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Here’s what happened in crypto today

  • September 27, 2023
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  • Category: BitCoin, Blockchain, Cryptocurrency, Investments
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Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Rep. Patrick McHenry has threatened to subpoena the United States Securities and Exchange Commission (SEC) over its handling of FTX documents. Binance has announced its exit from Russia by selling its Russian business to newly-launched exchange CommEx, though no financial details were disclosed. Meanwhile, the customers of crypto lender BlockFi may become one of the first among multiple bankruptcy proceedings to see crypto funds returned to them.

Rep. Patrick McHenry, who heads the United States House Financial Services Committee, has threatened the Securities and Exchange Commission with a subpoena over documents related to Sam Bankman-Fried.

In a Sept. 27 hearing, McHenry claimed that SEC Chair Gary Gensler has “choke[d] off the digital asset ecosystem” and has refused to be “transparent with Congress” about the commission’s connection with FTX and Bankman-Fried. McHenry claims his committee “made multiple requests” for documents about the timing of Bankman-Fried’s arrest.

“Seven months later, the committee has not received a single non-public document that was not part of a [Freedom of Information Act] production,” he said.

Bankman-Fried was jailed in August after a judge revoked his bail amid reports that the former FTX CEO attempted to intimidate witnesses. Bankman-Fried faces 12 criminal charges, with his firs trial set to begin next month.

US lawmakers threaten to subpoena SEC over FTX documents

Binance fully exits Russia with sale to CommEX

Cryptocurrency exchange Binance has announced its full exit from Russia by selling its firm to a newly launched crypto exchange business known as CommEX.

Binance has entered into an agreement to sell the entirety of its Russia business to CommEX, the firm said in an announcement to Cointelegraph on Sept. 27. The exchange didn’t disclose the financial details of the deal.

To ensure a smooth process for existing Russian users, the off-boarding process will take up to one year, the announcement reads. “All assets of existing Russian users are safe and securely protected,” Binance noted.

“As we look toward the future, we recognize that operating in Russia is not compatible with Binance’s compliance strategy,” Binance chief compliance officer Noah Perlman said, adding:

“We remain confident in the long-term growth of the Web3 industry around the world and will focus our energy on the 100+ other countries in which we operate.”

Binance will ensure to provide its customers with an orderly process for the migration of users. In cooperation with CommEX, Binance will inform users how to migrate their assets to the newly created exchange.

The user migration process will allow a portion of Russian users with completed Know Your Customer checks to be immediately redirected to CommEX. Binance will gradually sunset its platform in Russia over the next several months.

“Every effort will be made to maintain a smooth user experience during this transition,” Binance stated in the announcement.

Binance CEO Changpeng Zhao also noted that holders of Binance’s native token, BNB, will “continue to enjoy” a 25% trading discount on CommEX.

The news comes just a day after CommEX announced its launch on Sept. 26. The platform is designed to provide cryptocurrency trading services, including spot, futures and peer-to-peer trading. The platform seems to be targeting mostly Russian users at launch, as its interface is only available in Russian and English at the time of writing.

Crypto lender BlockFi gets court nod to repay customers

The customers of bankrupt cryptocurrency lending platform BlockFi are one step closer to being paid out after a United States Bankruptcy Court in New Jersey approved the liquidation plan.

Bankruptcy Judge Michael A. Kaplan approved BlockFi’s third amended Chapter 11 plan in a Sept. 26 court hearing.

Estimates show BlockFi owes up to $10 billion to over 100,000 creditors, including $1 billion to its three largest creditors and $220 million to bankrupt crypto hedge fund Three Arrows Capital.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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