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. 

AutoFarm Network Shuts Down Amid Hostile Takeover

Once popular multichain DeFi yield aggregator AutoFarm Network has announced its closure. The company's journey took a turbulent turn earlier this year when it fell victim to a hostile takeover by new owners. This unfortunate event triggered a series of challenges for AutoFarm, ultimately leading to the decision to cease its operations.

Find more information in this article.

Exchange Kucoin Introduces Mandatory KYC for Users

KuCoin has announced the implementation of an enhanced Customer Identification and Verification Program, effective July 15, 2023 (UTC). Newly registered users must now complete the KYC process to gain access to KuCoin's diverse range of products and services. However, existing users will no longer have access to the deposit service, but will retain limited functionality on the platform, including withdrawals.

Details here.

Binance's European Banking Partner Pulls the Plug on Euro Transactions

Facing concurrent setbacks, Binance's European banking partner, Paysafe, has confirmed it will no longer support euro deposits and withdrawals through bank transfers after September 25. Binance plans to find a new provider for these services and will share updates on the matter soon. However, other ways of depositing, withdrawing fiat currencies, and trading cryptocurrencies on Binance.com remain unaffected for now.

Learn about the development here. 

HSBC Enables Ethereum and Bitcoin ETF Trading for Traders in Hong Kong

As the biggest bank in Hong Kong, HSBC's move to allow Ethereum and Bitcoin ETF trading is a major step in embracing cryptocurrencies in the region. The decision creates fresh prospects for local traders and investors. The approval and accessibility of regulated ETFs that track the performance of Bitcoin and Ethereum offer investors a conventional and regulated means to invest in these digital assets.

Find more information here.

SEC Deems Spot Bitcoin ETF Filings Insufficient, Demands Clarity and Details

The U.S. SEC said that recent filings for spot bitcoin ETFs lacked clarity and comprehensiveness. They pointed out the absence of information about "surveillance-sharing agreements" with spot bitcoin exchanges. The SEC expected the filings to specify the exchange and provide detailed information about the agreements. However, asset managers have been given the opportunity to resubmit their filings after addressing these issues.

Learn more here.