In a letter to employees, Binance said it foresees protracted and expensive litigation with the US Securities and Exchange Commission (SEC) and asked Binance.US management to reduce the size of its workforce across the division. The job-cut decision is likely to affect about 50 employees. Job Cuts at Binance.US A Bloomberg report noted that a number...Read More
DAI stablecoin, with a circulation of around $4.6 billion, has surpassed BUSD amidst mounting legal troubles for the world’s largest crypto exchange, Binance. The market capitalization of BUSD has declined to $4.3 billion following the regulatory drama that started earlier this year. According to data from CoinMarketcap, BUSD circulation is down over 70% since the...Read More
Changpeng Zhao, alongside another company spokesperson, refuted the recent reports from French media that Binance was under investigation in the country for alleged money laundering. The company’s CEO explained that such “surprise inspections” are the norm in the European country for both banks and now crypto businesses. According to the report from local media Le...Read More
Mounting regulatory scrutiny has crippled the US operations of Binance, elsewhere, the crypto giant is encountering problems in securing a license as well. In the major roadblock to its global expansion plans, Binance announced exiting the Netherlands after failing to secure a virtual asset service provider (VASP) license with the Dutch regulator. Announcing its departure...Read More
In an unexpected development, Binance, a global leader in cryptocurrency exchanges, has declared its departure from the Netherlands. This decision emerges during a challenging time for the company, as it grapples with a lawsuit from the U.S. Securities and Exchange Commission (SEC) and the unsuccessful attempt to obtain a Virtual Asset Service Provider (VASP) license...Read More
In a respite to Voyager Digital customers, the cryptocurrency brokerage is reportedly gearing up to reopen its app, which will enable the withdrawal of their funds. The development comes almost a year after it filed for Chapter 11 bankruptcy. According to a court filing on June 14th, Voyager’s bankruptcy plan administrator, Paul Hage, stated that...Read More
Binance CEO Changpeng Zhao (CZ) has taken to Twitter to quash rumors that his crypto exchange had been selling its crypto holdings, including BTC and BNB. The speculation had been rife on social media, with some asserting that the company was involved in significant sales of digital assets. However, Zhao debunked the rumors, saying Binance...Read More
The blockchain analytics provider – Santiment – revealed that bitcoin’s supply on cryptocurrency exchanges currently stands at 6.4%, which is the lowest level since February 2018. The rapid shift toward self-custody methods could be a result of the SEC’s legal actions against two of the leading crypto platforms – Binance and Coinbase. The Commission recently...Read More
When the SEC sued Binance on the 5th of June, it also requested a total freeze on all Binance.US assets, citing an alleged tendency to comingle customer funds and move them offshore. Granting this request would have not only been devastating to Binance’s operations – not to mention overkill, since the allegations had not been...Read More
A week after the Securities and Exchange Commission (SEC) filed a civil enforcement action against Binance.US, the crypto exchange has hit back, stating that all of the regulator’s claims are invalid. Binance argued against the SEC for a temporary restraining order on the company, also known as BAM Trading, and said that such an action...Read More
Last week, the SEC sued Binance for violations of U.S. securities laws and “years of violative conduct” that allegedly put customers’ funds at risk. Now, the regulatory agency wants to freeze those said funds. Complete Freeze of Assets Requested Since customers’ funds are allegedly at risk, it was only convenient that a complete asset freeze...Read More
Glassnode published a report on Monday breaking down investors’ on-chain behavior after the U.S. Securities and Exchange Commission (SEC) sued two of the world’s largest cryptocurrency exchanges. The report acknowledged a boost to the number of short-term crypto holders sending their balances onto exchanges. Exchange Deposits and Withdrawals The report echoed findings from last week...Read More
US-based trading firm Robinhood announced the delisting of Solana (SOL), Cardano (ADA), and Polygon (MATIC) after the Securities and Exchange Commission (SEC) labeled them as securities in the suits against two crypto heavyweights. The company, which recently ventured into crypto, said the SEC’s claim cast a cloud of uncertainty around these assets and, as a...Read More
The Securities and Exchange Commission (SEC) has recently brought forth a series of charges against Coinbase and Binance, both prominent global cryptocurrency exchanges. In a span of less than 24 hours, the SEC filed lawsuits against major players in the cryptocurrency industry. The first lawsuit targeted Binance, the world’s largest cryptocurrency exchange, and its CEO...Read More
Cryptocurrency exchanges are the bustling marketplaces where digital currencies change hands. They’re the heart of the crypto market, the places where the magic happens. But recently, multiple lawsuits from the Securities and Exchange Commission (SEC) have thrown a wrench into the works, and everyone is asking the same question: How are the exchanges holding up?...Read More
The market took a beating over the past 24 hours, and certain altcoins performed a lot worse than others. A lot of the worst-performing cryptocurrencies were also named in the lawsuit that the US Securities and Exchange Commission filed against Coinbase. The agency alleges that they are securities. These include Cardano’s ADA, Solana’s SOL, NEAR,...Read More
Following lawsuits against Binance and Coinbase, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has made his intentions clear about the digital assets class. These are securities, nothing less, he asserted in a recent interaction. They should be registered with the agency before being offered to investors or meet the requirements to seek exemptions,...Read More
The situation between Coinbase, Binance, and the United States Securities and Exchange Commission is likely to get ugly before a resolution is reached in one direction or another. However, Ripple has been at the forefront of the SEC’s legal actions as it received the first blow from the securities regulator during the winter of 2020....Read More
Following Monday’s announcement of lawsuits against Coinbase and Binance, firms both inside and outside of the crypto industry have started polarizing. The civil lawsuit filed against Binance – which the SEC claims is the real beneficiary of Binance.US – has not yet begun. However, companies with exposure to the situation have started taking steps to...Read More
Binance announced the launch of a new batch of Cloud Mining products for BTC mining in a statement on Wednesday. The exchange’s cloud mining service was released last November and enabled users without mining equipment to earn mining rewards from Binance Pool. Subscriptions, on the other hand, are required to buy hash rates and Bitcoin...Read More
In the midst of a storm stirred by a lawsuit from the Securities and Exchange Commission (SEC), Binance CEO Changpeng Zhao (CZ) has penned an open letter to his employees. The letter, a beacon of transparency and resilience, addresses the allegations head-on, clarifies misconceptions led by recent leaked chats, and reaffirms Binance’s unwavering commitment to...Read More
The overall market cap fell to $1.07 trillion – a level last seen three months ago – before a modest recovery to the press time figure of $1.1 trillion. Bitcoin, for one, dumped close to a two-month-low after weeks of trading largely rangebound in recent months. Several top altcoins posted higher losses prompting concerns about...Read More
On June 7, attorneys from Gibson Dunn and Latham & Watkins, two of Binance’s law firms, made a court filing in response to the latest SEC crackdown. In it, they claim that SEC Chair Gary Gensler offered to serve as an advisor to Binance’s parent company in 2019. According to the filing, Gensler met with...Read More
Robinhood Markets is weighing on its crypto offerings according to the firm’s legal chief Dan Gallagher amid intensified crackdown on the industry. The move comes as the securities regulator targeted a broad swath of the digital asset market, launching a pair of lawsuits against two heavyweights – Binance and Coinbase – that together account for...Read More
Binance CEO Changpeng Zhao (CZ) has been issued a summons by the U.S. District Court for the District of Columbia following a lawsuit against himself and his exchange on Monday. The CEO must respond to the summons within 21 days, but is not required to appear in person. Other entities named in the lawsuit, including...Read More
The US Securities and Exchange Commission (SEC) seems to be out to prove that at least one crypto asset is a security, as stated by Chairman Gary Gensler. The SEC recently sued two of the biggest exchanges back-to-back, Binance and Coinbase, alleging that both companies failed to register as crypto brokers, exchange, and clearing agencies....Read More
Retail traders and investors are not the only ones suffering in America’s war on crypto. Company executives are also seeing their fortunes diminished due to recent enforcement actions. This week, the SEC sued both Binance and Coinbase, dousing the flames of optimism for the crypto industry in 2023 following the cycle bottom after FTX collapsed....Read More
Binance doubled down its efforts on the non-fungible token sector as it announced support for Bitcoin NFTs on Tuesday amidst severe turmoil in the crypto industry. The exchange’s NFT marketplace is the latest contender to step into the Bitcoin NFTs ring following Magic Eden’s support for the same. According to the latest update, the newly...Read More
The world’s largest crypto exchange Binance is witnessing significant net outflows as thousands of crypto traders withdraw their funds from the platform following the latest lawsuit from the United States Securities and Exchange Commission (SEC). According to on-chain data from the blockchain analytics platform CryptoQuant, Binance recorded a net outflow of 11,380 BTC just the...Read More
If American regulators were aiming to crash crypto markets and generate losses by instilling fear in investors, they are achieving their goal. Cryptocurrency markets have shed $55 billion or around 5% since the Securities and Exchange Commission sued Binance for violating securities laws. As a result, total capitalization has dropped to $1.13 trillion, its lowest...Read More
