Crypto Trends in November 2023
Let’s check out what were the most important news and trends on the crypto market in November.
These were the most important developments in crypto in November 2023.
The Binance Court Settlement
Binance’s 4.3 billion USD court settlement rocked the crypto market in November. The largest centralized crypto exchange in the world reached a settlement with US regulators regarding accusations of providing non-regulated services to US customers, enabling potential money laundering, and the financing of terrorist groups. The exchange agreed to pay a massive 4.3 billion USD fine and improve it’s anti-money laundering compliance. Also, Binance’s CEO pleaded guilty to the listed charges and stepped down from his role in the company. This news clearly shows that the time is up for non-regulated crypto exchanges and that the way forward for the industry is regulatory compliance.
Bitcoin and Ethereum Spot ETFs
Bitcoin ETFs have been the talk of the industry for several months now after various major investment firms filed for BTC ETFs in the US. The ETF filings are now expanding to Ethereum Spot ETFs filed by Fidelity and BlackRock. As for the approval of these ETF applications, the US Securities and Exchange Commission has delayed its final decision on the matter from the 21st of November to early 2024. It remains to be seen whether BTC ETFs will get approved in the US, but if they do, many analysts predict a huge possible inflow of capital into the crypto market.
Ripple’s Expansion In the Banking Sector
After winning its years long court battle against the SEC, Ripple has been witnessing a considerable recovery in XRP coin value, along with a rapid business expansion. The Grayscale investment fund has recently highlighted Ripple as a potential alternative to the international SWIFT transaction system, thanks to XRP’s ability to facilitate fast and cheap cross-border transactions. Also, Ripple has just bought Metaco, a Swiss digital asset custody provider a gained the attention of the HSBC Bank. It seems that Ripple is decisive on growing its position in the 300 trillion USD cross-border payments market.