🔔 MARKET MOVING NEWS! (22/03/25)
1️⃣ Tether Is In Talks With 'Big Four' Firm About Reserve Audit, CEO Says 🛡
Stablecoin issuer Tether is reportedly in talks with a Big Four accounting firm for the independent audit of its reserves. Notably, an audit would help Tether improve the transparency of its reserves, which are currently subject to quarterly reports but not a full audit. It remains unclear which of the "Big Four" firms - PwC, EY, Deloitte and KPMG – is in talks to audit Tether’s reserves.
Tether CEO Paolo Ardoino stated,
It’s our top priority. Now we are living in a landscape where it's actually feasible. If the President of the United States says this is top priority for the US, Big Four auditing firms will have to listen, so we are very happy with that.
2️⃣ Crypto VC Giant Haun Ventures Raising $1 Billion For Two New Funds 💰
VC giant Haun Ventures is reportedly raising $1 billion to launch two new crypto-focused funds. According to the report, this would mark the largest venture financing deal since the beginning of President Trump’s second term. If successful, $500 million will be allocated to early-stage crypto investments, while the remaining $500 million will go toward late-stage crypto investments. The funding round is expected to close in June.
3️⃣ Ethena's USDe Stablecoin Sales Blocked by German Regulator Over 'Serious Deficiencies’ ❌
BaFin, the German financial supervisory authority, has reportedly blocked sales of Ethena Labs' USDe token after identifying “serious deficiencies” in the licensing approval process. In addition to no longer offering the Ethereum-based USDe, BaFin placed multiple supervisory measures on its German subsidiary Ethena GmbH to protect customers, including blocking the asset reserves, blocking its website, and appointing a special representative to monitor the measures. BaFin also appointed a representative to monitor the ongoing situation with Ethena.
In a translated statement, the regulator wrote:
The BaFin also has reasonable grounds to suspect that Ethena GmbH in Germany sells securities in the form of sUSDe tokens from Ethena OpCo. Ltd. without the required prospectus. The USDe and sUSDe tokens are interconnected in such a way that investors can receive a sUSDe token in exchange for a USDe token. This sUSDe token grants investors the right to return the USDe token and an additional return.
4️⃣ Coinbase In Advanced Talks To Buy Derivatives Exchange Deribit 👀
According to a Bloomberg report, crypto exchange Coinbase is in advanced acquisition talks with leading global derivatives exchange Deribit. Notably, acquiring Deribit would bolster Coinbase’s existing derivatives platform, which currently focuses on futures. The companies have reportedly notified Dubai regulators (where Deribit is licensed) about the discussions.
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5️⃣ U.S. Government Removes Tornado Cash Sanctions ⚡️
The U.S. Department of Treasury has reportedly removed economic sanctions against cryptocurrency mixer Tornado Cash. The removal follows a January ruling by a US appeals court, which said the Treasury’s Office of Foreign Assets Control (OFAC) cannot sanction Tornado’s smart contracts because they are not the “property” of any foreign national.
6️⃣ South Korea To Block Non-Compliant Crypto Exchanges ‼️
South Korean authorities are reportedly looking into blocking crypto exchange platforms that are operating illegally in the country. Notably, South Korean financial authorities require crypto exchanges to report to regulators as virtual asset service providers (VASPs) under the country’s Specified Financial Information Act. According to local media reports, the FIU found crypto exchanges - BitMEX, KuCoin, CoinW, Bitunix and KCEX to be operating Korean-language websites without reporting to it. The FIU is also conducting consultations with related agencies.