OTC’s Weekly Retrospect 13/02–17/02/2023

Each week we bring you a round-up of the most important Bitcoin and virtual asset-related stories making waves in the cryptosphere.­­­­

Major news stories this week;

1. UAE Plans to Issue a CBDC to Promote Digital Payments
2. Crypto giant Binance moved $400 million from U.S. partner to firm managed by CEO Zhao
3. Bitcoin non-zero addresses surge to 44m thanks to Ordinals
4. SEC to target crypto firms operating as ‘qualified custodians’
5. SEC to Sue Crypto Trust Co. Paxos Over Binance Stablecoin

Story Summaries;

1. The central bank of the United Arab Emirates (UAE) is planning to issue a central bank digital currency (CBDC) for domestic and cross-border payments as part of a new project to accelerate digital transformation. The issuance of a digital version of the UAE’s dirham is one of nine initiatives of the central bank’s Financial Infrastructure Transformation Program, announced on Sunday.
2. Global cryptocurrency exchange Binance had secret access to a bank account belonging to its purportedly independent U.S. partner and transferred large sums of money from the account to a trading firm managed by Binance CEO Changpeng Zhao, banking records and company messages show.
3. Bitcoin (BTC) non-zero wallet addresses have surged exponentially to all-time highs of 44 million thanks to Bitcoin Ordinals, a protocol supporting digital artifacts on the Bitcoin network. According to data from Glassnode, a reputable independent blockchain analytics firm, the protocol has made history by being the first non-monetary platform on the Bitcoin network in 14 years since it came to life.
4. The United States Securities and Exchange Commission (SEC) is reportedly planning to propose new rule changes this week that could impact what services crypto firms can offer their clients. According to a Feb. 14 report from Bloomberg citing “people familiar with the matter,” the securities regulator is working on a draft proposal that would make it difficult for crypto firms to hold digital assets on their client’s behalf as “qualified custodians.”
5. The U.S. Securities and Exchange Commission (SEC) intends to sue stablecoin issuer Paxos, which is behind the Pax dollar (USDP) and Binance USD (BUSD) tokens, over the latter stablecoin, the Wall Street Journal reported Sunday. An SEC spokesperson told CoinDesk the commission does not comment on the existence or nonexistence of a possible investigation.

And that’s all for this week’s news! Wishing you a great weekend head!