CRYPTO WEEKLY MARKET UPDATE SEC files 13 charges against | MYC Signals

CRYPTO WEEKLY MARKET UPDATE



SEC files 13 charges against Binance and founder CZ
The Securities and Exchange Commission charged Binance Holdings Inc. and its founder Changpeng Zhao with securities law violations Monday.

The regulator alleges that Binance, the world's largest cryptocurrency exchange, "secretly allow[ed] high-value U.S. customers" to trade on the platform in violation of U.S. securities laws which bar unregistered exchanges from servicing U.S. customers.

JPMorgan Leverages Blockchain for Dollar Trades, Cites Strong Bitcoin Demand
JPMorgan has partnered with Indian banks to settle dollar transactions using the blockchain. Meanwhile, the bank also believes there will be a surge in Bitcoin (BTC) demand as the halving event is less than a year away.

Hong Kong’s regulatory lead sets it up to be major crypto hub
In May, the chair of the FinTech Association of Hong Kong told Cointelegraph that the pro-crypto state would launch a licensing regime for crypto service providers and exchanges with a deadline of June 1, including retail. Later in the month, the Hong Kong Securities and Futures Commission (SFC) announced that licensed crypto platforms would be allowed to serve retail customers.

At the time of writing, crypto exchanges Huobi and Gate.io had applied for virtual asset licenses, with Huobi becoming the first member of the Hong Kong Virtual Assets Consortium on May 31.

Do Kwon Again Granted 400K Bail In Montenegro Travel Paper Forgery Case
A lawyer representing Kwon and Han requested bail in the amount of 400,000 euros for each individual. Prosecutors countered that the amount was insignificant and raised flight risk concerns. The request was approved by a Basic Court in Podgorica a day after and annulled by a Montenegro High Court nearly a week later.