Here are three web3 stories you need to know from this week.
Binance announces a complete exit from the U.S., agreeing to pay $3.4Bn to FinCEN and $968Mn to OFAC, in addition to settling with the Department of Justice. Binance CEO Changpeng ‘CZ’ Zhao is stepping down from the company and will face charges in the United States for his actions. Story here.
The SEC files charges against crypto exchange Kraken once again, just nine months after settling previous charges. This time the U.S. agency alleges Kraken is selling unregistered securities, similar to the charges brought against Coinbase and others. Story here.
Crypto bridge developer Wormhole secures $225Mn in funding at a whopping $2.5Bn valuation, signaling strong investor confidence in its potential. The developer platform allows different blockchain networks to communicate with each other. Investors include Brevan Howard, Coinbase Ventures, Multicoin Capital, Jump Trading, and more. Story here.
Bonus Story: Learn more about W3 Studio, our 501c3 nonprofit supporting diverse founders building emerging tech startups here in Atlanta, in this feature article from Bold Journey. Story here.
Special thanks to W3 Studio intern Yuna Lee for her work in preparing this week’s newsletter.
Our nonprofit W3 Studio is a 501c3 charitable organization. You can support us by donating or purchasing a digital membership pass here. Also, check out our list of pitch competitions, grant programs, and other founder resources here.
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