Noah Perlman – Chief Compliance Officer of Binance – said he will continue working at the world’s largest cryptocurrency exchange. The company has been coping with serious regulatory problems recently, while some top executives resigned from their posts. CEO Changpeng Zhao (CZ) confirmed the departures, but claimed they were not related to the lawsuits coming...Read More
The SEC’s subsequent enforcement actions, first against Ripple and XRP, followed by Binance and Coinbase, have contributed to the sufferings of other crypto exchanges from a liquidity standpoint. There has been a major shift in the CEX landscape that has already faced challenges following the FTX implosion. A new report suggested that a slow recovery...Read More
Last week, Coinbase filed to dismiss the charges brought against it by the SEC. Motivating its approach, the exchange accused the agency of overreach, stating that crypto assets may not even come under their purview. The leading US crypto exchange also accused the SEC of ignoring prior approvals given for the sale of some of...Read More
Rapid disinformation attacks are one of the most significant challenges in the digital ecosystem. This time, the alleged resignation of United States Securities and Exchange Commission (SEC) chair Gary Gensler took the internet by storm. The news stories ultimately turned out to be a hoax, much to the crypto community’s disappointment. But at the center...Read More
Several financial giants, including Fidelity, 21Shares, and WisdomTree, have changed their filings with the Securities and Exchange Commission in regard to their applications for Bitcoin Spot ETFs. This comes just hours after the US securities regulator reportedly warned that all recent filings for such products were “inadequate.” BlackRock splashed the waters two weeks ago when...Read More
A low-profile but highly influential senior executive at Binance has spoken out as the company begins legal battles against two top market regulators in the United States. Yi He, who boasts a massive fortune as one of the company’s early shareholders, has also had children with Binance CEO Changpeng Zhao (CZ). The SEC Lawsuit He...Read More
The US Securities and Exchange Commission has reportedly issued a warning that the recent Bitcoin Spot ETF filings by financial giants, such as Fidelity and BlackRock, could lack comprehensive details. The agency has a long history of rejecting such products in the States, and its current war on crypto is likely not helping. BlackRock made...Read More
Merely a few weeks after the SEC sued the platform for facilitating unregistered trading with 12 tokens that the agency considers to be securities, Coinbase’s legal representatives have filed for a complete dismissal of the lawsuit, citing concerns regarding the legal authority of the regulator. Prior Approval Disregarded One of the principal arguments laid out...Read More
The company behind the world’s largest Bitcoin fund has a 70% chance of overcoming the U.S. Securities and Exchange Commission (SEC) in a major crypto industry lawsuit, according to Bloomberg Intelligence Senior Legal Analyst Elliot Z. Stein. Given the circumstances, the firm’s analysts assign a 50% likelihood to a Bitcoin spot ETF being approved in...Read More
The case between Ripple and the United States Securities and Exchange Commission rages on. We’ve recently explored how the lawsuit could affect the entire crypto industry, talking to legal experts with interesting commentary on the matter. With that said, let’s have a look at some of the most recent developments as of today – June...Read More
With the U.S. Securities and Exchange Commission (SEC) launching a full offensive against crypto this year, an ongoing lawsuit against one of the agency’s first industry targets – Ripple – remains as prevalent as ever. Given recent developments, many parties close to the case believe the court’s ruling may be imminent. How might the result...Read More
The United States Securities and Exchange Commission (SEC) has given up its slot as one of the first creditors to be repaid by the insolvent crypto lending platform BlockFi. The move comes as the SEC is facing intense pressure from a legal battle against the cryptocurrency exchange, Binance. U.S. SEC Forfeits Front-Row Seat for Investors...Read More
Binance’s U.S. subsidiary has challenged claims from the Securities and Exchange Commission (SEC) that the company mismanaged user assets as “misleading.” In a motion filed on Wednesday, the exchange pointed to contradictory statements from the regulator suggesting that customers’ assets have not, in fact, been transferred outside of the United States. The SEC’s Conflicting Statements...Read More
Invesco – an American investment company with over $1.4 trillion of assets under management – reactivated its attempts to launch a Bitcoin Spot exchange-traded fund (ETF) in the United States. WisdomTree – another US finance giant – submitted a similar application to the SEC. The latest efforts come a few days after the world’s largest...Read More
Analysts at American multinational financial services giant JPMorgan said in a report that the Hinman documents released last week in the Securities and Exchange Commission’s legal tussle with the blockchain payments firm Ripple would likely trigger more decentralization in the crypto realm. The research report, seen by CoinDesk, further noted that the documents provide a...Read More
It seems that the case between the United States Securities and Exchange Commission (SEC) might soon be headed for trial. The former Director of the SEC’s San Francisco Office, Marc Fagel, speculated on the matter on Twitter, saying that he thinks a ruling might be coming in a few days. Will the SEC Settle With...Read More
The Texas State Securities Board filed an emergency cease and desist order against crypto trading platform Abra and its Chief Executive Officer Bill Barhydt. The watchdog claimed that the company misled its customers and committed securities fraud by offering some of its products, such as Abra Earn. The regulator added that the firm has been...Read More
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
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
On June 14, Coinbase chief legal officer Paul Grewal updated the situation on the SEC response to the company’s repeated calls for regulatory clarity. The watchdog, which has launched an outright attack on the industry this year, “repeated the fallacy that they haven’t made any decision on new crypto rules,” he reported from the filing....Read More
Financial trading platform eToro issued new guidelines barring US customers from buying four crypto assets that were recently deemed securities by the United States Securities and Exchange Commission (SEC) in lawsuits against Coinbase and Binance. While eToro did not explicitly cite the securities regulator’s action as the reason for the latest changes in its crypto...Read More
The U.S. Securities and Exchange Commission is convinced that all crypto assets aside from Bitcoin are securities. Its latest war on crypto exchanges has included staking services, which the regulator seeks to shut down. This could push more staked ETH out of exchanges and onto the market-leading liquid staking provider Lido. This may sound good,...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
The U.S. Securities and Exchange Commission (SEC) has released its long-awaited internal documents related to former commissioner William Hinman’s speech on digital assets in 2018. The reveal incited fury from Ripple CEO Brad Garlinghouse, who has now accused the SEC of willingly throwing “an entire industry into chaos” by releasing the speech. Hinman Ignored All...Read More
A newly-surfaced video that dates back to 2018 showed that the current Chairman of the US Securities and Exchange Commission (SEC) – Gary Gensler – classified several cryptocurrencies, including Bitcoin (BTC) and Ether (ETH), as “not securities.” His stance from nearly five years ago contrasts with his nowadays vision. Gensler has argued several times that...Read More
The legal battle between the United States Securities and Exchange Commission (SEC) and blockchain firm Ripple may soon take a significant turn, as the company’s CEO Brad Garlinghouse has disclosed that the long-expected Hinman documents are “worth the wait.” In a Monday tweet and response to a question by crypto YouTuber Jungle Inc, the chief...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
The U.S. Securities and Exchange Commission went ham on crypto exchanges last week by filing toothy lawsuits against Binance and Coinbase. While crypto exchanges and altcoins are in the hot seat, the regulator is leaving BTC and ETH alone, at least for now. When news of the SEC’s lawsuit against Binance and Coinbase hit markets,...Read More
