Binance Returns to India After 7-Month Ban

Crypto exchange Binance has reappeared on India’s Google Play Store and Apple App Store following a seven-month ban. The ban was imposed in January due to noncompliance with local regulations

Binance is back on India’s Google Play Store and Apple App Store after being banned for seven months. The exchange had failed to register with India’s Financial Intelligence Unit (FIU-IND) as per local regulations, leading to the ban in January.

Now, Binance has confirmed its registration as a reporting entity with FIU-IND. It remains unclear whether the exchange paid the $2.25 million fine that was imposed for noncompliance before the ban.

Crypto News: Crypto Influencer Made $3M from ‘Celeb Meta’

Independent blockchain investigator ZachXBT has estimated that Sahil Arora, a celebrity memecoin promoter, earned around $2-3 million from launching various celebrity-themed tokens in 2024. This estimate contradicts earlier reports by Bubblemaps, which had claimed Arora’s earnings to be around $30 million.

Multiple celebrities and crypto industry figures have accused Arora of running social engineering scams and fraudulent activities. His alleged modus operandi involved launching tokens using celebrities’ names, sometimes without their knowledge. Arora would then reportedly sell his holdings, causing the token’s value to plummet. Several high-profile individuals, including Iggy Azalea, Caitlyn Jenner, and Rich the Kid, have publicly accused Arora of scams related to these memecoins.

Spot Bitcoin ETFs Experience Outflows

U.S. Spot Bitcoin exchange-traded funds (ETFs) experienced a net outflow of $81.36 million on Wednesday. Grayscale’s GBTC recorded the largest outflows at $56.87 million, followed by Fidelity’s FBTC at $18.05 million.

Only two funds, BlackRock’s IBIT and Franklin’s EZBC, reported net inflows of $2.68 million and $3.42 million respectively.

Despite the outflows, the total daily trading volume for all spot bitcoin funds reached $1.3 billion, up from $1.18 billion the previous day. Meanwhile, Spot Ethereum ETFs saw a total of $10.77 million in net inflows across nine funds. Grayscale Ethereum Trust (ETHE) was the only Spot Ether ETF to experience outflows.

Crypto News: Aave Hits New Record in Weekly Borrowers

DeFi protocol Aave has achieved a new all-time high of around 40,000 active weekly borrowers, surpassing its previous record set in late 2022.

The growth is largely attributed to the emergence of new lending markets on Base and Scroll. Aave, currently the third-largest DeFi protocol by total value locked (TVL), boasts a TVL of $11.85 billion.

While this marks a 70% increase year-to-date, it still falls short of the protocol’s peak of about $20 billion in October 2022. The platform is also seeing weekly depositors approaching peak levels, indicating a broader resurgence in DeFi activity.

Australian Regulator Claims Majority of Crypto Ads on Facebook are Scams

The Australian Competition and Consumer Commission (ACCC) has alleged that over 58% of cryptocurrency advertisements on Facebook are either scams or violate Meta’s advertising policies.

This preliminary finding is part of an ongoing legal case against Meta, which the ACC???????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????????

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