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🚫Binance denies Hamas connection, Kraken restores staking in US, & more


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Your weekly roundup of the 🔥hottest news in crypto:

🚫Binance denies Hamas connection, Kraken restores staking in US, & more

Written by Ciaran Lyons

Jan. 26 - Feb. 1

#1

Binance claims 'no special relationship' with Hamas, argues to dismiss lawsuit

A federal judge has not yet issued a ruling on a motion to dismiss a lawsuit, filed by families of victims affected by the 2023 Hamas attack on Israel, against cryptocurrency exchange Binance and its former CEO, Changpeng "CZ" Zhao.

On Jan. 30 in the US District Court for the Southern District of New York, lawyers representing Binance presented oral arguments in connection with the company's motion to dismiss the families' complaint filed in January 2024. According to reporting from Inner City Press, the exchange's legal team argued crypto was "not inherently dangerous," pushing back against allegations that Binance facilitated transactions benefiting Hamas.

"There was no special relationship between Hamas and Binance," said a lawyer for the exchange.

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#2

Kraken restores staking services in US after 2-year hiatus

Crypto exchange Kraken has resumed staking services for US clients for the first time in nearly two years. Customers' ability to stake had been paused since 2023, when the exchange reached a multimillion-dollar settlement with the US Securities and Exchange Commission over the services.

Customers in 37 US states will now be able to access staking services for 17 digital assets, including Ether, SOL, and Cardano's ADA.

Kraken was among the first crypto exchanges to provide staking services to customers, which it began offering in 2019. The exchange agreed to stop providing the services in February 2023 as part of a $30 million settlement with the SEC.

#3

SBF's parents seek pardon from President Trump: Report

The parents of former FTX CEO Sam "SBF" Bankman-Fried are reportedly exploring the possibility of a presidential pardon for their son, who was sentenced to 25 years in prison last March.

According to a Jan. 30 Bloomberg report citing anonymous sources, Bankman-Fried's parents have already met with lawyers and other figures close to the Trump administration to determine whether clemency was possible.

Once considered to be the golden child of crypto, Bankman-Fried's house of cards fell apart in late 2022 when FTX couldn't fulfill customer withdrawals. The exchange collapsed in a matter of days, revealing a business built on fraud, embezzlement and misuse of customer funds.

#4 Prediction of the week

XRP's 50% rally outperforms crypto market in January — Is $4 the next stop?

The XRP token staged an impressive 50% rally throughout January, outperforming the wider cryptocurrency market. Technical chart patterns are now targeting a longer-term breakout above $4 in the future.

XRP rose over 50% during the past month, outperforming Bitcoin's 13% rally and Ether's near 4% decline, Cointelegraph Markets Pro data shows.

XRP token decoupled from the rest of the market due to positive regulatory developments for Ripple Labs, which received approval for its RLUSD stablecoin from the New York Department of Financial Services on Dec. 10.

Another reason behind XRP's price surge is its increased adoption by financial institutions, according to Santiment. The crypto intelligence firm wrote in a Jan. 29 post:

"XRP has recently been recognized by more major financial institutions and its integration into various payment systems has bolstered investor confidence."

#5 FUD of the week

Tether disappointed with 'rushed actions' on MiCA-driven USDT delisting in Europe

Stablecoin operator Tether addressed European cryptocurrency regulations amid exchanges like Crypto.com preparing to delist its USDt stablecoin in Europe tomorrow.

Tether expressed disappointment over market developments in Europe amid changes triggered by the enforcement of the European Union's Markets in Crypto-Assets (MiCA) framework.

Crypto.com, a global crypto exchange, confirmed on Jan. 29 that it will start delisting Tether's USDt stablecoin and nine other tokens on Jan. 31 to comply with MiCA regulations.

"It is disappointing to see the rushed actions brought on by statements which do little to clarify the basis for such moves," a spokesperson for Tether told Cointelegraph.

#6 FUD of the week

Gemini won't hire MIT grads unless university drops ex-SEC chair Gensler

Crypto exchange Gemini won't be hiring any graduates from the Massachusetts Institute of Technology unless the university drops former US Securities and Exchange Commission Chair Gary Gensler from his teaching role.

"As long as MIT has any association with Gary Gensler, Gemini will not hire any graduates from this school," Gemini co-founder and CEO Tyler Winklevoss said in a Jan. 30 post on X. He added the crypto exchange also wouldn't hire interns for its summer internship program.

Gemini has sparred with the SEC since January 2023 after the agency sued the firm alongside Genesis, accusing them of selling unregistered securities through the Gemini Earn program. Genesis paid $21 million in fines in March 2024 to settle the claims.