Football star Christiano Ronaldo becomes the latest celebrity to face legal action over association with crypto platforms.
Binance announces the winding down of binance USD (BUSD).
BTC-spot ETF activity continues in the background, with the markets eyeing a January batch approval.
Football Star Christiano Ronaldo Faces Binance-Linked Lawsuit
This week, news broke of a lawsuit against football star Christiano Ronaldo for his links to Binance. The plaintiffs argue his association with Binance as a brand ambassador led users to invest in unregistered securities and crypto yield products.
According to the BBC, the plaintiffs seek damages over $1 billion. In 2022, Christiano Ronaldo signed a multi-year NFT partnership with Binance.
Ronaldo is not the first to face legal action because of ties to crypto platforms. Tom Brady, Gisele Bundchen, Stephen Curry, and Naomi Osaka were among the big names to get wrapped up in the collapse of FTX.
Significantly, the cases against the stars promoting FTX opened the door to the complaint against Ronaldo.
Binance Announces Plans to Wind Down Binance USD
On Wednesday, Binance announced plans to phase out binance USD (BUSD). According to the post on X (formerly Twitter), Binance said,
“In accordance with past communications, Binance will cease support for BUSD products starting on December 15, 2023. Users may trade or convert their BUSD balances for FDUSD at zero trading fees.”
The news is unrelated to the Binance settlement with the US DOJ and US regulators. In February 2023, the SEC targeted Paxos and BUSD with a Wells notice. In the same month, Paxos announced it would stop minting new BUSD.
BTC-Spot ETF Issuers Increase to 13 After Late Filing
On Wednesday, Bloomberg Intelligence ETF Analyst James Seyffart announced a late entrant into the BTC-spot ETF space. European crypto ETF shop Pando filed an S-1 for Pando Asset Spot Bitcoin Trust.
There were also updates on existing applications. Bloomberg Intelligence ETF Analyst Eric Balchunas shared the latest news, saying,
“Looks like BlackRock met with the SEC’s Trading & Markets division again yesterday and presented them with a “revised” in-kind model design based on Staff’s comments at their 11/20 meeting.”
The SEC previously requested BTC-spot ETF applicants to amend their filings in favor of cash creates. More discussions relating to cash creations and in-kind are likely.
Notably, the BTC-spot ETF hype is influencing the spot and futures markets. Seyffart shared a ProShares BITO (BTC Futures ETF) chart showing BITO hitting an all-time high in assets.
Last week, Grayscale Bitcoin Trust GBTC traded at a record-low discount for the last few years.
With over 20 years of experience in the finance industry, Bob has been managing regional teams across Europe and Asia and focusing on analytics across both corporate and financial institutions. Currently he is covering developments relating to the financial markets, including currencies, commodities, alternative asset classes, and global equities.