Crypto Breakfast: Binance $4.3 Billion Fine, Uniswap Surges 80% and More

Good morning crypto insiders, in this article we present a summary of the most important events in the crypto world that took place last night.

This way you can quickly find out about the latest developments. More detailed articles on these topics will appear on Crypto Insiders later today.

The crypto exchange Binance has to pay a fine of 4.3 billion US dollars

A federal judge approved the historic $4.3 billion settlement between crypto exchange Binance and the U.S. Department of Justice during a hearing in Seattle yesterday. Bloomberg broke the news yesterday.

Last November, Binance reached an agreement with it Ministry of Justice (DOJ). Binance pleaded guilty to violating money transfer laws and U.S. sanctions and agreed to pay the billion-dollar fine at the time.

Under the terms of the settlement, the exchange would pay $4.3 billion, appoint an independent monitor and allow then-CEO-founder Changpeng Zhao to resign. Zhao pleaded guilty to various charges and will be sentenced in late April.

The settlement includes a $1.8 million fine and a $2.5 million fine for failing to exercise the required due diligence in providing its services.

Uniswap price explosion after big news

The price of Uniswap (UNI) shot up more than 70 percent in just over an hour yesterday. The price explosion was triggered by positive news from the decentralized exchange (DEX) itself.

Erin Koen, head of governance at the Uniswap Foundation, yesterday presented a proposal to share DEX revenue with UNI holders.

As a result, the price rose by around 50 percent within a few minutes. At the time of writing, the price is almost 80 percent higher than 24 hours ago at $12.71. This is also the highest price in almost 2 years.

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Positive numbers Bitcoin miner Riot Platforms

Listed Bitcoin (BTC) miner Riot Platforms (RIOT) has released a report saying it produced 19 percent more Bitcoins last year than in 2022, totaling 6,626 BTC.

The company also reported an increase in annual revenue, largely due to the higher average price of Bitcoin in 2023 compared to the declining market the year before.

The company also reported that the average cost of mining one Bitcoin fell by approximately $3,686 in 2023 compared to 2022, a 33 percent decrease compared to the previous year.

As a result, annual revenue was $280.7 million, up from $259.2 million last year.

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