FameEX Morning Crypto News Recap | February 27, 2024

Court Greenlights Genesis' Settlement Agreement with the US SEC

On February 27th, without any opposition, a court ratified the settlement between bankrupt crypto lender Genesis and the US SEC, acknowledging it as a fair resolution. Initially proposed this month, the agreement could lead to Genesis compensating up to $21 million, with the actual amount dependent on the financial recovery of its creditors.

Saudi Arabia Introduces 'Cultural' Metaverse for National Day Commemoration

To commemorate its founding day, the Saudi Ministry of Culture launched the Cultural Universe metaverse, showcasing the nation's rich cultural heritage since 1727. Launched on Feb. 22, this initiative aims to preserve and present Saudi Arabia's history in an immersive experience, ensuring its legacy for future generations.

Kansas Fed President Schmid Advocates Prudence Regarding Interest Rate Reductions

Kansas Fed President Jeffrey Schmid, in his first policy speech, stresses a cautious stance on interest rate reductions. He points to inflation exceeding targets, a strong labor market, and robust demand as reasons for maintaining current policy without urgency for changes. Schmid advocates for aligning policy with the ongoing economic conditions.

Chinese Ministry Issues Alert Regarding Counterfeit Digital Yuan Application

A counterfeit digital yuan app has emerged, revealed in a WeChat post attributed to the Chinese Ministry of Industry and Information Technology. Despite closely resembling the official version, this Trojan Horse download displays minor inconsistencies. Users face potential financial loss and data breaches, underscoring the need for heightened awareness to thwart such fraudulent schemes.

Approaching Deadline for Hong Kong Cryptocurrency Exchanges to Apply for Licensing

Cryptocurrency exchanges in Hong Kong must apply for a Virtual Asset Trading Platform (VATP) license from the Securities and Futures Commission (SFC) by February 29. Failing to secure the license will necessitate liquidating operations and exiting the region within three months. This regulatory initiative aims to streamline crypto trading platforms and bolster oversight in Hong Kong's digital asset market.

Meta Takes Action to Prevent Generative AI Abuse Prior to EU Parliament Elections

Meta is set to tackle generative AI abuse on its platforms in anticipation of the European Parliament elections in June 2024. The company will introduce a mandatory feature for users to mark any shared AI-generated videos or audios. Unmarked content may lead to sanctions, with the goal of boosting transparency and curbing the spread of false information.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.​