In the world of cryptocurrencies, the allure of becoming a crypto millionaire has captivated the imaginations of many crypto investors. The failure of the FTX exchange has triggered a sharp regulatory crackdown on the crypto world. The Securities and Exchange Commission brought civil charges against the largest crypto exchanges in the world — Binance and Coinbase — for allegedly failing to register with the regulator as securities exchanges. In this daily crypto roundup, we will discuss the latest market updates and the performance of major cryptocurrencies.
Most of the top crypto tokens dropped sharply during the early day on Friday on the back of profit booking. The second largest virtual currency, Ethereum or Ether, slipped 2.1 percent to $1,871.7 with a market capitalization of $225.9 billion. The trade volume of Ethereum was $7.8 billion in the last 24 hours. Other popular altcoins like Dogecoin (DOGE), Ripple (XRP), Litecoin (LTC), and Solana (SOL) landed in the reds across the board.
Mitsubishi UFJ Financial Group Inc. is in talks with companies behind popular global stablecoins and other firms about issuing such tokens via the Japanese banking giant's blockchain platform.
As reported by Bloomberg, Japan's stablecoin law, one of the first among major economies, became operative on June 1 and, in effect, means that only the nation's licensed banks, registered money transfer agents, and trust companies can issue the tokens.
CACEIS, the asset servicing arm of banking giants Crédit Agricole and Santander, has been registered by French regulators to provide crypto custody services.
According to the regulator's website, CACEIS Bank, which provides services to asset managers such as insurers, pension funds, and private equity, was registered by France's Financial Markets Authority (AMF) on Tuesday, June 20.
It joins other traditional finance firms such as Societe Generale's Forge and AXA Investment Managers in being recognized under one of the most advanced crypto regulatory frameworks in Europe, as the European Union prepares to impose new crypto licensing rules known as MiCA as of 2024.
Optimism, Ethereum's second-largest Layer 2 network with $2.2B in value locked, has announced a third "RetroPGF" round to reward ecosystem contributors for their past contributions to the network.
Starting in the fall, the program will distribute 30M OP tokens to builders, creators, and educators. OP is up nearly 20% today but remains down 15% over the past month.
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