The world of cryptocurrency continues to evolve at lightning speed, with significant updates from major players in the industry. Here are some of the latest developments:
OKX Burns $258 Million Worth of OKB
OKX, a popular crypto exchange, has burned $258 million worth of its native token, OKB, as part of its twentieth round of the Buy-Back & Burn program. This effort has strengthened scarcity and potentially driven value for token holders. Since initiating the Buy-Back & Burn program in 2019, OKX has burned close to 64 million OKB tokens, reducing the circulating supply to around 235.9 million OKB. This latest burn marks a significant milestone for the native token.
Binance.US Transitions to All-Crypto Exchange
Binance.US is suspending the use of fiat currency and transitioning to an all-crypto exchange due to pressures from the US Securities and Exchange Commission (SEC). The exchange’s BNB token has been accused of being a security by the SEC, and the SEC has also accused Binance of directing $12 billion to firms controlled by CEO Changpeng Zhao, which both Zhao and Binance deny. The two are due back in court on June 13, which is the same day Binance.US is transitioning to an all-crypto exchange.
EU Publishes MiCA Legislation
The European Union’s Markets in Crypto-Assets (MiCA) legislation, designed to create a consistent regulatory framework for crypto assets, was published in the Official Journal of the European Union. This triggers a countdown for the law to come into effect from Dec. 30, 2024. The legislation includes registration and authorization requirements for issuers of cryptocurrencies, exchanges, and wallet providers, as well as risk mitigation requirements for stablecoin issuers and cybersecurity measures for cryptocurrency custody services. Cryptocurrency service providers have welcomed the legislation for creating a single market environment across Europe.
Overall, these updates demonstrate the ongoing evolution of the cryptocurrency industry and the increasing importance of regulatory compliance for players in the space. As the regulatory landscape continues to shift, it’s important for crypto exchanges and service providers to stay up-to-date and adapt to changing requirements.