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Crypto exchange Huobi has reportedly cut its workforce by 20%. The layoff is part of the firm’s efforts to restructure the business after Justin Sun took over the exchange. According to the exchange’s spokesperson, the move aims to optimize its structure and improve efficiency in the midst of crypto winter. Sun has previously denied allegations of the firm’s purported insolvency and said user assets were fully protected. He also promised that the exchange will fully respect the legal demands of local employees.

The global installation of Bitcoin ATMs has only recorded a slight increase in the second half of 2022. Compared to the total of 4,169 Bitcoin ATMs installed in the first six months of 2022, only 94 ATMs have been added since July 2022. It is believed that the geopolitical tensions, global inflation and continuance of the crypto winter have discouraged countries from adding more Bitcoin ATMs. The United States and Canada remain the top two countries with the largest Bitcoin ATMs network.

Mutant Ape Planet’s developer Aurelien Michel has been arrested at the John F. International Airport in New York for allegedly executing a rug pull scheme and deceiving nearly $3 million from investors of the Mutant Ape Yacht Club knock-off collection. The press release from the Department of Justice stated that he defrauded investors by making false representations of giveaways, tokens with staking features, and merchandise collections. However, none of the benefits he promised was received and the developer withdrew the funds for his personal benefit after selling out of the NFTs.

FTX’s former lawyer Daniel Friedberg has reportedly cooperated with US prosecutors for the investigation of the FTX fraud case. According to Reuters’ report, Friedberg met with investigators at the US Attorney for the Southern District of New York’s office on 22 November 2022 to disclose his knowledge of Bankman-Fried’s misappropriation of customer funds to finance the business. He also gave details of how the hedge fund Alameda Research operated. Friedberg resigned from his position on 8 November 2022, a few days before FTX filed for bankruptcy protection.

Crypto lender Genesis Global Trading has reportedly laid off 30% of its staff to cut costs. According to the company’s spokesperson, it has made the difficult decision to reduce its headcount globally as it continues to navigate unprecedented industry challenges. The company also laid off 20% of its workforce in August 2022 and moved the then CEO Michael Moro into an advisory role. Being the lender of the bankrupted Alameda Research and Three Arrows Capital, the company suffered losses and it halted withdrawals and suspended new loan originations in November 2022.

US-based cryptocurrency exchange Coinbase has reportedly reached an agreement with the New York State Department of Financial Services to pay a $50 million fine for its breach of New York’s financial services and banking laws. The exchange also committed to investing at least $50 million to further improve and enhance its compliance program. Coinbase was accused of violating the state’s AML requirement as it did not conduct sufficient background checks before allowing customers to open accounts. The exchange acknowledged the deficiencies and pledged to fix the issues.

Indonesia has reportedly planned to set up a crypto exchange this year before the Financial Services Authority takes over the Commodity Futures Trading Regulatory Agency to regulate the crypto assets market. Cryptocurrency and digital assets are now recognized as regulated financial securities in the country. The country’s crypto market still recorded growth despite the crypto turmoil last year and the Bloomberg reported that there were 16 million investors in the first 11 months of 2022.

Ukraine pharmacy chain ANC Pharmacy has reportedly cooperated with Binance Ukraine to allow its customer to use crypto through Binance Pay for purchasing pharmacy products online. The services will first be introduced in Kyiv. Customers who want to pay in crypto must download the Binance application and select pharmacy products on the pharmacy chain’s website. After paying for the products via Binance Pay, they could pick up the order at a chosen shop.

Morocco’s first crypto bill has reportedly been finalized by the country’s Central Bank and is expected to be introduced in the following days. The bill seeks to protect individuals while not constraining innovation and it will include a legal definition of crypto that is adapted to the domestic context. The Governor of the country’s Central Bank previously said in a press conference that there would be a series of discussions between the bank and market participants before the implementation of the bill. Morocco is the fastest-growing crypto market in Northern Africa in 2022, with 3.1% of the population holding digital assets.

The US Federal Reserve, Federal Deposit Insurance Corp and the Office of the Comptroller of the Currency have issued a joint statement on 3 January, warning the banks of the risks associated with cryptocurrencies. The regulators identified risks such as volatility of digital asset markets, contagion risk within the sector, and fraud and scams among sector participants. The regulators believed that issuing or holding as principal crypto-assets that were stored on an open, public and/or decentralized network was highly unlikely to be consistent with safe and sound banking practices. They also expressed concerns about the safety and soundness of banks focusing on crypto clients or having concentrated exposure to the sector.

Italy’s Senate approved its 2023 budget on 29 December 2022. The bill, which defines crypto assets as a digital representation of value or rights that can be transferred and stored electronically by applying distributed ledger technology or similar technology, imposes a 26% capital gains tax on crypto-asset trading exceeding 2,000 euros. To encourage taxpayers to declare their digital assets, the bill allows them to pay a 14% tax if they declare the value of their holdings as of 1 January 2023. The bill also lowers the retirement age, introduces tax amnesties to reduce penalties on missed tax payments and provides fiscal incentives for job creation.

According to the report from Reuters, FTX’s founder Sam Bankman-Fried will plead not guilty in the FTX fraud case, though he could choose to amend his plea afterwards. He is now facing two counts of wire fraud and six counts of conspiracy and will enter a plea on these charges on 3 January 2023 before US District Judge Lewis Kaplan in Manhattan federal court. The FTX’s founder was arrested in the Bahamas and was subsequently released on a $250 million bond on 22 December 2022.