WuBlockchain Weekly: CZ Restricted Within the United States, Microstrategy Bolsters Bitcoin Holdings, FTX Granted Permission to Sell Assets Worth $873 Million and Top10 News

7 min readDec 1, 2023

1. Vitalik Buterin Contemplates a Redesign of Ethereum Staking, Applauds the UTXO Payment Model link

On November 27th, Ethereum co-founder Vitalik Buterin, during a video blog interview with The Defiant at the Devconnect conference in Turkey, expressed his intention to redesign Ethereum staking and address all performance-related issues comprehensively. The Unspent Transaction Output (UTXO) payment system model received commendation for its characteristics. Vitalik shared his perspective on integrating various new protocols into the Ethereum codebase, with a particular mention of private mempools, the ERC-4337 account abstraction protocol, code precompilation, ZK-EVMs, and stateful staking. He indicated a preference for integrating protocols like ERC-4337, while cautioning a more careful approach for protocols like mempools. Vitalik also voiced concerns about the increasing centralization in Ethereum’s proof-of-stake model.

2. MicroStrategy Makes Another Purchase of 16,130 Bitcoins link

On November 30th, MicroStrategy once again acquired approximately 513 million US dollars’ worth of Bitcoin, purchasing approximately 16,130 BTC at an average price of 36,785 US dollars per BTC. Currently, MicroStrategy holds a total of 174,530 BTC, valued at approximately 5.28 billion US dollars, with an average acquisition cost of 30,252 US dollars per BTC.

3. Robert F. Kennedy Jr.: We Need an Independent and Government-Free Currency link

On November 26th, the former independent presidential candidate of the Democratic Party, Robert F. Kennedy, who withdrew from the race, expressed the need for a free currency — an independent currency not subject to government control. He voiced deep concerns about government restrictions on Bitcoin. Kennedy proposed the issuance of treasury bonds backed by hard assets, potentially constituting a combination of Bitcoin, platinum, gold, silver, and other tangible assets. He also expressed opposition to central bank digital currencies, viewing them as tools of power and control.

In the latest opinion poll, Robert F. Kennedy garnered 20% of support, with 30% of respondents favoring Biden and 32% supporting Trump.

4. Spanish Tax Authority: Citizens Must Declare Holdings on Overseas Cryptocurrency Platforms by the End of March Next Year link

On November 28th, the Spanish Tax Agency released a declaration form for overseas virtual assets, requiring Spanish citizens to declare the cryptocurrency holdings they have on overseas crypto platforms between January 1st, 2024, and March 31st, 2024. By December 31st, individual and corporate taxpayers must report the amount of funds held in their overseas cryptocurrency accounts. The obligation to declare overseas assets arises only when an individual’s asset balance exceeds the equivalent of 50,000 euros (approximately 55,000 US dollars) in cryptocurrency. Users who store their assets in self-custody wallets must report their holdings through the standard wealth tax form 714.

5. Binance’s Weekly Summary

a. Binance’s New CEO: Binance is Transitioning into a Regulated Traditional Financial Institution link

On November 27th, according to Fortune, Binance’s newly appointed CEO, Richard Teng, stated that Binance is in the process of transitioning from a non-compliant tech startup to a traditional financial company. The company will adopt a conventional corporate structure, including transparency in its board, address, and financial aspects. Once these corporate structures are established, financial data will be shared. Binance’s fundamentals are robust, with a debt-free capital structure, a model for fees, and strong revenue and profits. Binance’s efforts to reshape itself as a regulated company are expected to yield returns, potentially increasing cryptocurrency adoption from 5% to 20%.

Binance’s new CEO, Richard Teng, released his first blog post, highlighting the company’s significant efforts over the past two years in recruiting, hiring, and retaining the right talent to strengthen Binance’s compliance initiatives and culture. He emphasized the importance of cooperation with policymakers in the industry and a desire to collaborate with peers in the entire industry to make critical efforts. The commitment to blockchain includes opportunities such as increasing financial inclusion, facilitating cross-border remittances, reducing transaction costs, and enabling individuals to have more control over their personal data.

b. Binance to Discontinue Support for BUSD Products on December 15, 2023 link

On November 29th, Binance announced that due to Paxos ceasing the minting of new BUSD tokens, Binance will cease support for BUSD products on December 15, 2023. Binance advises users to withdraw their BUSD holdings or convert their BUSD assets to other assets supported on the Binance platform by December 15, 2023. Users can trade their BUSD assets for FDUSD with zero fees in the Binance spot market. Binance expects to exchange the collateral assets of Binance-Peg BUSD to FDUSD at a 1:1 ratio around December 2023. Users will be further notified once the collateral asset conversion is fully completed.

Previously, BUSD was compelled to halt minting by regulatory authorities in the state of New York in February and was classified as a security in the SEC’s lawsuit against Binance in June.

c. U.S. Department of Justice Reiterates CZ Should Be Restricted to Reside on the Mainland United States and Prohibited from Traveling to the UAE link

On November 26th, according to John Reed Stark, court documents submitted by the Department of Justice on Saturday reiterated the request to restrict CZ from residing on the U.S. mainland and prohibit him from traveling to the UAE. The defense argued that CZ faces a short-term sentence with no legal basis, and the upper limit of the guideline range could be up to 18 months, while the U.S. could assert any statutory maximum sentence of up to 10 years freely.

d. Binance US Announces CZ’s Resignation from the Board Chairman Position link

On November 29th, Binance US announced that Changpeng Zhao (CZ) has decided to step down from the position of Chairman of the Board and transfer his voting rights through proxy arrangements. CZ’s interests in the company are purely economic, and he will no longer be involved in the governance of the company.

6. Coinbase CEO Reveals 30 Unsuccessful Meetings with the SEC link

On November 30th, Coinbase CEO Brian Armstrong stated that over the past 18 months, Coinbase has had 30 meetings with the SEC. He said, ‘We have not received any feedback from them about what they think are securities and what are not, other than Bitcoin.’ Armstrong criticized the lack of clear regulation in the United States and mentioned that Coinbase is seeking to expand its business outside the United States. He highlighted the contrasting regulatory environment, citing the supportive stance of the UK government towards cryptocurrencies compared to the United States.

7. Exclusive: Hong Kong’s VAEX, Mistaken for Binance, Supported by KuCoin Technology link

On November 28th, WuBlockchain exclusively learned that the Hong Kong SFC website recently disclosed that Hong Kong VAEXC Limited/VAEX, which applied for a compliant virtual asset platform license, is supported by KuCoin to some extent and can be considered as KuCoin’s Hong Kong applicant. Previously, due to the similarity in names, it was briefly mistaken for the Hong Kong applicant entity of Binance, HKVAEX. In March 2023, KuCoin’s official website article promoted VAEX, headquartered in Hong Kong, and stated that it is supported by KuCoin. KuCoin responded to Wu Shuo, stating that VAEX is an independently operated exchange, and KuCoin provides technical support for it.

8. FTX Receives Court Approval to Commence the Sale of Grayscale and Bitwise Assets Worth $873 Million link

On November 30th, FTX received approval from the New York Bankruptcy Court to sell shares of Grayscale and Bitwise investment funds worth approximately $873 million. FTX’s trust assets include shares of Grayscale Bitcoin Trust (GBTC) and Bitwise Crypto Index Fund. According to court documents filed on November 3rd, the assets were valued at approximately $744 million as of October 25th. Due to the increase in Bitcoin’s price, the value of FTX’s trust assets may have risen to approximately $873 million.

9. Football Superstar Cristiano Ronaldo Faces Collective Lawsuit for Promoting Binance link

On November 29th, football superstar Cristiano Ronaldo faced a collective lawsuit filed by plaintiffs for promoting Binance. Documents submitted to the Florida District Court indicate that the plaintiffs allege that Cristiano Ronaldo, in collaboration with Binance, promoted, facilitated, and/or actively participated in the issuance and sale of unregistered cryptocurrency securities, leading to their losses. Binance established a long-term exclusive partnership with Cristiano Ronaldo last year and issued the Cristiano Ronaldo NFT series.

10. Charlie Munger Passes Away: One of Bitcoin’s Sharpest Critics link

On November 29th, Warren Buffett’s assistant and Vice Chairman of Berkshire Hathaway, Charlie Munger, passed away at the age of 99. Charlie Munger was one of the most prominent critics of Bitcoin and cryptocurrencies globally. In November of this year, Charlie Munger stated that digital assets were a financial invention that disrupted stability and had no productivity. He had previously called for a complete ban on cryptocurrencies in the United States. For a historical perspective on Charlie Munger’s comments on cryptocurrencies, please visit the Wu Shuo official website.


  • The blockchain-based fan engagement platform MITH has announced the completion of a $3.5 million seed round of financing, led by RW3 Ventures and Raptor Group. link
  • Titan Content has secured funding in its seed round, with RW3 Ventures and Raptor Group as lead investors. link
  • DeFi yield platform Coinchange raised $10 million in its Series B financing round. link
  • OCEAN has completed a $6.2 million seed round of financing, led by Jack Dorsey. link
  • Web3 consumer application Setter has secured $5 million in seed round financing, with a16z leading the investment. link
  • Cryptocurrency derivatives exchange MYX has successfully raised $5 million in its seed round of financing. link
  • Web3 entertainment company AnotherBall has announced the completion of a $12.7 million seed round of financing. link
  • Remittance company Wind, backed by the Polygon blockchain, has secured $3.8 million in financing. link
  • Cryptocurrency tax company Waltio has completed a €1.8 million financing round, with participation from the Capital Development Department of the French Agricultural Credit Bank. link
  • Expanso has announced the completion of a $7.5 million seed round of financing, with General Catalyst and Hetz Ventures leading the investment. link
  • iPeakoin has secured nearly $10 million in Series A financing, led by True Global Ventures. link

Learn more, check out crypto-fundraising.info.

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Colin Wu, Chinese journalist, won 2013 China News Award