FameEX Afternoon Crypto News Recap | March 29, 2023

Ex-Treasury Official Cautionary of Total Economic Collapse in Case of US Dollar Losing Reserve Currency Status
https://www.fameex.com/en-US/news/crypto-trending-news-2023032903
Monica Crowley, former Assistant Secretary for Public Affairs for the U.S. Department of the Treasury, has issued a stark warning that the loss of the US dollar's status as the world's reserve currency would result in a "catastrophic" implosion of the global economic system. She added that such a scenario would mean the end of the US dollar, which has been a safe haven since World War II, and has been backed by the strength and economic power of the US for the past 50 years.

UK Cryptoasset Promotion Legislation Coming This Year
The UK's Financial Conduct Authority (FCA) is set to regulate crypto firms under existing promotions law with a new amendment to the Financial Services and Markets Act. The amendment would also apply to overseas companies. FCA-registered companies will be able to approve their own ads for a limited time period. The amendment is expected to be debated in Parliament.

Binance Confronts Mounting Challenges, Sees $2 Billion in Outflows
Binance, the largest cryptocurrency trading platform, has experienced a net outflow of over $2 billion on the Ethereum blockchain in the past week, according to a report by the Wall Street Journal. Nansen, a crypto analytics firm, provided the data. Binance's publicly disclosed wallets currently hold over $63 billion in total.

Budget 2023 Promises Plan to 'Protect' Canadians from Crypto Risks
Under the 2023 budget plan, the Canadian government is suggesting additional authority for law enforcement to confiscate or freeze crypto assets associated with criminal conduct. The government also intends to shield citizens from cryptocurrency risks by enforcing regulations that mandate financial institutions and pension funds to reveal their involvement in unstable crypto markets.

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