Binance Exchange CEO: There are many bubbles in the cryptocurrency market

The company's CEO, Changpeng Zhao, criticized the decentralized finance (DeFi) industry for the fact that many projects related to it live on "empty promises" and die within 2 weeks of launch. There are many bubbles in the decentralized finance (DeFi) cryptocurrency market, Binance CEO Changpeng Zhao told Cointelegraph. He said that in this sector there are projects that die two weeks after opening and exist on “empty promises”. The explosive growth that has taken place in this segment will slow down, and over time, only key players and innovative concepts will remain.

“I see a lot of bubbles in the DeFi space. There are many projects with empty promises where nothing happens. And many DeFi projects only run for two weeks and then die, ”Zhao explained.

The DeFi sector became widespread in 2024, and its popularity began to skyrocket in late spring and early summer.

The European Commission has presented the rules for the regulation of cryptocurrencies and stablecoins

The European Commission has presented the rules for the regulation of cryptocurrencies and stablecoins, as announced by its vice-chairman Valdis Dombrovskis in an official press release. He explained that the field of digital assets has become widespread, and therefore it is important to give companies the opportunity to take advantage of its advantages, but at the same time reduce risks for investors and maintain the stability of the financial system. The European Commission also plans to launch a regulatory sandbox where firms can test smart contracts and blockchain-based products. Together with improved regulations, this will help develop better financial products and open up new funding channels.

“The Commission seeks to stimulate innovation in the EU financial sector, especially for high-tech digital startups, while mitigating any potential risks,” Dombrovskis said. He stressed that more stringent requirements will be imposed on stablecoins such as Facebook's Libra project.

Cryptocurrency MEME has risen in price by 18,000% in a month

Cryptocurrency MEME has risen in price by 18,000% in a month. It was handed out for free😄. The MEME token, which was born out of a joke, has risen in price by about 18,000% in a month. The coin was released in mid-August to ridicule how unsecured decentralized finance (DeFi) cryptocurrencies have risen in value by thousands of percent in a short period. In the early days, MEME traded at $ 10-40. This was already a kind of success, since the developers distributed all 28 thousand tokens for free among their subscribers in the Telegram channel. By the end of August, the price rose above $ 200, but in September it dropped to $ 100. The rapid growth of the token rate began on September 15, when it was added by the Hoo exchange. Since then, the coin has been in an upward trend, which has led to its rise in price to $ 1800. Perhaps this is not the limit. The emergence of cryptocurrencies on new trading floors is a key driver of value growth, and now MEME is represented on only six exchanges: Uniswap, Mooniswap, Hoo, Balancer, 1inch and Poloniex.

Bank of New York processed $ 137 million in transactions

Bank of New York processed $ 137 million in transactions from the OneCoin pyramid. One of America's oldest banks, Bank of New York Mellon, notified the US Financial Intelligence Agency (FinCEN) of more than $ 137 million in suspicious transactions in 2017 related to OneCoin, one of the largest cryptocurrency pyramids. This is stated in the materials published by the international investigative project of journalists "Kassandra" based on the documents of banking services for risk assessment. According to the report, the Bank of New York experts found 29 transactions carried out in 2015-16, the parties to which were 13 banks and companies associated with OneCoin, during which $ 137.6 million was carried out. The bank considered that it was about a tiered scheme in which the source of funds was concealed by conducting transactions through shell firms. The report itself was sent in February 2017. The OneCoin pyramid was organized in 2014 by Ruzhi Ignatova, a native of Bulgaria.

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