The Blockchain Bulletin, March 27: South Korea Blocks 17 Crypto Exchanges
Hey Folks! Welcome to the latest edition of the Blockchain Bulletin, which provides insights into significant developments from the crypto space over the last 24 hours. The regulatory side of the crypto sector has witnessed several key moments in the past day. After conducting its first crypto roundtable on March 21, the U.S. Securities and Exchange Commission (SEC) has planned to hold four more such discussions in the upcoming three months. The sessions would be part of the agency’s strategy to update its rules for regulating crypto assets.
Following up on the Ripple-SEC lawsuit, the agency had concluded on retaining $50M from the $125M fine that was proposed on the firm. Ripple’s Chief Legal Officer, Stuart Alderoty, confirmed that the SEC will also request the court to lift the previous restrictions requiring the company to register future XRP sales. This settlement marks a major turning point in one of the most high-profile cases in the crypto industry.
Highlighting the regulatory scrutiny on crypto exchanges, the Financial Intelligence Unit in South Korea banned 17 crypto exchanges, including KuCoin, Phemex, and Bitrue, for operating without registration. The agency cited that unregistered platforms can easily target users and leak their personal data, and aid in money-laundering. Also, discussions are underway with Apple to implement similar restrictions on the App Store.
Meanwhile, Ben Armstrong, a crypto influencer known as BitBoy, was arrested after a heated altercation at a restaurant. Armstrong, who already had previous cases, was labeled as a fugitive before being taken into custody. The arrest has raised concerns over his behaviour and his role as a crypto influencer. Also, according to a blockchain investigation firm, Armstrong’s crypto promotions were linked to several scams and investigations. With the arrest, Armstrong’s involvement in the $BEN token is being scrutinized by the CFTC.
Related: SEC Confirms Bitcoin Is Not a Security, Market Reacts Strongly
On the other side, Fidelity Investments has proposed to launch stablecoins despite regulatory shifts while North Carolina seeks to invest pensions in cryptocurrency. Fidelity stated that the launch will enhance the legitimacy and liquidity of the firm and boost its competition with USDT and RLUSDT. Notably, stablecoins hit $225B in market cap after Trump’s pro-crypto stance.
North Carolina lawmakers have proposed two bills, requesting 5% or less of their pension funds to be moved to cryptocurrencies. Earlier, the State had proposed to invest 10% of its state’s treasury reserve into Bitcoin assets.
Further, the YOAKE Company and OpenSea have launched an NFT collection based on the anime “The Seven Deadly Sins: Cursed by Light.” The collection went live on March 25, priced at 0.002 ETH each. These NFTs are hosted on Sony’s Soneium blockchain, and the minting window will remain open for 72 hours. Meanwhile, GameStop has approved of adding Bitcoin as a treasury reserve asset. Fling Form 10-K with the SEC, the gaming retailer stated that a portion of cash or future debt and equity issuance would be invested in Bitcoin.
On the market side, Shiba Inu has shown some signs of weakness, with the token trading at $0.00001489. SHIB is testing a support level at $0.00001079, a price point it has held firm in recent months. If this level is breached, the token could experience further declines, reinforcing the bearish sentiment surrounding the token. Further, Bitcoin and Ethereum have showcased drastic losses in the first quarter of this year owing to trade tariffs, while Fartcoin and ZEC gained significant profits.
Related: 1inch Network Price Prediction 2025-35: Will It Hit $80 by 2035?
Pump.Fun, a Solana-based platform for creating meme coins, has experienced growth since its launch in January 2024. This platform has achieved revenues of over $350 million and has designated more than 6 million memecoins courtesy of its users. A testament to this is its easy use and low transaction fee model. Further, the firm appointed Nikita Bier as an advisor to boost its consumer applications. Notably, Bier had created popular apps like Gas and tbh. The appointment comes at a time when SOL has shown market performance, rising 2.9% in the last day and 14.6% over the past week. Bier’s addition to the team is seen as a strategic move to strengthen Solana’s presence in consumer-facing applications.
