DeFi & Ethereum News

2023-06-12 09:25:30 Hong Kong Official Invites Coinbase Despite SEC Investigation, June 11

Hong Kong’s Legislative Council member Johnny Ng has expressed his support for the crypto industry in Hong Kong and has invited Coinbase and other crypto exchanges to establish operations in the region. In a tweet, Ng acknowledged the important role that crypto trading operators like Coinbase play in the industry and offered his assistance to help them set up. He also hinted at potential stock listing opportunities, which could further bolster the industry’s growth in HK.

This move by Ng comes at a time when major players like Binance and Coinbase are facing lawsuits from the SEC. Despite this, Hong Kong has taken a progressive stance towards cryptocurrencies and has actively overseen crypto assets through regulation. In fact, the Financial Secretary of Hong Kong, Paul Chan, declared the government’s dedication to establishing a strong ecosystem for crypto and fintech in January 2023. Since then, Hong Kong has been working on formulating regulations and implementing compliance measures to nurture the expansion of the cryptocurrency industry. HKMA revealed its intentions to establish the groundwork for the introduction of a retail Central Bank Digital Currency (CBDC).

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https://t.me/DeFi_Ethereum Open / Comment

2023-06-11 13:55:09 Scimitar Capital Confirms Liquidation Of All Altcoins, Suspects $2B Caused Market Dump

The decision to liquidate crypto holdings by Scimitar Capital, a crypto-exclusive trading firm, is rumored to be the reason for the widespread altcoin price drop on Saturday. While the Bitcoin price is down around 3% in the past 24 hours, the global crypto market value is now $1.04 trillion, down 5.74% in the last 24 hours. Among the top cryptocurrencies, Cardano (ADA) and Solana (SOL) lost the most value, with over 24% in the last 24h for each token.

The situation is that the altcoin drop will continue to linger. For ADA, SOL, and MATIC may be at least 3 more weeks due to the influence of the Robinhood crypto exchange’s delist announcement. For the rest of altcoins in the market, the SEC is a big threat as it is unknown which tokens will be the next target. In a new development, Scimitar Capital, a cryptocurrency trading platform, said it strategically decided to liquidate our crypto holdings. The crypto community believes this is most likely the reason behind the sudden and widespread drop in cryptocurrency prices. The company said in a statement.

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https://t.me/DeFi_Ethereum Open / Comment

2023-06-10 11:41:49 New Stablecoin Bill Drafted by House Republicans as Compromise With Democrats

The Republican chair of the House Financial Services Committee has released a new draft of the leading U.S. legislative proposal for overseeing stablecoins, and it includes some of the positions of Democratic lawmakers. The bill posted Thursday is still just a draft, meant to be further discussed at a June 13 committee hearing, but it marks another potential move toward a bipartisan negotiation on the legislation.

This considerably shorter new draft is meant to start melding some of the two parties’ positions, according to a committee spokesperson, and also adds further points from Republican committee members. This version would call for the Fed to write requirements for issuing stablecoins but would still let state regulators oversee the companies issuing the tokens. It gives the Fed a few additional authorities of the Republican’s previous bill, including a power in emergency situations to intervene against state-regulated issuers. States could also pass their supervision duties over to the federal watchdog.

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https://t.me/DeFi_Ethereum Open / Comment

2023-06-09 09:06:54 Binance.US Updated New Delist List From More Than 100 Trading Pairs To 10

According to the official announcement, Binance.US issued a delisting update because of community feedback. The exchange will no longer delete any USDT advanced trading pairs, and all cryptocurrencies and USDT pairs can still be traded. Only some advanced trading pairs of BTC and BUSD are removed. Binance.US will delete the following advanced trading pairs of BTC and BUSD at 12 p.m. EDT on June 8: ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, XTZ/BTC, HBAR/BUSD, and ONE/BUSD.

In addition, Binance.US will simplify buying, selling, and switching products and reduce the number of supported switching trading pairs to 226, and the maximum order amount has been updated to $10,000. The exchange has suspended its OTC trading portal services until further notice in the coming weeks and months. The move comes after pressure from the U.S. Securities and Exchange Commission (SEC) with exchanges Binance and Coinbase. With back-to-back enforcement proceedings against two of the most famous digital asset companies, Binance and Coinbase, the SEC ultimately established its legal case against the sector and set up future court confrontations that might determine everything.

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https://t.me/DeFi_Ethereum Open / Comment

2023-06-07 09:19:32 SEC Sues Coinbase Alleging Unregistered Securities Sales

SEC sues Coinbase for unregistered securities sales after suing Binance one day prior. The SEC alleges Coinbase has been operating as an unregistered broker, exchange, and clearing agency since 2019. According to the lawsuit document, Coinbase has operated as an unregistered broker, exchange, and clearing agency since 2019. The SEC alleges that the US exchange has offered and sold securities without registering its offers and sales.

Coinbase has serviced over 108 million customers, accounting for billions of dollars in daily trading volume in hundreds of crypto assets. The platform merges three functions that are typically separated in traditional securities markets—those of brokers, exchanges, and clearing agencies. The SEC stated that the exchange has never registered with the SEC as a broker, national securities exchange, or clearing agency, thus evading the disclosure regime that Congress has established for our securities markets. The assets that Coinbase makes available include crypto asset securities, and the SEC alleges that the following tokens are securities: SOL, ADA, MATIC, FIL, SAND, AXS, CHZ, FLOW, ICP, NEAR, VGX, DASH, and NEXO.

Source

https://t.me/DeFi_Ethereum Open / Comment

2023-06-06 11:39:37 SEC Sues Crypto Exchange Binance, CEO Changpeng Zhao Over Multiple Securities Violation Allegations

The U.S. Securities and Exchange Commission sued crypto exchange Binance, the operating company for Binance.US and Binance founder and CEO Changpeng "CZ" Zhao on allegations of violating federal securities laws on Monday. Binance, Binance.US and CZ offered unregistered securities to the general public in the form of the BNB token and Binance-linked BUSD stablecoin, said the suit, which also alleges that Binance's staking service violated securities law.

The suit also alleged multiple times that Binance allowed U.S. persons (meaning U.S. citizens or people living in the U.S.) to trade on its platform, despite saying it wasn't. "As a second part of Zhao’s and Binance’s plan to shield themselves from U.S. regulation, they consistently claimed to the public that the Binance.com Platform did not serve U.S. persons, while simultaneously concealing their efforts to ensure that the most valuable U.S. customers continued trading on the platform," the suit said. "When the Binance.US Platform launched in 2019, Binance announced that it was implementing controls to block U.S. customers from the Binance.com Platform.

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https://t.me/DeFi_Ethereum Open / Comment

2023-06-05 09:16:58 The Number Of Crypto ATMs Installed Increases Again After 4 Months Of Decline

After 4 months of seeing a decrease in the number of Bitcoin and crypto ATMs, this past May has recorded a positive increase. Over the first four months of 2023, the total number of crypto ATMs decreased steadily. At this time, the number of net crypto ATMs globally fell by 5,850. Yet, according to Coin ATM Radar data, 1,397 machines were added back to the worldwide crypto ATM network in May. Although large economies like as the United States and Europe contributed to the decline.

Crypto ATMs, also known as Bitcoin ATMs, are electronic kiosks where consumers may perform financial transactions, however they are built for cryptocurrency rather than cash. According to the research company How Many Bitcoin ATMs, there are around 63,000 of these crypto ATMs in the United States. If you’ve ever contemplated using one, here’s what you should know about them. Although Bitcoin ATMs do not contribute to the expansion of the Bitcoin network, they do act as a physical gateway for users to exchange fiat currency for crypto. Australia deployed a total of 233 ATMs in 2023, propelling it to the third-largest crypto ATM hub in the world.

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https://t.me/DeFi_Ethereum Open / Comment

2023-06-04 15:18:02 Do Kwon Once Again Out Of Jail, Montenegro Court Accepts Over $400,000 Bail

According to the Financial Associated Press, the Court of Montenegro again granted bail from failed Terraform Labs crypto executive Do Kwon. On June 3, a primary court in Montenegro once again agreed to the bail request of Do Kwon, co-founder of Terraform Labs, and his associate Han Chang-joon. Although it is unclear why the case was overturned, the country’s prosecutors will have three days to appeal the ruling.

On May 12, the Basic Court in Montenegro agreed to a $436,000 bail for Terraform Labs co-founder and CEO Do Kwon and Terra CFO Han Chang- joon with the same condition. At the time, the court ordered that the men be placed under house arrest in Montenegro pending trial. However, two weeks later, the decision was revoked after prosecutors appealed the decision. It is known that when the judgment was revoked, the Court of Montenegro had not yet received bail from the two defendants. Kwon and Chang-joon have been charged with forging official documents after attempting to fly to Dubai from Podgorica in March with alleged fake Belgian and Costa Rican passports.

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https://t.me/DeFi_Ethereum Open / Comment

2023-06-03 10:20:33 Elon Musk Faces New Lawsuit Alleging Dogecoin Manipulation

The lawsuit claims that Elon Musk’s actions caused significant financial losses to the investors, amounting to hundreds of billions of dollars. The lawsuit, filed in a Manhattan court, alleges that during 2021, Elon Musk engaged in various activities to promote Dogecoin, including frequent mentions on his personal Twitter page and promoting the cryptocurrency on US television. The investors claim that these actions artificially inflated the price of Dogecoin.

The group of investors also highlights an incident in April 2023 when Musk sold $124 million worth of DOGE shortly after replacing the Twitter logo with the Dogecoin logo on his social media profile. This move allegedly triggered a 30% price spike in Dogecoin at that time. The lawsuit, which began in June 2022, also accuses Musk of directing his companies, Tesla and SpaceX, to accept DOGE payments to create a false perception that Dogecoin was a viable investment. The investors are seeking $258 billion in damages from Musk, Tesla, and SpaceX. Elon Musk’s legal team has been attempting to dismiss the case, dismissing the presented details as “fictitious.”

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https://t.me/DeFi_Ethereum Open / Comment

2023-06-02 09:07:37 Kraken Experiences 25% Surge In Canadian Customer Deposits Following Binance’s Exit

Kraken, a prominent cryptocurrency exchange, has witnessed a notable 25% increase in customer deposits from Canada since Binance announced its departure from the crypto industry in early May. The tightening of Canada’s regulatory framework for digital asset trading has led to the exodus of several major crypto exchanges, including Binance and OKX. In response, Kraken has emerged as a preferred alternative for Canadian cryptocurrency traders.

Data shared by Kraken reveals a significant surge in customer deposits from Canada following Binance’s decision to exit the crypto industry. Within the weeks following Binance’s announcement, Kraken observed a 25% increase in customer deposits, indicating a growing preference for their services among Canadian traders. Moreover, when OKX expressed its intention to depart in March, Kraken witnessed a fivefold increase in downloads of its mobile apps among Canadian customers during the subsequent week. This suggests that Canadian traders are actively seeking reliable alternatives in the wake of regulatory changes impacting the crypto exchange landscape.

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https://t.me/DeFi_Ethereum Open / Comment