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Binance settled with the SEC and agreed to pay $4.3 billion.
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Changpeng Zhao also agreed to step down as the CEO and pay $50M.
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Memeinator continued with its token sale as it raised over $1.4 million.
The crypto fear and greed index remained in the green this week even as the industry went through severe challenges. Bitcoin surged to over $38,000 while crypto tokens like Superverse (SUPER), GameSwift, and EthereumPoW more than doubled. In all, the total market cap of all digital currencies approached the $1.5 trillion level.
Binance and Kraken woes
The crypto industry had several important events this week. It started with a major lawsuit brought by the Securities and Exchange Commission (SEC) against Kraken, one of the biggest crypto exchanges in the world.
The SEC alleged that the company operates as an unregistered securities exchange, putting millions of customers at risk. It also operates illegally, providing broker, dealer, and clearinghouse services. Further, the exchange does not do proper record keeping, and that it commingles customers funds.
A day later, the SEC reached a settlement with Binance, the biggest exchange in the world. As part of the settlement, ChangPeng Zhao, the company’s founder and CEO, agreed to step down and pay a $50 million fine. The exchange will also pay over $4 billion in fines.
Therefore, the price action of cryptocurrencies is a sign that investors have welcomed the new actions on Binance. Besides, regulatory challenges have been hanging around the crypto industry in the past few months. In a statement, analysts at JPMorgan said:
“Its market share loss should be contained going forward and perhaps partly reverse once the implications from the settlement on Binance’s operations and business model become more clear.”
Memeinator token sale doing well
Meanwhile, Memeinator has continued doing well as the token sale gains momentum. According to its website, the developers have now raised over $1.49 billion from investors as demand rises.
Data also shows that over 300k people have entered its promotional campaign, where the winner will get a ticket to go to space in the coming months. A Virgin Galactic trip is said to cost over $200k.
Memeinator is aiming to take advantage of two important themes. First, it is a meme coin that seeks to outperform other meme coins like MemeCoin (MEME), Pepe, and Bonk. All these tokens have surged recently, creating millionaires along the way.
Second, there is the theme of artificial intelligence (AI), which is booming after the success of ChatGPT, Bard AI, and Anthropic. Recently, AI tokens like SingularityNET (AGIX) and Fetch AI have been some of the best performers in the industry. Therefore, there is a likelihood that MMTR token will do well when it is listed. You can buy the MMTR token here.
There are risks for investing in Memeinator. As we have seen with other tokens, there is a risk that its price will not rise after being listed. There is also the risk of pump and dumps. Therefore, you should only invest funds that you can afford to lose.