CZ: Binance Surpasses 300 Million Registered Users
Mars Finance News, December 8 - Binance founder CZ announced on social media, "Binance has surpassed 300 million registered users."
Coinbase Resumes User Registration in India, Plans to Launch Fiat On-Ramp by 2026
Mars Finance News - Coinbase has reopened registration for Indian users after suspending the service for over two years. Indian users can now conduct crypto-to-crypto trades within the app. John O'Loghlen, Head of Asia Pacific at Coinbase, stated at India Blockchain Week that the company plans to launch a fiat on-ramp channel by 2026, allowing users to directly deposit and purchase crypto assets. Coinbase entered the Indian market in 2022 but suspended support for the Unified Payments Interface (UPI) shortly after launch, as the UPI operator NPCI did not confirm Coinbase's local operations. The company subsequently halted services for Indian users in 2023 and requested users to liquidate their accounts. O'Loghlen mentioned that the company chose to fully exit at the time to restart operations within a compliant framework. This year, Coinbase engaged with India's Financial Intelligence Unit (FIU) and completed registration, relisting the app through an "early access" program starting in October, now available to all users. Despite India being the world's second-largest internet market, strict crypto regulations and taxation pose challenges for industry development. The Indian government imposes a 30% tax on crypto income without allowing loss deductions and a 1% tax deduction on each transaction. Coinbase expressed hope for future policy relaxation. Despite stringent regulations, Coinbase remains optimistic about the Indian market, with its investment arm recently increasing investment in local exchange CoinDCX (post-investment valuation of $2.45 billion) and planning to expand its 500+ person team in India. O'Loghlen stated that Coinbase aims to be a trusted platform, providing a secure and convenient trading experience for the Indian market.
10x Research: Bitcoin Appears Range-Bound, Derivatives Market Anticipates Significant Volatility
Mars Finance News - According to a 10x Research report, Bitcoin prices have shown limited volatility recently, but derivatives market pricing has begun to reflect potential significant price movements. The report noted several structural signals in the market: volatility being bought rather than sold, option skew shifting back toward downside protection, funding rates declining, futures open interest diverging, and continued net outflows from ETFs. The report suggests that while the market appears stable on the surface, capital positioning and pricing structures indicate preparations for sudden events. Bulls often view the rebuilding of the U.S. Treasury General Account, the end of quantitative tightening, and potential rate cuts as liquidity positives, but without consistent market structure support, macro expectations may not drive sustained trends. 10x Research pointed out that liquidity alone is insufficient to form directional trends; leverage levels, positioning structures, and trading flows must also align. This weekly report covers Bitcoin and Ethereum derivatives positioning, volatility trends, funding rates, ETF and stablecoin flows, option activity, and potential ranges and key catalysts for the next 1-2 weeks.
ZKsync Announces Deprecation of ZKsync Lite by 2026
Mars Finance News - According to an official announcement, ZKsync plans to discontinue support for ZKsync Lite (i.e., ZKsync 1.0)—the first ZK-rollup launched on Ethereum—by 2026. For now, no immediate action is required; ZKsync Lite will continue to operate normally. Funds remain secure, and withdrawals to L1 will continue to be supported throughout the deprecation process.
ZKsync will release a detailed deprecation plan within the next year and will soon announce specifics, timelines, and migration guidance.
Pakistan Signals Strengthened Crypto Regulation After Talks with Binance
Mars Finance News - Pakistan has indicated it will advance digital asset regulatory plans following talks with a delegation from cryptocurrency exchange Binance. Pakistani Prime Minister Shehbaz Sharif and Army Chief General Syed Asim Munir attended the meeting, with Binance CEO Richard Teng leading the delegation. Bilal Bin Saqib, Chairman of Pakistan's Virtual Asset Regulatory Authority (PVARA), briefed the Binance delegation on the country's regulatory plans. The Prime Minister's office stated that Pakistan aims to establish a "transparent and secure" digital asset framework that supports innovation while protecting investors. The talks are part of broader efforts this year to formalize crypto regulation in Pakistan, including establishing a dedicated digital asset regulatory agency and clarifying exchange rules. Saqib also mentioned that Pakistan is developing a sovereign stablecoin and exploring a central bank digital currency (CBDC). According to Chainalysis data, Pakistan ranks high in global cryptocurrency adoption rates.
CZ: Binance Surpasses 300 Million Registered Users
Mars Finance News, December 8 - Binance founder CZ announced on social media, "Binance has surpassed 300 million registered users."
Canada Obtains Information on 2,500 Dapper Labs Users in Second Crypto Tax Investigation
Mars Finance News - According to The Block, court documents obtained by The Canadian Press reveal that over the past three years, Canadian tax authorities have collected over CAD 100 million (approximately USD 72 million) in taxes through crypto-related audits but have not filed any criminal charges since 2020, highlighting structural limitations in the country's enforcement capabilities. The Canada Revenue Agency's audit team has processed over 230 cases and estimates that 40% of taxpayers using crypto platforms have either not declared taxes or are at high risk of non-compliance. However, the Canada Revenue Agency believes it is "not possible to reliably identify taxpayers in the crypto space and assess their income tax compliance." Additionally, the report stated that the Canada Revenue Agency obtained data on 2,500 users from Dapper Labs through a court order. The agency initially sought information on Dapper's top 18,000 users but, after negotiations with the company's executives and lawyers, settled on 2,500. The application submitted to the Canada Revenue Agency in September marks the second time a Canadian court has ordered a crypto company to disclose such information, following a similar order to Toronto exchange Coinsquare in 2020.
ZKsync Announces Deprecation of ZKsync Lite by 2026
Mars Finance News, December 8 - According to an official announcement, ZKsync plans to discontinue support for ZKsync Lite (i.e., ZKsync 1.0)—the first ZK-rollup launched on Ethereum—by 2026. For now, no immediate action is required; ZKsync Lite will continue to operate normally. Funds remain secure, and withdrawals to L1 will continue to be supported throughout the deprecation process. ZKsync will release a detailed deprecation plan within the next year and will soon announce specifics, timelines, and migration guidance.
CICC: Hassett as Fed Chair Could Initially Lower Then Raise U.S. Bond Yields and Dollar
Mars Finance News, December 8 - A CICC research report stated that under baseline conditions, if Hassett becomes the new Fed chair, it could initially lower then raise U.S. bond yields and the dollar, overall benefiting U.S. stocks. Timeline-wise, Trump would announce the new chair nomination in early 2026. For Hassett, he would first need to be nominated as a Fed governor and confirmed by the Senate, then nominated as chair and confirmed again, officially becoming chair after current Chair Powell's term ends in May 2026, potentially presiding over the June FOMC meeting. The first quarter of next year is a critical period for market expectations post-nomination; if Hassett's stance is overly dovish, U.S. bond yields and the dollar could experience unexpected declines. However, as long as it does not significantly cross into "loss of independence concerns," expectations combined with U.S. economic recovery could turn U.S. bond yields and the dollar upward. (Jin10)
CICC: Hassett as Fed Chair Could Initially Lower Then Raise U.S. Bond Yields and Dollar
Mars Finance News, December 8 - A CICC research report stated that under baseline conditions, if Hassett becomes the new Fed chair, it could initially lower then raise U.S. bond yields and the dollar, overall benefiting U.S. stocks. Timeline-wise, Trump would announce the new chair nomination in early 2026. For Hassett, he would first need to be nominated as a Fed governor and confirmed by the Senate, then nominated as chair and confirmed again, officially becoming chair after current Chair Powell's term ends in May 2026, potentially presiding over the June FOMC meeting. The first quarter of next year is a critical period for market expectations post-nomination; if Hassett's stance is overly dovish, U.S. bond yields and the dollar could experience unexpected declines. However, as long as it does not significantly cross into "loss of independence concerns," expectations combined with U.S. economic recovery could turn U.S. bond yields and the dollar upward. (Jin10)
