• Binance has appointed a new general counsel amidst their increasing legal issues.
• The IRS is investigating the crypto exodus that Americans have taken to Puerto Rico.
• Crypto crime is down 65% in 2023, however ransomware remains prevalent.
Binance Appoints New General Counsel
Binance, one of the world’s leading cryptocurrency exchanges, has announced it will be appointing a new general counsel as they face intensifying legal troubles. This comes as several senior executives at the company are resigning due to ongoing regulatory challenges.
IRS Investigating American Crypto Exodus to Puerto Rico
The Internal Revenue Service (IRS) is currently looking into the recent American crypto exodus to Puerto Rico, where investors are seeking out more favorable tax laws for their investments. The IRS is hoping to ensure that all taxes owed on such investments are properly paid and reported accordingly.
Crypto Crime Down 65%, But Ransomware Still Prevalent
Recent reports suggest that overall crypto crime levels have dropped by 65% during 2023, with notable decreases in money laundering and fraud related activities. However, ransomware attacks remain prevalent and continue to be a major security concern for those involved in the cryptocurrency space.
BlackRock CEO Larry Fink Likens Crypto To Gold
In a recent interview BlackRock CEO Larry Fink praised Bitcoin as an ‘international asset’ and likened it to ‘digitizing gold’ saying that it could potentially become a viable hedge against inflation over time. He also expressed his optimism regarding its use for cross-border payments and investments in emerging markets.
Polygon Labs Proposes Replacing MATIC Token With POL Token
Polygon Labs recently proposed replacing their MATIC token with an upgraded version called POL as part of their ecosystem expansion plan. According to its whitepaper, POL will be the native token of Polygon and will be used for coordinating and incentivizing the whole ecosystem with an initial supply of 10 billion tokens dedicated solely towards migration from MATIC for POL. The layer 2 network projected POL’s price during a 10-year growth scenario average $5 which would be used for validator incentives and community treasury purposes