The Daily: French authorities escalate probe into Binance, US Senate confirms pro-crypto Scott Bessent as Treasury Secretary and more

Quick Take
- French authorities have launched a further judicial probe into crypto exchange giant Binance over alleged money laundering, tax fraud, drug trafficking and other charges, Reuters reported on Tuesday.
- The U.S. Senate confirmed President Trump’s nomination of crypto-friendly Scott Bessent as Treasury Secretary in a 68-29 vote late Monday, succeeding Janet Yellen.


The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Tuesday! Jim Cramer, the Mad Money host known for his bold (and often wrong) calls, says it's time to own bitcoin again. Should we be worried?
In today's newsletter, French authorities escalate a money laundering probe into Binance, the U.S. Senate confirms pro-crypto Scott Bessent as Treasury Secretary, Metaplanet plans to raise $745 million to buy bitcoin and more.
Meanwhile, various investor groups recognize that "crypto is back" and see a need to ramp up their activity amid the U.S. political shift, according to analysts at Bernstein.
Let's get started.
French authorities escalate probe into Binance
French authorities have launched a further judicial probe into crypto exchange giant Binance over alleged money laundering, tax fraud, drug trafficking and other charges, Reuters reported on Tuesday.
- The investigation builds on earlier investigations into Binance for alleged KYC compliance failures, illegal client solicitation and money laundering in 2022 and 2023.
- "Binance is deeply disappointed to learn that JUNALCO, a Paris division of the French Public Prosecutor's Office, has taken the decision to refer this matter, which is several years old, to the French judiciary for further investigation," a Binance spokesperson told The Block.
- "While we do not usually comment on legal proceedings as a matter of policy, Binance fully denies the allegations and will vigorously fight any charges made against it," the spokesperson added.
- The crypto exchange has faced similar legal challenges in the U.S., pleading guilty to money laundering charges and paying a $4 billion fine in 2023.
- Despite its legal battles, Binance remains the largest crypto exchange by spot volume, handling $1 trillion worth of trading activity in December alone.
Senate confirms pro-crypto Scott Bessent as Treasury Secretary
The U.S. Senate confirmed President Trump's nomination of crypto-friendly Scott Bessent as Treasury Secretary in a 68-29 vote late Monday, succeeding Janet Yellen.
- Bessent will join a presidential working group to develop a federal regulatory framework for digital assets, including stablecoins, and evaluate the creation of a "strategic national digital assets stockpile."
- The billionaire former hedge fund manager has previously expressed a positive view of crypto and held hundreds of thousands of dollars worth of bitcoin via an ETF before liquidating those holdings following his nomination.
- Bessent also opposes a central bank digital currency and has said that the crypto economy is about freedom and is "here to stay."
Metaplanet plans $745 million raise to buy more bitcoin
Metaplanet announced plans to raise 116 billion yen (approximately $745 million) to increase its bitcoin holdings.
- The Japanese investment firm said it plans to issue 21 million shares of 0% discount warrants. These financial instruments give the holder the right, but not the obligation, to buy the underlying stock at a predetermined price before the warrant expires.
- Metaplanet claimed that if executed, this transaction would be the "largest capital raise in Asian equity markets history to buy bitcoin."
- The Tokyo-listed company currently holds 1,761 BTC, making it the 12th largest publicly traded holder of bitcoin, and aims to expand its reserves to 10,000 BTC by the end of 2025 and 21,000 BTC by 2026.
World Liberty Financial buys $2 million in MOVE tokens
Trump family-backed DeFi project World Liberty Financial purchased $2 million worth of MOVE tokens on Tuesday, making it the tenth-largest holding in its $389 million crypto portfolio.
- The acquisition coincided with Movement Network Foundation's launch of the developer phase of its public mainnet and a liquidity program called Cornucopia to attract DeFi engineers to Movement's blockchain.
- Speculation swirled on social media amid reports that Movement Labs was also one of the firms in discussions with President Trump's newly created Department of Government Efficiency over potential blockchain implementations.
- However, hours after the purchases came to light, Movement Labs’ founder Rushi Manche clarified that the organization is not in close contact with the Elon Musk-led government cost-saving unit.
- The MOVE token surged around 25% following the news, with its market cap briefly exceeding $2 billion.
Elon Musk's dream of digital payments for X users takes shape
Linda Yaccarino, CEO of social media platform X, announced a partnership with Visa to power its upcoming "X Money" digital wallet, enabling users to make peer-to-peer payments and bank transfers.
- The "X Money Account," set to launch later this year, is part of owner Elon Musk's vision to transform X into a super app similar to WeChat.
- The partnership could also pave the way for future crypto integrations, aligning with Musk's broader interest in blockchain and his close association with President Trump, who has increasingly embraced digital assets.
In the next 24 hours
- The U.S. Federal Reserve's latest interest rate decision is due at 2 p.m. ET on Wednesday.
- The European Central Bank is holding a press conference at 8:45 a.m. Bank of England Governor Andrew Bailey will speak at 9:15 a.m. The U.S. FOMC's press conference follows at 2:30 p.m.
- Ethena is set to unlock 12.86 million ENA tokens worth $9.2 million, representing 0.42% of its circulating supply.
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