The world of cryptocurrencies is ever-evolving, and each week brings significant changes that reshape the financial landscape. In this weekly roundup, we cover the hottest crypto stories that are setting the tone for the future of digital finance.
One of the biggest news this week is the release of Changpeng Zhao, the founder of Binance, after serving time for regulatory violations. Despite stepping away from his leadership role, CZ’s influence in the crypto world remains undeniable. Meanwhile, PayPal is taking significant strides by enabling U.S. merchants to operate with cryptocurrencies. Additionally, Nemo Latam has opened the first physical crypto store in Lima, Peru, marking a new era of accessibility to digital assets.
The Nightmare Ends: CZ Released from U.S. Custody
After spending two months in a California correctional facility for regulatory violations, followed by two months in a halfway house in Long Beach, Changpeng Zhao (CZ) was released on September 27, 2024—just two days before his scheduled release date.
In November, CZ pleaded guilty to federal charges related to insufficient Anti-Money Laundering (AML) controls at Binance. He also stepped down from his role as CEO.
Despite the attention surrounding CZ’s release, this does not signal his return to Binance’s leadership. However, as the majority shareholder, with 90% of the exchange’s shares, CZ remains a key figure in the industry. His release opens the door to new ventures, including his educational project, the Snicker Institute, aimed at supporting underserved communities.
GameStop Customer Wins Big with Hidden Crypto Prize
In a stroke of luck, a GameStop customer stumbled upon a hidden crypto jackpot. A $30 pack of collectible trading cards led to the discovery of a Bitcoin valued at over $63,000.
The winning card was part of the first edition of Cardsmiths’ Crypto Trading Cards, purchased at a GameStop store. Amusingly, the fortunate buyer admitted it took them some time to realize their prize, as they initially found the deck more appealing as a display piece in their album before scratching off the card to reveal the hidden Bitcoin.
PayPal Expands Crypto Capabilities to U.S. Businesses
In a major development, PayPal announced that U.S. business accounts can now buy, sell, and trade cryptocurrencies directly through their PayPal accounts.
This new feature, available nationwide except for New York, addresses growing demand from businesses eager to access the same crypto functionalities available to consumers. José Fernandez da Ponte, PayPal’s Senior Vice President of Blockchain, Crypto, and Digital Currencies, expressed enthusiasm, stating: “Business owners have increasingly requested the same capabilities available to consumers, and we’re thrilled to meet that demand by enabling seamless interaction with digital currencies.”
U.S. Charges Russian Nationals in Cyber Money Laundering Case
The U.S. Department of Justice (DoJ) has filed charges against Russian citizens Sergey Ivanov and Timur Shakhmametov, accusing them of running a cyber money laundering operation that facilitated multimillion-dollar transactions for cybercriminal groups, including those responsible for ransomware attacks.
Ivanov is accused of processing over $1.15 billion in transactions over 11 years, supporting illegal websites such as Rescator and Joker’s Reserve, which sold stolen credit and debit card information. Shakhmametov, known online as “JokerStash” and “Vega,” is charged with operating Joker’s Reserve, where up to 40 million payment card records were offered annually. The U.S. State Department has offered $10 million rewards for information leading to their arrests.
Lima Welcomes Its First Physical Crypto Store
The adoption of cryptocurrencies is gaining momentum in Peru, with more citizens turning to digital assets like Bitcoin and Ethereum as part of their investment portfolios. In response, Nemo Latam has opened the first physical crypto store in Lima’s San Isidro district, providing personalized services to help people buy and trade cryptocurrencies seamlessly.
The store also offers a physical Visa card called the “Nemo Card,” allowing users to spend their digital assets at any Visa-accepting merchant across Peru or withdraw cash from ATMs. This launch represents a crucial step in making crypto more accessible to the general public.
In closing, it’s fitting to remember the words of Jack Dorsey: “I believe Bitcoin will become the single currency of the world.”
By Andrej Kovacevic
Updated on 29th September 2024