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SoFi, the financial services platform that entered the crypto trading space in 2019, is shutting down its crypto business due to increased regulatory scrutiny. New account creation has been disabled, and existing users have a three-week window to migrate their crypto accounts to Blockchain.com before automatic liquidation. The decision comes in the context of SoFi's bank charter, granted in January 2022, with conditions tied to regulatory approval for its crypto business within two years. Source: The Block

Bank of America is set to pay a $12 million fine imposed by the Consumer Financial Protection Bureau (CFPB) for repeatedly sending false information to federal regulators. CFPB Director Rohit Chopra emphasized the bank's violation of federal law and stated that additional measures would be taken to ensure compliance. Source: Daily Hodl

Two individuals involved in exploiting Platypus, an automated market-making (AMM) platform on Avalanche, have been acquitted of criminal charges in France. The court dismissed charges of accessing a computer system, money laundering, and concealment. The accused argued they acted as "white hat hackers" to help the platform fix bugs, but lost control of a significant amount. The judge stated that the actions didn't constitute unauthorized access to a computer system. Source: Bitcoin.com

A United States District Judge, Robert Shelby, has raised concerns about deceptive statements made by SEC lawyers in a legal action against DEBT Box, a crypto company. The SEC's case alleged that DEBT Box deceived investors by $50 million, but the judge highlighted discrepancies and inaccuracies, hinting at possible sanctions for the regulatory body. Source: CoinTelegraph

In a groundbreaking feat, Google's GNoME has uncovered a staggering 2.2 million crystals, with around 380,000 predicted to possess remarkable stability. This discovery not only signifies a leap forward in material science but also underscores the pivotal role of AI technology in accelerating advancements, offering promising prospects for various technological applications in the future. Source: Cryptopolitan

In Brief: Binance, the prominent cryptocurrency exchange, has announced the discontinuation of its native stablecoin, Binance USD (BUSD). The decision follows Paxos ceasing the minting of new BUSD coins. Binance has advised users to withdraw or convert their existing BUSD holdings into alternative assets before December 15. The exchange will initiate the process of disabling BUSD withdrawals starting December 31. Source: CoinTelegraph

According to a Federal Deposit Insurance Corporation (FDIC) report, US banks are contending with an astounding $684 billion in unrealized losses on securities as of the end of Q3. The report indicates a significant uptick of $126 billion, marking a 22.5% increase in just a few months. Unrealized losses denote the disparity between the acquisition cost of bonds and their current market value. While banks can retain these bonds until maturity, they pose a potential liquidity challenge when immediate cash injection is required. Source: Daily Hodl

Approximately 131 investors, ranging from 19 to 78 years old, report falling victim to an alleged cryptocurrency scam orchestrated by Hounax. The Hong Kong police receive 88 complaints on Nov. 25, with an additional 15 filed with the Securities and Futures Commission (SFC) on Nov. 27. The reported losses amount to around HK$120 million ($15.4 million). Among the victims, a 69-year-old retired woman claims the largest loss, having invested HK$12 million ($1.54 million), constituting 10% of the total funds. Authorities are investigating the disappearance of Hounax and the associated financial losses. Source: South China Morning Post (SCMP)

The Securities and Exchange Commission (SEC) encounters a potential setback in its lawsuit against Kraken, a prominent cryptocurrency exchange. The legal dispute revolves around the SEC accusing Kraken of functioning as an unregistered securities exchange. Critics argue that the lawsuit appears to be a recycled version of a prior unsuccessful attempt by the SEC to assert control over the cryptocurrency industry. The ongoing legal battle exemplifies the regulatory challenges faced by traditional authorities in adapting to the evolving landscape of digital assets. Source: Cointelegraph

Australia's recent and controversial cryptocurrency taxation guidelines, released by the Australian Tax Office (ATO), are criticized by a law firm, Cadena Legal. The firm deems the guidance as unclear and non-binding, suggesting it should be treated as "toilet paper." The guidance, issued on Nov. 9, potentially impacts how investors and traders in decentralized finance report their taxes. Cadena Legal contends that clear and binding public rulings are essential for effective taxation guidance. Source: Cointelegraph.com

The president of Colombia has entered the world of Bitcoin, receiving a gift from prominent Bitcoin figure Samson Mow—a wallet containing 100,000 satoshis, equivalent to approximately $39. This symbolic gesture signifies the growing acceptance of Bitcoin among global leaders. While the president's specific plans for the Bitcoin remain unclear, the act reflects an openness to exploring the potential integration of cryptocurrency into Colombia's economic landscape. This move follows the footsteps of leaders like Nayib Bukele of El Salvador, who has embraced Bitcoin as legal tender in the country. Source: U.Today

Proposed crypto bills in the United States are set to face a delay in approval, with the legislative timeline pushed to early 2024. The delay is attributed to recent disagreements among House Republicans, specifically in selecting a new speaker. Rep. Patrick McHenry's temporary role as stand-in speaker, amidst internal conflicts, has impeded floor time for lawmakers to discuss the crypto legislations. Senator Hill and Senator Cynthia Lummis acknowledge the setback but express optimism that discussions on the stablecoin bill may progress in early 2024. Source: Coinspeaker.com