In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\n In July, Tron founder Justin Sun announced <\/a>a gas-free stablecoin. This new stablecoin will support free peer-to-peer transfers on the Tron blockchain. There are plans for future compatibility with Ethereum.<\/p>\n","post_title":"Robinhood And Revolut Consider Entering Stablecoin Market","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"robinhood-and-revolut-consider-entering-stablecoin-market","to_ping":"","pinged":"","post_modified":"2024-10-01 22:55:20","post_modified_gmt":"2024-10-01 12:55:20","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18901","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};
Changpeng \"CZ\" Zhao, the founder of Binance, was released from custody on Friday, Bloomberg<\/em> first reported<\/a>. After spending three months in a California prison and weeks in transitional housing, Zhao's early release, two days ahead of his expected release date, marked the end of a sentence linked to his violations of US financial laws.<\/p>\n\n\n\n Zhao faced charges in April for failing to establish adequate anti-money laundering safeguards at Binance, specifically the implementation of a comprehensive Know-Your-Customer (KYC) program. He pleaded guilty to violating the Bank Secrecy Act and was sentenced to four months in prison.<\/p>\n\n\n\n The plea deal included a personal $50 million fine and his resignation as Binance's CEO. Binance itself agreed to pay a $4.3 billion fine to settle related charges with multiple US regulatory bodies. The sentencing marked a major development in the crackdown on cryptocurrency regulation, particularly given the scale of Binance's operation as the largest crypto exchange globally.<\/p>\n\n\n\n Though custodial sentences for such violations are rare, Zhao's punishment was more lenient than the three-year term initially sought by federal prosecutors.<\/p>\n\n\n\n See Related: <\/em><\/strong>From Bad To Good To Worse: The Binance And FTX Saga<\/a><\/p>\n\n\n\n Under US law, prisoners may be released early if their release date falls on a weekend or holiday. Zhao's time in custody began with three months in Lompoc II, a low-security facility located along California's central coast, followed by a move to a halfway house in August.<\/p>\n\n\n\n Zhao, often referred to by his initials \"CZ,\" is notably one of the wealthiest individuals to have ever been imprisoned in the US, with an estimated net worth of $25.3 billion according to Bloomberg's Billionaires' Index.<\/p>\n\n\n\n In contrast, other cryptocurrency figures facing similar allegations, such as former BitMEX CEO Arthur Hayes, were only sentenced to probation. Prosecutors had hoped to make an example of Zhao, arguing that Binance fostered an environment conducive to money laundering, terrorist financing, and illicit activities.<\/p>\n\n\n\n They claimed that Binance facilitated over 100,000 suspicious transactions involving designated terrorist groups, including Hamas, al-Qaeda, and ISIS, and even played a role in supporting child exploitation content.<\/p>\n","post_title":"Binance's Founder Changpeng Zhao Released From US Prison","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"binances-founder-changpeng-zhao-released-from-us-prison","to_ping":"","pinged":"","post_modified":"2024-10-02 15:53:34","post_modified_gmt":"2024-10-02 05:53:34","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=18904","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":18901,"post_author":"15","post_date":"2024-10-01 22:53:41","post_date_gmt":"2024-10-01 12:53:41","post_content":"\n Fintech companies Robinhood and Revolut are exploring the possibility of launching their own stablecoins. This move is influenced by rapid growth, spurred by European regulatory changes.<\/p>\n\n\n\n A report <\/a>from anonymous sources from Bloomberg suggests that both companies are looking to enter the expanding stablecoin market. This sector is currently dominated by Tether\u2019s USDT, which holds over 75% of the market after benefiting from the economic landscape and regulatory challenges in the U.S.<\/p>\n\n\n\n Tether\u2019s success has been driven by banking crises and increased regulatory scrutiny, resulting in the stablecoin issuer reporting $5.2 billion in profits for the first half of 2024. Tether\u2019s business model is now motivating more players to join the stablecoin market.<\/p>\n\n\n\n Despite Bloomberg's report, neither Robinhood nor Revolut have confirmed their plans to issue stablecoins.<\/p>\n\n\n\n See Related: <\/em><\/strong>Robinhood's Connect Allows Users To Access DeFi(Opens in a new browser tab)<\/a><\/p>\n\n\n\n In August, PayPal launched <\/a>its U.S. dollar-backed stablecoin, PYUSD, on Ethereum. This stablecoin offers fast payments and conversions between digital and fiat currencies.<\/p>\n\n\n\n Earlier this month, Sui Network introduced <\/a>Circle\u2019s USDC stablecoin. It also launched the Cross-Chain Transfer Protocol (CCTP) to enhance liquidity and enable smoother cross-chain transfers. This marks Sui Network's first integration of Circle's technology.<\/p>\n\n\n\nThe Stablecoin Market This Year<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
Early Release For Changpeng Zhao<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
Early Release For Changpeng Zhao<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
Early Release For Changpeng Zhao<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
Early Release For Changpeng Zhao<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
Early Release For Changpeng Zhao<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
Early Release For Changpeng Zhao<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
Early Release For Changpeng Zhao<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n
Early Release For Changpeng Zhao<\/h2>\n\n\n\n
The Stablecoin Market This Year<\/h2>\n\n\n\n