Recapping the Week in DeFi

As the DeFi and crypto space continues to evolve at a rapid pace, it's essential to stay informed about the latest developments and trends. Our weekly recap provides you with a concise yet comprehensive overview of the most significant news and trends in the DeFi and crypto space, helping you stay informed and up-to-date with the latest happenings.

Binance and KuCoin Eyes Return to India with FIU Registration

Binance and KuCoin, major cryptocurrency exchanges, have received approval from India's FIU-IND, per a May 10 CoinDesk report. The nod signals a possible comeback to the Indian market after being banned over alleged illicit activities. Compliance with anti-money laundering laws and taxation frameworks is crucial for their re-entry, with Binance anticipated to make substantial modifications.

Read the full story.

FTX Creditors to Receive 118% Payout in New Recovery Plan

FTX's latest court filing reveals that the majority of creditors from the defunct cryptocurrency exchange can expect to receive over 100% of their initial claims. The reorganization plan, pending approval from the Delaware bankruptcy court, suggests that nearly all creditors, constituting 98% of them with claims below $50,000, will receive around 118% of what they're owed. This plan is notably more generous than earlier estimates, which anticipated a recovery rate of only 90%. 

Details in the article.

Binance Targeted by Unknown Nigerian Officials for Cryptocurrency Settlement, CEO Claims

During a recent meeting in Nigeria, Binance CEO Richard Teng disclosed that the company was approached by unidentified individuals with a proposal for a secret settlement. The proposal, which came after a heated discussion with Nigerian lawmakers, involved a substantial amount of cryptocurrency to settle allegations of tax evasion and money laundering against Binance. 

Find more information here. 

IMF Urges Nigeria to License Crypto Exchanges for Enhanced Regulation

The International Monetary Fund (IMF) has advised Nigeria to regulate cryptocurrency trading platforms, urging registration or licensing for global exchanges. This recommendation, from the IMF's latest report following consultations with Nigeria, aims to ensure financial stability and investor protection in the country's growing crypto market.

See the full details.

DWF Labs Market Manipulation Allegations: What We Know

Allegations of market manipulation have emerged against Web3 firm DWF Labs. The Wall Street Journal reveals findings by Binance's surveillance team, indicating manipulative activities exceeding $300 million.

Discover the findings here.