• Crypto developers expose major flaws in Societe Generale euro stablecoin
• Brazil investigating Binance for illegal derivatives offerings
• Fed Governor highlights benefits and risks of tokenization and smart contracts
Crypto Developers Expose Flaws in Euro Stablecoin
Crypto developers have exposed “absolutely horrible” flaws in the Societe Generale euro stablecoin, a digital asset designed to provide a more secure way to store and transfer value. The news comes at a time when digital assets are becoming increasingly popular as an alternative to traditional banking systems. In addition, Brazil is currently investigating Binance over alleged illegal derivatives offerings.
Brazil Investigating Binance Over Illegal Derivatives Offerings
Brazil’s financial regulator CVM has launched an investigation into cryptocurrency exchange Binance over allegations that it was offering illegal derivatives products without authorization. The regulator said it had received numerous complaints from investors who were concerned about the integrity of their investments on the platform. The investigation will assess whether Binance has violated any laws or regulations in relation to its derivatives offerings.
Fed Governor Highlights Benefits and Risks of Tokenization and Smart Contracts
The Federal Reserve’s (Fed) Governor Lael Brainard recently highlighted both the benefits and risks associated with tokenization and smart contracts technology during a speech at Stanford University’s Hoover Institution. She noted that tokenization could enable more efficient payments, settlements, recordkeeping, identity management, compliance monitoring, and other services — but also warned of the potential for money laundering if not properly regulated.
Trezor Confirms Refusing Coinjoin UTXOs To Protect Privacy Of Others
Hardware wallet provider Trezor has confirmed that it is refusing coinjoin UTXOs in order to protect users‘ privacy by preventing others from tracing their transactions on the blockchain. This move follows increasing pressure from regulators around the world to increase transparency in cryptocurrency transactions.
Dutch Court To Release Tornado Cash Dev Alexey Pertsev Under Surveillance
The Dutch court is set to release Alexey Pertsev — developer of privacy-focused crypto project Tornado Cash — under surveillance after his arrest last month on suspicions of money laundering through bitcoin mixers used for darknet activities. According to reports, Pertsev will be required to wear an electronic ankle bracelet until his next hearing in June 2021 while he remains at home under house arrest