Last updated on November 30th, 2025 at 09:27 am
What happened in crypto this week?
Trump’s surprise pardon of Binance’s CZ sparked bipartisan outrage, corruption accusations, and new efforts to ban lawmakers from trading crypto. Meanwhile, diplomacy between the U.S. and China eased market tensions, Citi teamed up with Coinbase, and Japan rolled out new Bitcoin products.
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Lawmakers Slam Trump’s Pardon of Binance’s CZ, Push for Crypto Ban Among Officials
Seven Democratic senators have demanded answers from the Department of Justice over former President Donald Trump’s pardon of Binance co-founder Changpeng “CZ” Zhao, calling it a “dangerous signal” to white-collar offenders. The lawmakers, including Elizabeth Warren and Bernie Sanders, alleged links between Trump, Zhao, and the Trump family’s DeFi platform, World Liberty Financial, suggesting Binance may have supported the project’s stablecoin. They warned the move could undermine federal efforts to combat crypto-related financial crimes.
Following the backlash, Representative Ro Khanna announced plans to introduce a bill banning lawmakers from owning or creating cryptocurrencies, describing Trump’s pardon as “blatant corruption.” Although Khanna faced criticism for making inaccurate claims about Zhao’s conviction, he maintained that the case highlights the need to prevent conflicts of interest in government. The controversy has intensified scrutiny of Trump’s billion-dollar crypto ventures, with critics calling for greater transparency.
Other News Making Waves
- Trump and Xi met in South Korea to de-escalate trade tensions and stabilize markets, with signals of potential tariff rollbacks easing pressure on Bitcoin mining and AI hardware sectors. (More)
- Coinbase dismissed claims that stablecoins pose a threat to U.S. banks, arguing that global demand, not domestic competition, drives growth. (More)
- BitGo introduced a plug-and-play framework for banks to accept stablecoin deposits without blockchain development, turning the $1 trillion monthly stablecoin market from a perceived threat into a banking opportunity. (More)
- Japan’s Pivotal Trend Service has partnered with Republic to launch the Pivotal Mining Note (PMN), a U.S.-compliant Bitcoin mining investment product offering investors direct BTC exposure through regulated, infrastructure-backed operations. (More)
- Beijing courts have sentenced five individuals for using USDT in illegal foreign exchange trades worth ¥1.18 billion, with prosecutors highlighting the case as a model for tackling emerging crypto-linked financial crimes. (More)
- Bybit has introduced a Dynamic Settlement Frequency system for Perpetual Contracts, automatically adjusting funding rate intervals during volatility. (More)
- GoPlus detected an exploit on 402bridge that drained $17,000 in USDC after a private key leak, prompting the protocol to halt operations, alert users to revoke approvals, and report the breach to law enforcement. (More)
- Kalshi has filed a federal lawsuit against New York regulators, arguing that its sports-event contracts fall under CFTC jurisdiction, not state gambling law, as legal battles mount across eight states. (More)
- dYdX governance will vote on a $462K compensation plan for traders hit by its October chain halt, while Binance launches a $728M trader relief program to restore confidence after the historic market crash. (More)
- Senator Thom Tillis has warned Congress to pass crypto bills by early 2025 before election politics stall progress, as the ongoing government shutdown continues to delay key measures like the CLARITY Act. (More)
- Crypto transfers between South Korea and Cambodia surged 1,400-fold to ₩12.8B ($8.9M) in 2024, prompting money-laundering probes and leading exchanges like Upbit and Bithumb to cut ties with sanctioned Huione Guarantee. (More)
- JPYC Inc. has launched Japan’s first yen-backed stablecoin, fully supported by bank deposits and government bonds, alongside JPYC EX, a regulated issuance and redemption platform under strict AML compliance. (More)
Around the World: Bold Moves and Regulations
- AUSTRAC fined Cryptolink $56,340 for late cash transaction reports and AML/CTF lapses, spotlighting crypto ATMs as major laundering risks, with enforcement aimed at tightening oversight and curbing scam-linked activities in Australia. (More)
- Hong Kong’s SFC plans new rules for firms holding crypto as treasury assets, addressing speculative trading and valuation risks while prioritizing investor education and institutional transparency. (More)
- Bank Indonesia will launch a national stablecoin backed by government bonds under its digital rupiah framework, as regulators tighten AML oversight amid the country’s rise to seventh in global crypto adoption. (More)
- The ECB targets 2029 for the digital euro rollout pending EU legal clarity, as privacy and political disputes delay progress while CBDCs worldwide remain largely in pilot stages. (More)
- Argentina’s President Javier Milei secured a midterm victory as his crypto-friendly party La Libertad Avanza won 40.68% of votes, strengthening his 2027 presidential bid despite the lingering LIBRA token scandal. (More)
- Australia’s proposed Digital Asset Bill faces industry backlash for expanding ASIC’s authority into commodities like Bitcoin, with critics warning it could stifle innovation and drive small exchanges out of business. (More)
Market Trends: Winners and Losers
Top 5 Gainers 📈
According to data from CoinGecko, these are the five biggest gainers of the week:
- GAME by Virtuals +69.30%, from $0.02016733 to $0.03415362
- Tokenbot +35.27%, from $78.71 to $106.45
- Aurora +100.36%, from $0.054939 to $0.110085
- SEDA +61.16%, from $0.082937 to $0.133691
- Jelly-My-Jelly +98.69%, from $0.079028 to $0.157035
Top 5 Losers 📉
According to data from CoinGecko, the five biggest losers of the week are:
- ChainOpera AI −89.12%, from $19.58 to $2.13
- Figure Heloc −53.09%, from $0.498796 to $0.234034
- AI Companions −45.69%, from $0.387564 to $0.210485
- Saros −37.10%, from $0.088293 to $0.055536
- BSquared Network −40.31%, from $1.96 to $1.17
Project Spotlight
Source: Coinbase
Citi Partners with Coinbase to Expand Institutional Digital Asset Payments
Citigroup has partnered with Coinbase to enhance digital asset payment infrastructure for institutional clients, starting with fiat pay-ins, pay-outs, and payments orchestration via Coinbase’s on- and off-ramp system. The collaboration aims to simplify global transactions by enabling seamless movement between fiat and blockchain networks, with plans to integrate stablecoin payouts for faster, round-the-clock cross-border settlements in the future.
Why It Matters:
By combining Citi’s global banking network with Coinbase’s blockchain expertise, the partnership strengthens interoperability between traditional and digital finance, advancing a future where institutional money moves seamlessly, securely, and efficiently across global markets.
Disclaimer: This article is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.
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