FameEX Morning Crypto News Recap | February 27, 2024

Court Approves Settlement Agreement Between Genesis and the US SEC

On February 27th, a court approved the settlement agreement between Genesis, a bankrupt cryptocurrency lending institution, and the US Securities and Exchange Commission (SEC), with no objections to the deal, deeming it a "reasonable settlement." Submitted earlier in the month, the agreement may result in Genesis paying up to $21 million in compensation, contingent on the repayment status of its creditors.

Saudi Arabia Unveils 'Cultural' Metaverse for Founding Day Celebration

On its founding day, the Saudi Ministry of Culture debuted a metaverse highlighting the nation's cultural legacy. The Cultural Universe initiative offers an immersive journey through Saudi Arabia's history since 1727. Launched on Feb. 22, it aims to showcase and preserve the country's heritage for future generations.

Kansas Fed President Schmid Urges Caution on Interest Rate Cuts

In his debut policy speech, Kansas Fed President Jeffrey Schmid emphasizes a cautious approach towards interest rate cuts. Highlighting inflation surpassing targets, a robust labor market, and strong demand, Schmid sees no urgency for policy adjustments, advocating for a stance aligned with prevailing economic conditions.

Chinese Ministry Warns Against Fraudulent Digital Yuan Applications

A fraudulent digital yuan app has surfaced, disclosed in a WeChat post linked to the Chinese Ministry of Industry and Information Technology. This Trojan Horse download closely mimics the official version but exhibits slight discrepancies. Users risk losing money and sensitive data as the app diverges subtly from the authentic version, emphasizing the importance of vigilance against such scams.

Upcoming Deadline for Hong Kong Cryptocurrency Exchanges to Seek Licensing

Hong Kong cryptocurrency exchanges face a deadline of February 29 to seek a virtual asset trading platform (VATP) license from the Securities and Futures Commission (SFC). Failure to obtain the license requires them to liquidate their operations and leave the region within three months. This regulatory move aims to streamline crypto trading platforms and enhance oversight in Hong Kong's digital asset market.

Meta Implements Measures to Tackle Generative AI Misuse Before EU Parliament Elections

Meta has announced plans to fight generative AI misuse on its platforms before the June 2024 European Parliament elections. The strategy includes a new feature requiring users to flag any AI-generated video or audio they share. Content not labeled accordingly could result in penalties, aiming to enhance transparency and reduce misinformation.

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