Here is the outline for the newsletter today🔥

• Three Arrows Founders' Exchange Sues Mike Dudas for Defamation⚖

• Binance Faces Pyramid Scheme Allegations in Brazil😤

• Ripple CEO Brad Garlinghouse Praises Singapore's Crypto Approach🙏

Bonus news down below! Enjoy 😋 

Three Arrows Founders' Exchange Sues Mike Dudas for Defamation⚖

OPNX, which is closely associated with Three Arrows Capital, has accused Mike Dudas of making defamatory comments about the company between February and March 2023.

The lawsuit alleges that these remarks were published around the time Davies and Zhu introduced their new exchange venture.

While the specific content of Dudas' comments has not been disclosed, this legal action highlights the increasing prevalence of defamation issues within the cryptocurrency industry.

Mike Dudas, a well-known figure in the crypto space, is the founder of 6th Man Ventures and was previously at the helm of The Block, a prominent crypto media outlet.

In response to the lawsuit, Dudas has retained the services of crypto attorney Stephen Palley from Brown Rudnick, who stated that in order to prove defamation, reputational damage must be demonstrated.

The case will likely shed light on the complexities and legal implications surrounding reputation management and accountability in the crypto sphere.

Interestingly, in conjunction with the defamation lawsuit, OPNX has launched a novel initiative called Justice Tokens (JT). These tokens, described as "meme tokens with no intrinsic value, no backing, and no expectation of return," aim to provide a means of compensation for individuals and crypto communities who have been harmed by defamation.

Miladies NFTs, specifically mentioned in the white paper, represent a group that has faced "long-term defamation" and are seen as deserving beneficiaries due to their persistent commitment to moral virtue in an era dominated by social media algorithms.

Kyle Davies expressed that initially, the Justice Tokens would focus on OPNX-specific defamation cases but would later expand to cover non-OPNX scenarios.

OPNX argues that defamation cases within the crypto industry have a broader impact on token holders and communities, making it necessary for settlements to benefit those affected.

By creating Justice Tokens, OPNX aims to establish a mechanism through which the value from such settlements can be channelled to those impacted by defamation, fostering a sense of justice and accountability within the crypto ecosystem.

Here is some takes from crypto twitter:

Binance Faces Pyramid Scheme Allegations in Brazil😤

Gaspar alleges that Binance is involved in aiding pyramid schemes within Brazil, and he emphasizes the need to understand the exchange's operations in the country, its relationship with B Fintech (its official representative), and its potential affiliations with companies facing legal issues for consumer harm in Brazil.

These allegations come as Binance faces mounting international regulatory pressure, with scrutiny arising from various countries such as the United States, Australia, the Netherlands, and now Brazil.

Gaspar further claims that Binance facilitated pyramid schemes in Brazil through asset transfers, citing an incident where the São Paulo Justice blocked R$ 500 thousand reais in Binance for suspected involvement in a pyramid scheme.

Regulatory authorities in Brazil have stated that the proposed summons is a result of the global regulatory scrutiny faced by Binance and the company's failure to respond to the regulations imposed by each country.

The exchange's operations in Brazil are also under investigation by the Federal Prosecutor's Office and Federal Police for potentially assisting clients in bypassing a ban on cryptocurrency derivatives investments.

The only advice we have for you guys is to put your crypto in your own Hardware wallets. Remember if you don’t own your keys, it is NOT your crypto!

Ripple CEO Brad Garlinghouse Praises Singapore's Crypto Approach🙏

Ripple Labs has obtained an in-principle payments license from the Monetary Authority of Singapore (MAS), allowing it to offer digital asset services in Singapore.

This achievement has garnered praise from Ripple's CEO, Brad Garlinghouse, who commends Singapore for its forward-thinking approach to crypto assets.

Garlinghouse emphasizes Singapore's pragmatism and innovation in regulating crypto assets, hailing it as a global leader in establishing clear guidelines for the digital asset industry.

I guess Chairman Gary Gensler has to learn from them 😂

He expresses his pride in Ripple being among the select few firms to receive in-principle approval for a MAS MPI (Major Payments Institution) license for digital payment token services.

Singapore's booming crypto economy played a crucial role in Ripple's decision to establish a presence in the nation. Garlinghouse acknowledges the monumental growth trajectory of the crypto sector in Singapore, which significantly contributed to Ripple's business momentum for on-demand liquidity (ODL) globally in 2022.

The successful growth of Ripple's operations in Singapore further solidifies the company's commitment to the region and its potential for future expansion.

By partnering with the MAS, Ripple aims to collectively propel the growth and development of the digital assets ecosystem in Singapore.

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.