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. 

SEC Accuses Binance of Sending $20B in Commingled Funds to Paxos Foreign Affiliate

The U.S. Securities and Exchange Commission (SEC) filed a complaint against Binance, alleging that the exchange sent around $20 billion in commingled funds to a foreign affiliate of stablecoin issuer Paxos in 2021. The filing also revealed that Binance and its CEO Changpeng Zhao held multiple accounts at now-bankrupt Silvergate Bank and Signature Bank, which were used for transactions involving Zhao's companies. 

Learn more in this article. 

SEC Slams Coinbase with Lawsuit After Binance

The SEC has sued Coinbase, a major cryptocurrency exchange, just one day after its lawsuit against Binance. The 101-page lawsuit accuses Coinbase of operating as an unregistered broker, national securities exchange, and clearing agency, and failing to meet disclosure requirements. The SEC claims that several tokens offered by Coinbase, including SOL, ADA, MATIC, FIL, SAND, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO, are securities.

Get all the information here.

Aave's Lens Protocol Raises $15 Million, Paving the Way for a Decentralized Social Internet

Lens Protocol, developed by Aave Companies, has successfully raised $15 million in funding. The protocol aims to create a user-owned social layer for the Internet and will use the investment to further develop the Lens ecosystem within the web3 community. Leading the funding round was IDEO CoLab Ventures, along with notable contributions from General Catalyst, Variant, Blockchain Capital, Palm Tree, and others.

Get all the details here.

MIM Integrates LayerZero’s OFT Standard to Become the First Omnistable

Abracadabra Money has integrated LayerZero in a significant upgrade for its stablecoin MIM, making it the first omnistable to adopt LayerZero's Omnichain Fungible Token (OFT) standard. Thanks to LayerZero's OFT standard, MIM holders can effortlessly transfer their tokens across multiple networks without encountering slippage, long wait times, or transaction fees. 

More details in this article. 

Binance US Suspends USD Deposits Amid SEC Crackdown

Binance US has suspended US dollar deposits and informed customers that fiat (USD) withdrawal channels may also be paused starting June 13. The exchange has advised customers to take necessary steps regarding their USD holdings as it temporarily transitions into a crypto-only exchange. 

Learn more here.