Here’s what happened in crypto today

Binance reportedly notified its top market makers in September that a settlement with U.S. regulators was on the horizon. Meanwhile, eToro CEO Yoni Assia said products like Bitcoin ETFs align with institutions’ existing modes of operation, and hackers just rounded out the most “damaging” month for crypto in 2023, according to blockchain security firm CertiK.

Binance reportedly gave top market makers heads-up about DOJ settlement

Crypto exchange Binance reportedly notified its top market makers that it was nearing its $4.3 billion settlement with U.S. regulators months before it happened. 

According to Bloomberg, Binance executives held an exclusive dinner with top traders in Singapore in September, where they notified them about a tentative deal with the U.S. Department of Justice. Per Bloomberg, some Binance executives told traders that the exchange could easily afford the multi-billion-dollar settlement. 

Binance executives, including new CEO Richard Teng, attended the Token2049 event in Singapore in September. 

As part of Binance’s agreement with the DOJ, former CEO Changpeng Zhao resigned from his post and was barred from ever serving in an executive capacity at the exchange. He currently faces a lawsuit 

Bitcoin ETFs, user experience will drive adoption — eToro CEO

While grassroots cryptocurrency adoption went stale after last year’s implosions in the industry, trading platform eToro’s chief executive believes that the appeal of exchange-traded funds (ETFs) for institutions and ease of investing through various platforms for non-professionals could further drive Bitcoin (BTC) adoption.

EToro CEO Yoni Assia told Cointelegraph at the recent Abu Dhabi Finance Week that institutions typically have rigid systems and prefer not to build new infrastructure for each asset class. However, for him, products like Bitcoin ETFs align with their existing modes of operation, making it easier for them to enter the market without developing new frameworks. He explained:

“[Bitcoin] ETFs could be a significant driver of adoption [because]… institutions work in a very rigid way… They’re looking for the same infrastructure, and ETF, in many cases, is that infrastructure to enable institutional demand to those who don’t want to self-custody.”

Assia added that the availability of a Bitcoin ETF would likely bolster Bitcoin’s legitimacy in the eyes of institutional investors and, in turn, could support the asset’s price as it represents a familiar and institutionalized form of investment.

Meanwhile, according to Assia, the ease of investing in Bitcoin through user-friendly platforms and its integrations into diverse investment portfolios are crucial to onboarding more retail users into the market.

Crypto thieves steal $363M in November, new data reveals

The cryptocurrency industry has now seen its most “damaging” month for crypto thievery, scams and exploits in 2023, with crypto criminals walking away with $363 million in November, according to a blockchain security firm.

Around $316.4 million came from exploits alone, flash loans inflicted $45.5 million in damage, and $1.1 million was lost to various exit scams, CertiK stated in a Nov. 30 X (formerly Twitter) post.

The largest exploits in November occurred on Poloniex and HTX/Heco Bridge, with losses of $131.4 million and $113.3 million, respectively.

Meanwhile, the $45 million KyberSwap attack accounted for nearly all damage done for flash loan attacks in the month.

As of the end of November, about $1.7 billion has now been lost to exploits, exit scams and flash loan attacks in 2023.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.