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Andrea Enria of the European Central Bank (ECB) warns that crypto firms may face banking regulations if providing services resembling those of traditional banks. He emphasizes the need for monitoring and regulation to ensure entities in the crypto world acting as banks are subject to appropriate supervision. Source: Cryptoglobe

The Securities and Exchange Commission (SEC) in the Philippines issues a cautionary advisory against endorsing Binance, citing potential legal consequences under the Securities Regulation Code. Violations could result in a maximum fine of five million pesos, a 21-year imprisonment, or both. In response, reports suggest Binance's website and apps will be inaccessible in the Philippines within the next three months to allow local users a grace period for asset withdrawal. Source: Cryptotimes.io

Jay Clayton, former chairman of the U.S. Securities and Exchange Commission (SEC), shared insights on cryptocurrency regulation at the Council on Foreign Relations. He mentioned that the classification debates over whether a crypto token is a security or a commodity are exaggerated, stating, "Most of those decisions are pretty easy." Clayton's remarks contribute to the ongoing discussions surrounding regulatory clarity in the crypto space. Source: News.Bitcoin.com

In a strategic move Changpeng Zhao (CZ) resigns as the chairman of US Binance amid SEC Proceedings Source : Twitter

The inaugural Digital Acceleration and Transformation Expo (DATE) in India explores the nation's vision to become a global innovation center. Finance Minister emphasizes the expo's importance for Indian youth, offering a platform for information, networking, and talent showcasing. Minister of State highlights discussions on business, social impact, youth empowerment, and real investments. Souce: Beincrypto.com

The European Parliament's Committee on the Internal Market calls for the EU to lead Metaverse projects, aiming to reduce dependence on other countries and support EU businesses. The report emphasizes the EU's role in shaping virtual worlds based on European values. Souce : Bitcoinsistemi.com

The Agencia Tributaria in Spain introduces form 721, requiring residents with crypto holdings above 55,000 USD on non-Spanish platforms to declare their assets. The submission deadline is March 31, 2024, with the period starting on January 1. This aligns with Spain's broader efforts to regulate the domestic crypto space. Source: Bitcoinsistemi.com

Crypto exchange Coinbase notifies users of a Commodity Futures Trading Commission (CFTC) subpoena, demanding user account details and transaction history. The CFTC is potentially preparing for legal action against Dubai-based exchange Bybit. Source: Protos.com

Richard Teng, the recently appointed CEO of Binance, has released his first statement, expressing confidence and resilience by stating, "We have turned the page on Binance’s historical challenges, and we are, in fact, stronger today than we have ever been." This marks a new chapter for the cryptocurrency exchange under Teng's leadership. Source : coingecko.com

"Following Zhao's guilty plea, a magistrate judge allowed his release on a $175 million personal recognizance bond, but the U.S. Department of Justice, expressing concerns about flight risk, the former Binance CEO, is barred from leaving the U.S. while awaiting sentencing, pending a court review of the U.S. government's motion. Source : Coindesk.com

Multinational banking powerhouse Standard Chartered is spearheading the integration of China's CBDC into the global financial system. Through collaboration with City Bank Clearing Services, Standard Chartered's Chinese division now offers exchange services, encompassing recharge and redemption functions for the digital Yuan. Standard Chartered's commitment to digital innovation facilitates broader accessibility and interaction with China's CBDC on a global scale. Source: Crypto.news

In a recent development, a scammer utilizing an HTX wallet defrauded a local resident of €1.2 million ($1.3 million), prompting action from the Netherlands' financial crime unit. An Amsterdam court has ruled that HTX must disclose the scammer's full details, including name, address, zip code, and residence. Despite non-attendance from HTX, the court imposed a €500,000 ($550,000) fine, with daily penalties escalating by €100,000 ($110,000) until compliance, potentially reaching a total of €2 million ($2.2 million). This legal action highlights the consequences faced by HTX for non-cooperation in the investigation. Source: Protos.com