Hey there, PoI readers! 💫

It's your favorite ice cream-inspired crypto connoisseur, Mochi, back with another serving of tantalizing tech and web3 news! This edition is packed with regulatory drama, with Crypto.com bidding farewell to some tokens in Europe, KuCoin writing some very expensive checks, Coinbase dancing the tango in Argentina, and Ripple collecting licenses like they're Pokemon cards!
From compliance crackdowns to expansion celebrations, we've got quite the feast for your crypto-curious minds. So grab your favorite beverage, get cozy, and let's dive into this week's digital digest!

INTEL BRIEF

🟧 Crypto.com announces the delisting of USDT and nine other tokens in Europe to comply with MiCA regulations, marking a significant shift in the European crypto landscape.

🟧 KuCoin reaches a landmark settlement with US authorities, agreeing to pay $300M and remove its founders from operations after pleading guilty to operating without proper licensing.

🟧 Coinbase secures regulatory approval in Argentina, enabling expanded services in a country where crypto adoption is driven by economic necessity and financial instability.

🟧 Ripple expands its US presence by securing crucial money transmitter licenses in Texas and New York, while continuing to navigate regulatory challenges and maintaining political connections.

Crypto.com Launches Massive European Token Cleanup While USDT Gets The Boot

Crypto.com is leading the charge in what appears to be the beginning of a major regulatory shuffle, announcing they're giving USDT and nine other tokens the "thanks for playing" card in Europe. Why? Well, it's all thanks to our friendly neighborhood regulation, MiCA (Markets in Crypto-Assets), which is apparently pickier than a toddler at dinnertime about which tokens can stay on the menu.

The countdown begins on January 31st, when users will no longer be able to purchase these tokens. But don't panic! You've got until March 31st, 2025 to figure out what to do with your digital assets. After that, any stragglers will be automatically converted to MiCA-compliant alternatives – think of it as a forced digital makeover!

Among the tokens getting the boot are some pretty big names: Wrapped Bitcoin, Dai, and various stablecoins including PayPal USD and Pax Dollar. It's like watching the season finale of a crypto reality show, but with more paperwork and fewer dramatic confessionals.

Coinbase already pulled the USDT plug back in December 2024, offering their users a smooth transition to USDC, which is apparently the golden child of MiCA compliance. Speaking of USDT, it's currently sitting pretty with a $139 billion market cap, while its MiCA-approved rival USDC is holding steady at $52 billion.

The European Securities and Markets Authority (ESMA) isn't playing around either. They're basically telling all European crypto platforms to clean house by March 31st, with "no trace of USDT" allowed to remain – not even in 'sell-only' mode. Talk about a thorough spring cleaning!

Crypto.com will stop USDT purchases on Jan 31st, with full delisting of 10 tokens by March 31st, 2025

Users must convert affected tokens to MiCA-compliant alternatives or face automatic conversion

USDC emerges as the MiCA-compliant alternative to USDT in the European market

KuCoin Pays A 300 Million Dollar Fine While Founders Get Forced To Exit

KuCoin just played an incredibly costly game of "catch me if you can" with US regulators, and spoiler alert: they got caught. The crypto exchange has admitted to running what's basically the equivalent of a financial food truck without a permit – an unlicensed money-transmitting business – and now they're facing a bill that would make even a crypto whale wince.

KuCoin is on the hook for a whopping $300 million, split between a $184.5 million forfeiture and a $112.9 million fine. But wait, there's more! The exchange's founders, Michael Gan and Eric Tang, are being shown the door, complete with their own personal $2.7 million forfeiture cherry on top.

The Department of Justice wasn't exactly impressed with KuCoin's rather... let's say "relaxed" approach to customer verification. Until around July 2024, they apparently ran their KYC program on an honor system that was about as effective as a chocolate teapot. Their employees were even caught bragging on social media about how KYC wasn't mandator.

But it's not all doom and gloom! KuCoin's getting a fresh start with new CEO BC Wong taking the helm, and the exchange claims it's now beefing up its compliance. They'll be taking a two-year timeout from the US market to think about what they've done, but operations elsewhere are supposedly continuing as normal.

KuCoin hit with $300M in fines and forced to exit US market for two years

Founders Gan and Tang shown the exit, with BC Wong stepping in as new CEO

Exchange admits to operating without proper licensing and failing to implement adequate KYC procedures

Coinbase Storms Into Argentina As Five Million Citizens Embrace Crypto Solutions

Coinbase just scored a major regulatory victory in Argentina, receiving their VASP (Virtual Asset Service Provider) registration from the country's National Securities Commission. Think of it as getting a golden ticket to Wonka's chocolate factory, but instead of chocolate, it's crypto services!

While Coinbase has been hanging out in Argentina since 2019, this new registration is like getting an all-access backstage pass. They can now offer local payment methods in Argentine pesos.

But here's where it gets really interesting, In Argentina, crypto isn't just another investment trend – it's becoming a financial lifeline. With a staggering 53% of the population living in poverty (the highest in 20 years), and inflation making the peso do the cha-cha slide downward, approximately 5 million Argentinians are already using crypto daily to keep their financial heads above water.

The numbers tell quite a story: 76% of Argentine adults see crypto as their knight in shining armor against inflation and high transaction costs. Even more impressive, 87% believe crypto could be their ticket to financial independence. And they're putting their money where their mouth is – Argentina has now overtaken Brazil as Latin America's crypto capital, with a whopping $91 billion in estimated inflows between July 2023 and June 2024!

Coinbase isn't just throwing a party and leaving – they're planning to stick around and help educate locals about crypto. As Fabio Plein, their Americas director, puts it, they're not just selling crypto; they're helping Argentinians "regain control over their financial futures.

Coinbase gets VASP registration in Argentina, enabling peso-based services

5 million Argentinians already use crypto daily amid economic challenges

Argentina becomes Latin America's leading crypto market with $91 billion in inflows

Ripple Doubles Down On US Expansion By Securing New York And Texas Licenses

Ripple just pulled off a licensing double-whammy, snagging money transmitter licenses in both Texas and New York.

Texas and New York aren't just any states in the crypto world – they're like the bouncers at the hottest club in town. Texas is basically crypto mining's favorite hangout spot, while New York is where all the fancy digital asset businesses go to see and be seen. Getting their stamp of approval is like getting a thumbs up from your toughest critics!

This news comes hot on the heels of Ripple's RLUSD stablecoin approval in New York last December, showing they're definitely not letting any grass grow under their feet. But let's not forget, Ripple's still got some drama in their life – they're currently in a legal tango with the SEC that's been going on longer than most Netflix series. Both sides are currently waiting for judges in the Second Circuit to make their moves after that spicy $125 million liability finding in August 2024.

Meanwhile, Ripple's been playing the political chess game like a grandmaster, with CEO Brad Garlinghouse announcing that 75% of their job openings are now US-based. Talk about making moves on multiple boards at once!

Ripple secures crucial licenses in Texas and New York, bringing total to over 50 jurisdictions

Company expanding US presence while awaiting SEC appeal decision

Texas and New York approvals position Ripple for significant cross-border payment operations

And that's a wrap on this week's regulatory roundup, my lovely PoI readers! 🎭 From Europe's MiCA makeover to Argentina's crypto embrace, we've covered more ground than a blockchain validator! I hope you enjoyed this regulatory rollercoaster as much as I enjoyed writing about it. Remember, in the ever-evolving world of crypto, staying informed is like having a good antivirus - absolutely essential!

Until next week, this is your favorite dessert-themed crypto writer, Mochi, signing off with a virtual high-five and a side of financial wisdom!

P.S. Don't forget to share your thoughts, questions, and favorite crypto puns with us. very voice matters in the PoI community!

🍨📰 Catch you in the next issue! 📰🍨