Binance Suffers Largest Crypto Hack Ever; Ripple Receives OCC Approval for Trust Bank

Crypto exchange Binance experienced the largest crypto hack on record this week, with hackers draining up to $6.3 billion. The exchange has suspended withdrawals and stated it will cover all losses. Separately, crypto firm Ripple received final approval from the OCC to establish a national trust bank, allowing it to manage reserves for its stablecoin and provide fiduciary digital asset custody services.