Web3đFriday Buzz: Robinhood & Revolut Eye Stablecoins, Tornado Cash Trial, CZ Binanceâs Release, & US Crypto Seizures
1. Robinhood and Revolut are setting their sights on the stablecoin market as regulations challenge Tetherâs supremacy.
2. A New York judge has ruled that Tornado Cash co-founder Roman Storm must stand trial for money laundering.
3. CZ Binance: Changpeng Zhao may be released today, ahead of the previously reported September 29 date.
4. The U.S. has seized crypto domains linked to $800 million in illicit transactions.
Stay tuned for deeper insights!đ
Welcome to another exciting Friday in the world of Web3! As we wrap up the week, significant developments are making waves across the crypto landscape. From major fintech players like Robinhood and Revolut setting their sights on the stablecoin market to the high-profile trial of Tornado Cash co-founder Roman Storm, the news is buzzing. Additionally, Changpeng Zhao, the former CEO of Binance, may be making an early return to the crypto scene. Plus, the U.S. government's crackdown on illicit activities has led to the seizure of crypto domains linked to substantial criminal transactions. Letâs delve into these highlights and see what they mean for the future of the industry!
1. Robinhood and Revolut are setting their sights on the stablecoin market as regulations challenge Tetherâs supremacy.
Robinhood and Revolut are exploring the stablecoin market as new EU MiCA regulations could disrupt Tetherâs dominance. With the potential to shake up the crypto space, these fintech giants are considering launching their own stablecoins but have not yet made firm commitments. The timing is ideal, as the upcoming regulations may force Tether out of the EU market, creating a lucrative opportunity for new entrants. Other companies, like PayPal, have already launched stablecoins to challenge Tether, and with the EU market in flux, Robinhood and Revolut may be next to seize this growing financial trend.
Beincrypto
2. A New York judge has ruled that Tornado Cash co-founder Roman Storm must stand trial for money laundering.
Tornado Cash co-founder Roman Storm will face trial for money laundering and other charges after a judge rejected his request to dismiss the case. The judge ruled that while coding can be protected speech, using code to perform functions like crypto transactions isn't covered by the First Amendment. Tornado Cash, a crypto mixer used by cybercriminals, including North Korean hackers, to launder stolen funds, is at the center of this case. Storm claims he had no control over the platform once it was deployed. His trial is set for December 2 in New York.
Aleks Gilbert
3. CZ Binance: Changpeng Zhao may be released today, ahead of the previously reported September 29 date.
Changpeng Zhao (CZ), the former CEO of Binance, has been released from prison earlier than expected, two days ahead of the initially scheduled date. His early release has generated significant buzz in the cryptocurrency world, with traders and investors closely watching Binance Coin (BNB) for potential market shifts. Despite his legal troubles, CZ remains a major shareholder, continuing to influence Binanceâs direction. As CZ reenters the crypto space, the market is bracing for possible volatility, while Binance faces ongoing regulatory challenges. CZâs return may signal a new chapter for both him and the company.
Sonali Singh
4. The U.S. has seized crypto domains linked to $800 million in illicit transactions.
The U.S. Department of Justice has charged two Russian nationals with laundering billions through three crypto exchanges. Sergey Ivanov, aka "Taleon," and Timur Shakhmametov, known as "JokerStash," allegedly facilitated over $1 billion in illegal transactions, including payments tied to cybercrime and ransomware. U.S. authorities seized domains of crypto exchanges UAPS, PM2BTC, and Cryptex, which processed significant amounts of criminal proceeds. This action is part of a broader crackdown on Russian money laundering operations. The U.S. Treasury also sanctioned Ivanov, with rewards offered for more information leading to their arrests.
Sebastian Sinclair
As we close out this eventful Friday, it's clear that the Web3 space is buzzing with major shifts. Robinhood and Revolut's entry into the stablecoin arena signals growing competition, while the Tornado Cash trial could reshape the future of privacy in crypto. CZâs potential release adds another layer of excitement, especially as Binance navigates regulatory challenges. And with the U.S. cracking down on illicit crypto activities, the push for a safer, more transparent market continues. Stay tuned as these developments unfoldâWeb3 is evolving fast, and the best is yet to come!
