Binance Observes Regulatory Crackdown as Bitsonic CEO Gets Extended Sentence for Crypto Fraud
In a significant development highlighting the tightening regulatory scrutiny in the cryptocurrency sector, Shin Jinwook, the former CEO of the now-defunct South Korean exchange Bitsonic, has been handed an additional six-month prison sentence. This extends his initial seven-year term, as the Daegu District Court uncovered further evidence of fraud exceeding 160 million won (approximately $115,000). The case centered around the manipulation of Bitsonic's native token, BSC, where Shin artificially inflated trading volumes and prices to lure unsuspecting investors before converting the proceeds into Bitcoin. This ruling underscores the growing emphasis on accountability and transparency in the crypto industry, with global exchanges like Binance closely monitoring such regulatory actions to ensure compliance and maintain investor trust.
Bitsonic CEO Faces Extended Prison Sentence for Crypto Fraud
Shin Jinwook, CEO of defunct South Korean exchange Bitsonic, has received an additional six-month prison sentence atop his initial seven-year term. The Daegu District Court found evidence of fraud exceeding 160 million won ($115,000) involving manipulation of the exchange's native token, BSC.
Prosecutors revealed Shin artificially inflated BSC trading volumes and prices, luring investors before converting proceeds into Bitcoin and Ethereum. These assets were subsequently liquidated to fund unrelated business ventures—a textbook case of exchange-operated market manipulation.
The verdict underscores South Korea's hardening stance against crypto malfeasance. While relatively modest in dollar terms, the case exemplifies regulatory zero-tolerance for exchange fraud, particularly when involving proprietary tokens and wash trading schemes.
Ethereum Holds Key Support Amid Record Binance Open Interest
Ethereum's price resilience at $3,667—a 4% rebound in 24 hours—signals renewed institutional interest following recent volatility. Binance's ETH open interest has surged to a historic $8.7 billion, dwarfing 2021 bull market levels by 3.5x despite comparable price points.
Market dynamics suggest cautious optimism: neutral funding rates contrast with escalating leverage, creating conditions for potential upside. The $3,380-$3,874 trading range reflects consolidation after ETH's 46% monthly gain, with a breach above $3,875 likely accelerating momentum.
Binance Futures Sees Record Volume as Traders Flock to ETH, SOL, XRP
Binance Futures trading volume surged to $2.55 trillion in July 2025, marking its highest level since January, according to CryptoQuant data. The resurgence in volatility attracted both institutional and retail traders, with altcoins dominating activity. Ethereum, Solana, and XRP led the charge as traders sought higher-beta opportunities.
Altcoin futures volumes skyrocketed to $223.6 billion, accounting for 83% of Binance's derivatives activity. Bitcoin's share dwindled to just 17%, reflecting a pronounced rotation into speculative altcoin plays. Solana, BNB, and XRP delivered double-digit gains, further fueling the frenzy.
Institutional accumulation of ethereum added momentum to the rally. SharpLink Gaming and BitMine Immersion Technologies now hold over 1.2 million ETH combined, signaling growing institutional confidence. Their holdings represent nearly 2% of Ethereum's total supply—a notable concentration that has bolstered ETH's price action and derivatives demand.
Bhutan Transfers $59 Million In Bitcoin To New Wallet
The Royal Government of Bhutan has executed a significant cryptocurrency transaction, moving 517 BTC worth approximately $59.23 million to a new wallet. Market observers speculate the funds may be destined for Binance, a leading global crypto exchange.
This transfer underscores Bhutan's continued participation in digital asset markets and reflects the broader trend of national governments actively managing cryptocurrency portfolios. The movement of such a substantial bitcoin holding has drawn attention from institutional investors and crypto analysts alike.
Trump Considers Executive Order to Penalize Banks Blocking Crypto Companies
President Donald TRUMP is preparing an executive order to address banking discrimination against cryptocurrency firms, according to a Wall Street Journal report. The order would impose fines on U.S. banks that refuse to process transactions involving digital asset companies.
This MOVE targets a persistent challenge in the crypto industry, where correspondent banks often reject fiat-to-crypto conversions. Penalties could include monetary sanctions and other disciplinary measures against institutions engaging in such practices.
The initiative forms part of Trump's broader strategy to establish U.S. dominance in global digital asset markets. Since January, the administration has worked to clarify regulations around crypto registration, custody, and trading to foster innovation while reducing bureaucratic hurdles.
Binance founder Changpeng Zhao noted the potential global impact, suggesting the order could significantly expand banking access for crypto businesses worldwide.
4 Cryptos Under $0.50 Poised for 2017-Style Breakouts Like XRP and ADA
As the 2025 bull market gains momentum, investors are scouring the crypto landscape for undervalued assets reminiscent of Ripple (XRP) and Cardano (ADA) during their historic 2017 rallies. Among sub-$0.50 tokens showing promise, Pepeto (PEPETO) stands out with its unique blend of meme culture and substantive blockchain infrastructure.
The project has raised $5.9 million in its presale phase, attracting both retail and whale interest. Its tokenomics allocate 30% to presale, 30% for staking, and 20% to marketing, with dual-audited smart contracts reinforcing credibility. Upcoming developments include PepetoSwap, a zero-fee meme token exchange, and cross-chain bridging capabilities.
With discussions underway for Binance listing and a 100,000-strong global community, Pepeto exemplifies how meme projects are evolving beyond speculative assets into ecosystems with tangible utility.
