Welcome to your daily crypto news digest. Here's what's making waves in the blockchain world today.
The U.S. Securities and Exchange Commission (SEC) has completed its multi-year review of Coinbase's financial disclosures, concluding with no amendments required. This decision signals the regulator's confidence in Coinbase’s compliance with financial reporting standards.
The review, which began shortly after Coinbase went public in 2021, has now ended. This marks the conclusion of a prolonged comment period that took place amidst evolving standards for crypto-related financial disclosures. It highlights Coinbase’s efforts to maintain transparency and adhere to regulatory expectations in the rapidly changing cryptocurrency ecosystem.
Local governments in China are reportedly selling seized cryptocurrency assets through private companies in offshore markets to raise funds. This development comes despite China's strict ban on crypto trading, highlighting the broader economic pressures facing the nation.
Some experts have proposed that China could convert these crypto holdings into a strategic reserve or establish a sovereign cryptocurrency fund based in Hong Kong. Such a move could potentially align with broader economic strategies while leveraging crypto assets for national benefit.
This situation underscores the complex relationship between China's crypto policies and the practical realities of managing seized digital assets.
OKX, a leading cryptocurrency exchange, has announced its return to the U.S. market, marking a significant move after settling a $500 million agreement with the Department of Justice (DOJ) just two months ago. The company is set to launch a centralized exchange, a dedicated wallet service, and establish its new headquarters in San Jose, California.
As part of this re-entry, OKX will migrate existing OKCoin users to its platform. The transition will occur through a phased rollout, with the company targeting a full national launch later this year.
This strategic move underscores OKX's commitment to expanding its presence in the United States, leveraging its innovative technology and services to capture a share of the growing crypto market. By combining a centralized exchange, wallet offerings, and a new physical presence, the company aims to rebuild trust and compliance in the region.
Stay tuned for further updates as OKX progresses with its U.S. expansion plans.
Tether, the issuer of the world’s largest stablecoin USDT, has announced a strategic investment in Fizen Limited. This move aims to advance the adoption of stablecoins globally and promote self-custody solutions for users.
Fizen Limited is a company focusing on multi-chain stablecoin support and offering innovative tools for merchants. These tools enable businesses to accept cryptocurrency payments while benefiting from instant fiat settlement. By providing these services, Fizen seeks to improve financial access, particularly for the unbanked population.
This partnership underscores Tether's commitment to expanding the use cases of stablecoins and empowering users with self-custody options. As stablecoin adoption grows, solutions like those offered by Fizen could play a crucial role in bridging the gap between traditional finance and cryptocurrency.
ZKsync’s security team has identified a breach involving a compromised admin account that resulted in the unauthorized seizure of approximately $5 million worth of unclaimed ZK tokens from the platform's airdrop contract.
The incident occurred due to a compromised key, which allowed the attacker to access the airdrop contract. According to ZKsync, the breach appears to be isolated to the token airdrop and does not impact other aspects of the platform or its operations.
ZKsync has launched a thorough investigation into the matter and is working to ensure that security measures are reinforced to prevent similar incidents in the future. Further updates from the team are expected as the investigation progresses.
This event underscores the importance of robust security protocols in the rapidly evolving blockchain and crypto ecosystem.
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