Express Crypto News: 60-Second Recap, November 2nd 2023

Last week in crypto, bitcoin moved significantly, reaching a 2023 all time high and continued to hover around the $35k mark throughout this week. 

Vietnam has emerged as a rapidly growing space for crypto, despite the State Bank of Vietnam's strict prohibition on the use of cryptocurrencies as payment, the sector continues to grow, especially in areas like remittances and international transactions. The Vietnamese government is now addressing the regulatory challenges, with the establishment of the Vietnam Blockchain Association and discussions around Decision 1255, aimed at formulating a comprehensive legal framework for virtual assets. Some see the future of crypto regulations in Vietnam as cautiously optimistic, with the government studying the domain and the industry actively preparing for potential changes.

Sam Bankman-Fried, founder of FTX, continued his testimony. Over 60 people attended the hearing, showing continued interest, though fewer than the previous days. Bankman-Fried seemed more composed in his responses but maintained a tone reflecting his reluctance to be there. Challenges surfaced when questioned about regaining control of FTX after its bankruptcy filing. His defense attorney, provided a more relaxed atmosphere during cross examination. The trial transitions to closing arguments, with the jury expected to deliberate on wire fraud and other charges, possibly starting this week. This week, according to data from on-chain analysis firm Spotonchain, the FTX wallet has sent over $13M in different altcoins to numerous crypto exchanges as of November 1st 2023. This is part of a court-ordered liquidation process, allowing FTX to sell nearly $3.4B in crypto assets in weekly batches starting from $50M a week. 

Binance, is discontinuing selected margin trading pairs on Binance Margin, with removals set for November 9. Major cryptocurrencies like Cardano (ADA), Polygon (MATIC), Avalanche (AVAX), Bitcoin Cash (BCH), Chainlink (LINK), Shiba Inu (SHIB), and Dogecoin (DOGE) are among those affected. The decision is part of Binance's strategy to completely end BUSD stablecoin support by February 2024. Users won't be able to engage in isolated margin borrowing for these cryptocurrencies from November 3, and Binance Margin will close positions, conduct automatic settlements, and cancel pending orders on the specified pairs by November 9.