensuring that the SEC be held to account for its delay in responding to Coinbase's rulemaking petition," the VC firm said in its filing, saying that the delay has left the industry in a state of uncertainty.

TheBlock

What is the Optimism Superchain? Find out how Optimism's OP Stack is enabling the creation of new Layer 2 chains like Coinbase's Base and consensus clients like A16Z's Magi.