2023-06-12 16:56:41
CRYPTO WEEKLY MARKET UPDATE
SEC’s Actions Cause Crypto Market to Crash over the Weekend
The ongoing impact of the regulatory measures initiated by the U.S. Securities and Exchange Commission (SEC) last week is continuing to influence the crypto market situation, reported Bloomberg.
The crypto sector is currently witnessing an extensive crackdown by the U.S. SEC, causing shockwaves throughout the industry. The regulatory agency has taken legal action by filing lawsuits against two major global cryptocurrency exchanges, Binance and Coinbase.
Justin Sun’s $20M Transfer To Binance Turns Heads Amid BNB Crash
The crypto market experienced a sudden surge of activity as Justin Sun, the well-known founder of TRON (TRX), made a significant USDT transfer to Binance against the backdrop of a 22% decline in Binance Coin (BNB) over the past week.
Sun’s move to withdraw 20 million USDT from Aave and deposit the exact amount into Binance has sparked speculation and mixed reactions within the crypto community.
Andreessen Horowitz To Open Crypto Office in London
The crypto investment arm of venture capital firm Andreessen Horowitz, a16z, announced it would be opening its first overseas office in London. The firm celebrated the UK’s welcoming embrace of the crypto industry as the motivating factor behind its decision. Under the leadership of Prime Minister Rishi Sunak, the UK has established a warm climate for crypto companies as the industry battles regulatory confusion from the US.
FTX Customers' Names Can Permanently Remain Undisclosed: US Court
"It is the customers who are the most important issue in this case," US Bankruptcy Judge John Dorsey in Wilmington, Delaware, stated. "We want to make sure that they are protected and they don't fall victim to any types of scams."
Though the judge permitted the permanent removal of individual customer names from FTX, the permission to remove the names of companies and institutional investors from its customer lists was provided on a temporary basis. FTX needs to make a new request in 90 days to keep those customer names a secret.
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