Inventory of major events in the encryption industry from January to June 2023

Author: Songxue, Golden Finance

The years pass by, the seasons pass by, and 2023 is about to pass. Golden Finance has specially compiled the major events in 2023 to take you back to the past and relive those memories that travel through time and space.

January

Coin price : BTC exceeded $23,900, and ETH exceeded $1,600.

• DCG faces investigation by US authorities due to internal funding issues

Officials from the U.S. Department of Justice’s Eastern District of New York (EDNY) and the U.S. Securities and Exchange Commission (SEC) are investigating the relationship between Digital Currency Group (DCG) and the group’s subsidiary Genesis They also conducted in-depth research into whether investors were informed of these transactions.

• U.S. federal prosecutors seize nearly $700 million in SBF assets

Court documents show that U.S. federal prosecutors seized $697 million worth of cash and assets from former FTX CEO and founder SBF, mainly by Robinhood stock composition. Prosecutors also seized more than $6 million in assets from Silvergate Bank accounts and another $50 million from Moonstone Bank accounts. According to court documents reported by CNBC, the undisclosed amount was held in escrow in accounts at Binance and Binance.US. Prosecutors allege that funds used by SBF to purchase more than 55 million shares of now-controversial Robinhood stock were stolen from customers. SBF denies accusations of misappropriating client funds.

February

Coin prices: BTC exceeded US$25,000, ETH exceeded US$1,700 .

• SBF charged with conspiring to make illegal political contributions and defraud federal elections Commission

SBF is accused of conspiring to make illegal political contributions and defraud the U.S. Federal Election Commission. The indictment alleges that he made more than 300 illegal political donations worth more than $10 million. In addition, according to the new indictment released, FTX founder SBF also faces other charges, including bank fraud charges.

• Coinbase releases Ethereum L2 network Base

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Coinbase releases Ethereum L2 network Base. Base is a secure, low-cost, developer-friendly Ethereum L2, aiming to introduce the next billion users to Web3. Base will be positioned as Coinbase’s home for on-chain products and an open ecosystem that anyone can build on.

• U.S. SEC sues Terraform Labs and its co-founder Do Kwon

The SEC sued Terraform Labs, the company behind the TerraUSD stablecoin, and its co-founder Do Kwon. The SEC accused Terraform and Kwon of misleading investors on a number of issues, including who was using TerraUSD for payments, and called the Yield Anchor Agreement and the LUNA token “crypto-asset securities.” The SEC charged Terraform and Kwon with fraud, selling unregistered securities, selling swaps on unregistered securities and other related claims.

March

Coin prices: BTC exceeded US$28,500, ETH exceeded US$1,800 .

• Crypto-friendly bank Silvergate collapses

Silvergate, the most important bank in the crypto industry, shut down its trading network SEN. It has been used by large investors, companies, and stablecoin issuers 24*7 to move billions in and out of the crypto market.  

• Silicon Valley Bank was closed by the Federal Deposit Insurance Corporation (FDIC), announcing Bankruptcy

Silicon Valley Bank, which has approximately $209 billion in assets, is the first insured institution to go bankrupt this year. Silicon Valley Bank insured depositors can enter the bank on Monday. The bank's main and branch offices reopened on Monday. The bank established a deposit insurance policy and appointed the FDIC as receiver. Silicon Valley Bank has $175.4 billion in deposits. Official checks from Silicon Valley Bank will continue to be cashed.

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April

Coin prices: BTC exceeded 31,000 US dollars, Ethereum exceeded 2,100 US dollar, PEPE rose more than 55% in 24 hours.

• Former US President Trump was formally arrested

Trump arrived at the Manhattan Criminal Court in Lower Manhattan, New York, preparing to appear in court for arraignment. According to British Sky TV, Trump has been formally arrested. This is the first time in the history of the United States that a former or current president has encountered such a situation. British Sky TV said that Trump became the first former president to be charged with criminal charges in the history of the United States.

May

Coin prices: BTC exceeded US$29,000, ETH exceeded US$1,900 .

• The Hong Kong Securities and Futures Commission issued "Guidelines Applicable to Virtual Asset Trading Platform Operators" " and many other regulatory documents

The Hong Kong Securities and Futures Commission published the "Guidelines Applicable to Virtual Asset Trading Platform Operators" and "Crackdown on Virtual Asset Trading Platform Operators" in the Gazette on May 25, 2023. Money Laundering and Counter-Terrorist Financing Guidelines (Applicable to Licensed Corporations and Virtual Asset Service Providers Licensed by the SFC)", "Guidelines issued by the Securities and Futures Commission applicable to licensed corporations and virtual asset service providers licensed by the SFC "Guidelines on Preventing Money Laundering and Terrorist Financing by Associated Entities of Virtual Asset Service Providers" and "Guidelines on Disciplinary Penalties and Fines of the Securities Regulatory Commission" and other regulatory documents.

• The Hong Kong SFC provides transitional arrangements for virtual asset trading platforms to apply for licenses

In order to provide virtual asset trading platforms operating in Hong Kong with reasonable and sufficient time to apply for licenses or wind up in an orderly manner, the Hong Kong government provides transitional arrangements. For trading platforms that have been operating in Hong Kong and have established meaningful and substantive businesses before June 1, 2023, including platform operators licensed under the Securities and Futures Ordinance, and those operating under the Securities and Futures Ordinance. Applicants for virtual asset trading platforms that conduct business with non-security tokens may participate in the transitional arrangement if they are eligible.

At the same time, the conditions set out in Schedule 3G of the "Anti-Money Laundering and Counter-Terrorist Financing (Amendment) Bill 2022" must be met from June 1, 2023 to May 31, 2024. It will continue to operate in Hong Kong and will be subject to the virtual asset service provider licensing system from June 1, 2024. Companies that plan to provide virtual asset services in Hong Kong after June 1, 2023 must apply to the SFC in advance and obtain a license. After the virtual asset service provider licensing system is officially implemented, the SFC will supervise security token exchanges conducted by virtual asset exchanges in accordance with the Securities and Futures Ordinance. Fund Raising (Amendment) Bill" regulates non-security token exchanges conducted by virtual asset exchanges.

June

BTC exceeded US$31,000, and ETH exceeded US$1,900.

• The Hong Kong Securities and Futures Commission implements the new licensing system for virtual asset service providers

The Hong Kong Securities and Futures Commission (SFC) officially implemented the new licensing system for virtual asset service providers on June 1. The Securities and Futures Commission of Hong Kong welcomes virtual asset trading platform operators who are prepared to comply with SFC standards to apply for licenses. Operators that do not intend to apply for a license should proceed to wind down their operations in Hong Kong in an orderly manner. This marks significant progress in the construction of a global virtual asset center that Hong Kong is vigorously promoting. Industry insiders are gearing up. Some can’t wait to submit their applications as soon as possible.  

• The EU officially signs the MiCA regulation into law

The law, signed by European Parliament President Roberta Metsola and Swedish Rural Affairs Minister Peter Kullgren, comes alongside a separate anti-money laundering law that requires crypto providers to verify the identities of their customers when transferring funds. Its terms, which provide cryptocurrency exchanges and wallet providers with licenses to operate within the 27-country bloc and require stablecoin issuers to hold appropriate reserves, will take effect in 12 to 18 months.

• SEC filed 13 charges against Binance and Changpeng Zhao, including improper handling of customer funds Etc.

The U.S. Securities and Exchange Commission (SEC) filed 13 charges against Binance and Changpeng Zhao, including mishandling customer funds and lying to regulators and investors about its operations wait. The SEC said Binance had been commingling billions of dollars in customer funds and secretly transferring them to a separate company controlled by Changpeng Zhao. Furthermore, Binance misled investors about the adequacy of its systems to detect and control manipulative trading practices. The SEC also said Binance did not do enough to restrict U.S. investors from using the unregulated exchange.

• SEC accused Coinbase of operating an unregistered trading platform and that its staking services were not Register

The SEC sued cryptocurrency exchange Coinbase in New York federal court, accusing the crypto trading company of violating its regulations for years. The regulator claimed that Coinbase, the largest crypto trading platform in the United States, evaded regulation by allowing users to trade large amounts of crypto tokens that were actually unregistered securities and that Coinbase’s staking service violated the agency’s rules. The service allows customers to hand over their crypto tokens to facilitate transactions on the blockchain, and then pays customers in return.