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മാറുന്ന കാലത്തിന് ഒപ്പം മാറുന്ന പണമിടപാട് , ബാട്ടർ സിസ്റ്റത്തിൽ നിന്നും കോയിൻലേക് ,കോയിനിൽ നിന്നും ബിറ്കോയിൻലേക് .. ഫോർ ഓൾ ബിറ്കോയിൻ ന്യൂസ് ,, ജോയിൻ നൗ.....
Bitcoin News
Founder of SEC Office of Internet Enforcement Warns of Upcoming Regulatory Siege: ‘Get Out of Crypto Platforms Now’
https://static.news.bitcoin.com/wp-content/uploads/2023/06/shutterstock_2187272809-768x432.jpg John Reed Stark, founder and former chief of the Office of Internet Enforcement of the U.S. Securities and Exchange Commission (SEC), has warned about a new regulatory “siege” against crypto platforms. Reed Stark believes that “crypto trading platforms are high-risk, perilous, and inherently unsafe” and recommends investors exit all crypto exchanges.
Former SEC Enforcement Chief Tells Investors to Get Out of Crypto
John Reed Stark, founder and former chief of the Office of Internet Enforcement of the U.S. Securities and Exchange Commission (SEC), has recently issued his opinions regarding the legal actions of the institution against Coinbase and Binance, two cryptocurrency exchanges.
Stark, who has more than 19 years of collaboration with the SEC, stated this might be the start of a cryptocurrency regulatory “siege” that could reach other companies in the industry. Stark explained:
Get out of crypto platforms now, I can’t say it any plainer. I believe that we now know for certain that crypto trading platforms are under a U.S. regulatory/law enforcement siege which has only just begun.
Furthermore, Stark clarified that, in his view, crypto trading platforms are “high-risk, perilous, and inherently unsafe,” declaring that the SEC is on the right track with its enforcement actions.
Lack of SEC Registration
Stark discussed how the lack of registration of these exchanges with the SEC limits the organization’s capacity for protecting crypto investors. This lack of registration has allowed crypto markets to operate without much supervision.
Stark detailed:
With crypto trading platforms, the SEC lacks any sort of oversight and access — and has scant ability to detect, investigate and deter fraudulent conduct.
Coinbase and Binance have been charged with operating unregistered trading platforms; however, Coinbase CEO Brian Armstrong issued an answer to the SEC lawsuit, denying the company could register its activities after having numerous conversations with the organization. Armstrong recently stated there was no “path to ‘come in and register’ — we tried, repeatedly — so we don’t list securities.”
In the same way, lawmakers have also criticized the SEC’s stance on this issue, accusing it of failing the cryptocurrency industry. Senator Cynthia Lummis stated that the SEC “failed to provide a path for digital asset exchanges to register,” and didn’t “provide adequate legal guidance on what differentiates a security from a commodity.”
What do you think about John Reed Stark’s recommendations, and his stance on the recent SEC actions? Tell us in the comments section below.
CoinDesk
SOL, ADA, MATIC Tokens Slide 20% in Sudden Move Days After SEC Lawsuit Allegations
Several tokens were alleged as securities earlier this week, leading to a possible risk-off among traders.
Bitcoin News
Singapore’s Crypto.com to Halt US Institutional Division Citing ‘Limited Demand’
https://static.news.bitcoin.com/wp-content/uploads/2023/06/arm-768x432.jpg Singapore-based cryptocurrency exchange Crypto.com announced that it intends to halt services for institutional traders in the United States on June 21, 2023. The exchange cited “limited demand” as the reason for suspending its institutional offering.
Crypto.com to Cease U.S. Institutional Services on June 21
Crypto.com, the Singapore-based cryptocurrency exchange with 80 million customers worldwide, announced on Friday that it will cease its institutional offering in the United States. The exchange stated that it will close its U.S. institutional services on June 21 and emphasized that all institutional partners have been notified.
The announcement, as seen by Bitcoin.com News, emphasized that Crypto.com’s retail clients need not worry, as the firm’s retail services are completely unaffected by the transition. Crypto.com cited “limited demand” in the country’s “current market landscape” as the reason for the move. The decision by Crypto.com comes in the wake of recent lawsuits filed by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase.
A spokesperson from Crypto.com spoke to ESPN and assured the media firm’s staff reporter, Dave McMenamin, that the recent decision would not impact the naming rights for Crypto.com Arena in Los Angeles. “We remain fully confident in the continued success of our market differentiating capabilities and offerings and will continue to offer all other regulated services in the markets in which we operate,” Crypto.com informed ESPN.
Crypto.com emphasized the potential for its U.S. institutional division to make a comeback. The day before, the company forged a partnership with Coinroutes to “enhance institutional access to liquidity within the digital assets market.” Prior to that, Crypto.com obtained a major payment institution license from the Monetary Authority of Singapore (MAS).
What are your thoughts on Crypto.com’s decision to suspend its institutional services in the U.S.? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Bitmex Group CEO: US Crypto Crackdown May Drive Top Talent to ‘Markets With More Regulatory Certainty and Lower Risk’
https://static.news.bitcoin.com/wp-content/uploads/2023/06/mex-768x432.jpg Unlike in the United States where authorities are cracking down on the crypto industry, the regulations governing the industry are “more clearly defined and commercially viable in markets like Hong Kong, Singapore, and the UAE,” Stephan Lutz, the group CEO and CFO of the crypto exchange Bitmex, has said. U.S. Crackdown Driving Away TalentIn his written answers to questions from Bitcoin.com News, Lutz hailed regulatory frameworks such as the one adopted by Hong Kong’s Securities and Futures Commission because it “provide[s] standards for digital assets that are crucial for this fast-growing asset class.”
Concerning the likely impact on innovation of the United States government’s so-called Operation Choke Point 2.0, the Group CEO concurred with many crypto proponents who argue that such a clampdown will only drive away talent. The crackdown has and will indirectly benefit Hong Kong which according to Lutz is attempting to make itself “the epicenter of the crypto industry in Asia.” The CEO also touched on Bitmex’s product offering and why the crypto exchange is not offering services such as high-risk lending services.
Below are Lutz’s detailed answers to all questions sent to him via Telegram.
Bitcoin.com News (BCN): Stephen, regulators in the U.S. appear to have stepped up enforcement actions against crypto companies. There are also allegations that the regulators are trying to “de-bank” crypto. Can you shed light on the recent developments and what this so-called Operation Choke Point 2.0 is all about?
Stephan Lutz (SL): After months of growing regulatory scrutiny and legal enforcement against crypto companies and their service providers in the United States, aka Operation Choke Point 2.0, we started to see the first evasion effects with local champions such as Coinbase and Gemini announcing plans to grow in offshore markets – evidence that they are shifting resources to attract international clients, with Asia being the focus.
While the U.S. is choking the crypto industry and the EU has lower interest from users combined with a smaller market, Asian markets have a broad customer base with access to services. Consequently, Asia is the horse to bet on in the near-midterm, with some CIS markets like Turkey and UAE as the second fastest-growing market segment.
Foreseeing competition to intensify and embracing forthcoming changes, we double down on our commitment to product innovation and building the best trading experience for crypto derivative traders.
BCN: The U.S. regulatory crackdown against crypto could scare some developers and companies. If the enforcement actions continue without regulatory clarity, do you think it could slow the pace of innovation in the United States?
SL: Yes, as there is a risk of top talent moving to markets that offer more regulatory certainty and lower risk, such as Singapore, Hong Kong, Europe, and the UAE.
BCN: Even if some crypto projects want to shift base to another location, it often takes more than just favorable regulations to convince them to move to a different country or jurisdiction. What makes Asian jurisdictions like Hong Kong, Singapore, or Dubai attractive destinations for such companies?
SL: I believe that the Asian digital assets market is poised for a bright future, with a supportive regulatory environment, an active venture capital market, and a diversified talent pool. Regulation is more clearly defined and commercially viable in markets like Hong Kong, Singapore, and the UAE. Since China is experimenting with CBDCs, Chinese banks in Hong Kong are now actively asked to support crypto businesses. To a money manager that means[...]
CoinDesk
Binance and Coinbase: Experts Weigh What’s Coming Next
CoinDesk
Where the Mt. Gox Money Went: New Details in the BTC-e Exchange Case
Fresh court documents detail how two administrators of the now-defunct BTC-e exchange stole and laundered bitcoin from Mt.Gox, the hacked bitcoin exchange.
CoinDesk
SEC Clampdown Spurs $4B Deposit Flight From Binance, Coinbase and Binance.US
The exchanges, targeted by the SEC for violating federal securities laws, have endured a significant wave of user withdrawals but managed to process transactions in an orderly fashion so far.
Bitcoin News
Digital Asset Trust Firm Bitgo Sets Sights on Prime Trust Acquisition
https://static.news.bitcoin.com/wp-content/uploads/2023/06/bitgo-768x432.jpg In a recent development, Bitgo, the digital asset trust firm, disclosed that it has penned a letter of intent to acquire Prime Trust, a crypto custodian based in Nevada. Should the acquisition proceed, Prime Trust would become an integral part of Bitgo’s network of regulated trust companies. Bitgo Signs Letter of Intent to Acquire Crypto Custodian Prime Trust Amid Speculative ChatterBitgo reports that they have signed a letter indicating their intent to acquire Prime Trust. The announcement follows speculative chatter and multiple rumors on social media that suggest Prime Trust was grappling with financial struggles and potential bankruptcy. Last year, Prime Trust found itself in a legal dispute with the now-defunct crypto lender Celsius after they accused the custodian of failing to return $17 million in crypto assets in August 2022.
In October 2022, Prime Trust consented to return the $17 million and stated that it would transfer the funds to a wallet designated by Celsius. Prior to Celsius’ grievance in August, the custodian had secured $107 million during a Series B funding round over a month earlier in June. Preceding the Series B, Prime Trust’s Series A round raised $65 million in July 2021. Following the crypto winter in 2022, however, two unnamed sources reported that Prime Trust laid off one-third of its employees in early 2023.
On June 8, 2023, Bitgo unveiled its intention to procure Prime Trust and obtain full equity from parent company Prime Core Technologies.
“This is a landmark transaction, leading a greater shift in the digital asset landscape toward a more secure and sustainable future,” Bitgo CEO and co-founder Mike Belshe said on Thursday. “With the expected acquisition of Prime Trust, Bitgo is well positioned to enhance its best-in-class, trusted solutions and to service the combined customer base.”
Prime Trust collaborated with entities such as Abra, Okcoin, Augeo, Swan Bitcoin, and Trusttoken. Swan Bitcoin disclosed this May that it had shifted its assets into custody with Fortress Trust and Bitgo. Speculation has also circulated on social media regarding Scott Purcell founding both Prime Trust — which he left in August 2021 after over five years — and Fortress Trust in October 2021. In a Linkedin post, Purcell rejected any connection between the two companies, highlighting he exited Prime Trust two years prior.
“There is absolutely zero connection between Fortress Trust and Prime Trust,” Purcell wrote. “Quite the opposite as at times we find ourselves competing with them. We are a very different company, from our exec team to our technology infrastructure.”
On Thursday, Bitgo announced that incorporating Prime Trust’s infrastructure and exchange network will fortify Bitgo’s offerings in terms of “custody, liquidity, settlement, and regulatory compliance.” Additionally, the Palo Alto-based firm will acquire Prime Trust’s banking partners, crypto IRA, and existing payment networks if the acquisition materializes. “The combination of Prime Trust and Bitgo would be a significant enhancement for the industry,” stated Jor Law, Prime Trust’s interim CEO and president on Thursday.
What are your thoughts on Bitgo’s planned acquisition of Prime Trust? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
Louis Vuitton’s Soulbound Luxury NFTs, Apple’s Expensive Vision
Sotheby’s will sell Dmitri Cherniak's “The Goose” NFT at a live auction this month, while Mercedes Benz released a collection inspired by its luxury vehicles.
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CoinDesk
Crypto.com Winding Down U.S. Institutional Business
Singapore-based crypto exchange Crypto.com will no longer be offering its service to institutional clients in the U.S. due to “limited demand,” the company announced Friday.
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CoinDesk
Bitcoin Payments Firm Strike Moves Custody In-House After Ditching Third-Party Services
The move is a “culmination of over two years of effort,” according to Strike CEO and cofounder Jack Mallers.
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power typically found in gaming PCs to create a world-wide decentralized data processing network, delivering supercomputer performance.
With a free-to-download PC-based application, GAIMIN monetizes the under utilised performance through innovative approaches to delivering supercomputer-level data processing performance from a world-wide network of independent processing devices which power GAIMIN.CLOUD. Focusing initially on video rendering and AI data processing, with an always available service to power blockchain computations, the GAIMIN data processing network is continuously delivering data processing services and returning rewards back to its user community.
GAIMIN rewards users in its own cryptocurrency, GMRX which can then be used for purchases on the GAIMIN Marketplace for NFTs, in-game assets, accessories, and merchandise, or it can be converted to fiat or a different cryptocurrency.
For more information on GAIMIN click on this link: www.gaimin.io
To download the GAIMIN app, please go to www.gaimin.gg
For up-to-date information, please follow the following GAIMIN social media accounts:
* Facebook: https://www.facebook.com/Gaimin.io
* Instagram: https://www.instagram.com/gaimin_io/
* Twitter: https://twitter.com/GaiminIo
* LinkedIn: https://www.linkedin.com/company/gaimin/
* YouTube: https://www.youtube.com/c/Gaimin
* Telegram: /channel/officialgaimin
* Discord: https://discord.gg/SmYsmVS8x7
* TikTok: gaimin.gg" rel="nofollow">https://www.tiktok.com/@gaimin.gg
For further information, please contact:
The Americas, Middle East and Australian Pacific – Andrew Faridani, Chief Marketing Officer for GAIMIN (based in Toronto, Canada): andrew@gaimin.io
UK and Europe – Marc Bray, Chief Communications Officer for GAIMIN (based in Manchester, UK): marc@gaimin.io This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin News
Biggest Movers: SOL Slightly Higher, as XRP Collides With Key Resistance Level
https://static.news.bitcoin.com/wp-content/uploads/2023/06/shutterstock_2149938833-768x432.jpg Solana moved towards the $20.00 mark on Friday, despite reports confirming that Robinhood was set to delist the token from its platform. In addition to solana, cardano and polygon were also removed. XRP also trended higher in today’s session.
Solana (SOL)
Solana (SOL) moved close to the $20.00 level on Friday, despite news that Robinhood was removing the token from its platform.
According to reports, the removal will occur on June 27. This comes after the U.S. Securities and Exchange Commission (SEC) determined that several tokens on Coinbase and Binance were securities.
Following a low of $18.56 on Thursday, SOL/USD moved to an intraday high of $19.30 during today’s session.
Today’s surge came as the 14-day relative strength index (RSI) neared a resistance level of 43.00
At the time of writing, the index is tracking at 41.14, with SOL at the $19.08 level.
Despite earlier gains easing after the reports, SOL remains above yesterday’s low.
XRP
XRP, formerly ripple, managed to avoid Robinhood’s hit list, surging by over 3% on Friday as a result.
XRP/USD jumped to a peak at $0.5324 earlier in today’s session, which comes less than 24 hours after the price bottomed out at $0.5184.
Friday’s surge in price led to the token briefly breaking out of a key resistance level of $0.5320.
This comes as the RSI collided with a ceiling of its own at 64.00, with bears so far rejecting a breakout.
Currently, the index is tracking marginally lower at 63.50, with longer-term bulls targeting a higher ceiling at 70.00.
Should they reach this point, there is a good chance that XRP will trade close to $0.5800, which was last hit in March.
Register your email here to get weekly price analysis updates sent to your inbox:
Will Robinhood continue to delist more tokens? Let us know your thoughts in the comments.
Bitcoin News
Robinhood to Delist Cardano, Solana, and Polygon Amidst SEC Regulatory Pressure
https://static.news.bitcoin.com/wp-content/uploads/2023/06/rob-768x432.jpg Fintech and crypto firm Robinhood has announced the delisting of cardano (ADA), solana (SOL), and polygon (MATIC) on June 27, 2023. This development comes after the publicly-listed company revealed that it was “actively reviewing” its coin listings in the wake of recent U.S. Securities and Exchange Commission (SEC) enforcement actions against Binance and Coinbase.
Robinhood Shakes Up Crypto Offerings, Delists Cardano, Solana, and Polygon
Robinhood, a financial services company headquartered in Menlo Park, California, intends to remove the 8th, 10th, and 11th largest crypto assets by market capitalization on June 27. The decision was disclosed in a blog post published on June 9, which indicates that cardano (ADA), solana (SOL), and polygon (MATIC) will be taken off Robinhood’s platform.
In a statement released on Friday, Robinhood said, “We regularly review the crypto we offer on Robinhood. Based on our latest review, we’ve decided to end support for cardano (ADA), polygon (MATIC), and solana (SOL) on June 27th, 2023 at 6:59 PM ET.” The company further reassured users that “no other coins are affected and your crypto is still safe on Robinhood.”
This announcement comes amid increasing regulatory scrutiny of Binance and Coinbase by the U.S. SEC. After lawsuits were filed against both companies by the SEC, Robinhood declared that it was “actively reviewing” its coin offerings. Dan Gallagher, Robinhood’s Chief Legal Compliance and Corporate Affairs Officer, told Bloomberg that this review aimed to “determine what, if any, actions to take.”
Should Robinhood clients fail to sell or transfer their ADA, MATIC, or SOL holdings before the deadline, the company will dispose of the assets at their fair market value. “After the deadline, any ADA, MATIC, and SOL still in your Robinhood Crypto account will be sold for market value and the proceeds will be credited to your Robinhood buying power,” Robinhood elaborated.
What are your thoughts on Robinhood’s delisting of Cardano, Solana, and Polygon? Do you believe it’s a necessary move in light of regulatory actions, or do you see it as a potential setback for the platform’s crypto offerings? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
EU Governments Friendly to Tough Crypto Bank-Capital Restrictions, Negotiator Says
A deal on new banking laws may be imminent, and will likely treat lenders’ crypto holdings as highly risky.
CoinDesk
Custodia's Suit Against Fed Over Denial of Master Account Can Proceed, Court Rules
Custodia's challenge of the Federal Reserve Bank of Kansas City's decision to deny the crypto-friendly bank access to the Fed banking services can continue, a U.S. district court ruled Thursday, rejecting a Fed motion to dismiss the case. The U.S. District Court of Wyoming, however, did reject Custodia's request that the Fed be compelled to grant it a so-called master account and membership with the Fed, Instead, Custodia must continue its claims via normal channels.
Bitcoin News
UK Bans ‘Refer a Friend’ Bonuses With Tougher Crypto Marketing Rules
https://static.news.bitcoin.com/wp-content/uploads/2023/06/shutterstock_2277061607-768x432.jpg Businesses marketing crypto assets to U.K. consumers will have to abide by stricter advertising rules presented by the country’s financial watchdog. These include prohibiting ‘refer a friend’ bonuses for the industry as well as introducing a cooling-off period for first time investors.
Regulator Clamps Down on Crypto Ads, Wants to Make Risks Clearer to British Buyers in Marketing
The U.K.’s Financial Conduct Authority (FCA) announced on Thursday new regulations for the advertising of crypto assets to the public. Under the tougher rules, crypto firms must ensure that British investors have “appropriate knowledge and experience to invest in crypto” and are duly warned by promoters about associated risks.
The measures include banning ‘refer a friend’ bonuses, a marketing policy quite popular in the crypto space. The FCA also requires companies advertising crypto assets to U.K. consumers to introduce a cooling-off period for first time investors from Oct. 8, 2023.
The latter begins when a potential investor responds to crypto advertising materials by requesting additional information, the FCA explained, quoted by Bloomberg. The entity marketing the investment must then wait 24 hours before responding to the customer’s request.
The updated rules follow government legislation to bring crypto promotions into the regulator’s remit, the watchdog noted, adding that its approach regarding crypto promotion is consistent with the rules that the FCA imposed last year to tackle misleading financial adverts.
Quoted in the press release, FCA Executive Director Consumers and Competition, Sheldon Mills, stated that Brits should be aware that crypto assets remain largely unregulated and risky. “Those who invest should be prepared to lose all their money,” he pointed out and insisted:
It is up to people to decide whether they buy crypto. But research shows many regret making a hasty decision. Our rules give people the time and the right risk warnings to make an informed choice.
The FCA further remarked that the new regulations enter into force after its own research showed that the estimated crypto ownership in the U.K. has more than doubled in 2022, compared to the previous year. It said that 10% of 2,000 people polled revealed they owned cryptocurrencies.
Do you think other regulators in the region will introduce similar advertising rules for the crypto sector? Tell us in the comments section below.
China is preparing for the asset class, making it a much lower risk to allocate funds to it than say six months ago.
Those who visited Hong Kong in the past few weeks must have observed the Web3 spirit in the city. It’s clearly positioning itself to reclaim its position as the epicenter of the crypto industry in Asia, with a government that is embracing blockchain technology and actively competing with other Fintech hubs around the world.
BCN: Your company Bitmex has most of its operations and users in Asia meaning you may have some first-hand experience with Asian regulatory and market conditions. Despite China’s apparent anti-crypto stance, do you think Hong Kong can thrive as a crypto hub?
SL: Historically, Hong Kong has not just been one of the most popular breeding grounds for crypto innovations, but also where Bitmex first emerged. We believe the Securities and Futures Commission’s regulatory framework is a significant milestone for our industry as it will provide standards for digital assets that are crucial for this fast-growing asset class.
On a personal level, I’m delighted to see the administration’s commitment to building a Web3 digital economy, starting with establishing clear guardrails and regulations. We are optimistic that Hong Kong will achieve its ambition of becoming a world-leading Web3 role model city and potentially the Web3 hub for China in years to come.
BCN: Bitmex primarily offers crypto derivatives trading to institutional and professional traders rather than the retail crypto audience. What does your exchange offer to institutions and professionals that other exchanges don’t?
SL: Bitmex offers the safety of assets, a solid and reliable exchange business without offering any high-risk lending services that could potentially derail the organization, an active community of experienced traders connected in the Bitmex Trollbox, leading BTC-margined contracts, and one of the fastest API-trading interfaces in the market. And, in all honesty, we are one of the few platforms that are not printing fake volumes.
BCN: Crypto has financial as well as non-financial use cases, with applications in a wide range of industries. So, what, in your opinion, are the key points that regulators should look at to build a fair regulatory model?
SL: Unlike the United States, we can see Europe moving forward with a regulatory framework called Markets In Crypto Assets (MICA) for cryptocurrencies and stablecoins that are not regulated by its existing financial services legislation.
What are your thoughts about this interview? Let us know what you think in the comments section below.
Bitcoin News
Binance US Halts USD Deposits, Withdrawals — Asks Users to Withdraw Dollars by June 13
https://static.news.bitcoin.com/wp-content/uploads/2023/06/binance-us-usd-deposits-768x432.jpg Binance US has informed its users that U.S. dollar deposits have been suspended and USD withdrawals will no longer be processed. The crypto exchange has asked customers to withdraw dollars by June 13 as it transitions into a crypto-only trading platform. The move followed a lawsuit against the crypto exchange and several other Binance entities by the U.S. Securities and Exchange Commission (SEC).
Binance US Suspends Dollar Deposits, Withdrawals
Binance US made an announcement Thursday regarding the suspension of U.S. dollar deposits and withdrawals following an “aggressive” enforcement action taken by the U.S. Securities and Exchange Commission (SEC).
The securities watchdog filed charges against several entities on Monday, including Binance Holdings, which operates Binance.com; its U.S.-based affiliate BAM Trading Services, which operates Binance US; and Binance CEO Changpeng Zhao (CZ). The regulator followed up with an emergency action application the next day, seeking a temporary restraining order to freeze assets held by Binance US. The SEC also filed charges against the Nasdaq-listed crypto exchange Coinbase on Tuesday.
“The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry,” the official Twitter account for Binance US wrote Thursday, adding that the SEC’s action “has created challenges for the banks with whom we work.” The exchange continued:
In an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023. We encourage customers to take appropriate action with their USD.
In addition, Binance US informed customers that it will remove select BTC and BUSD advanced trading pairs. “We have also decided to streamline our buy, sell & convert offering and have paused our OTC trading portal,” the exchange noted.
The platform additionally clarified that it is transitioning into a crypto-only exchange, stating on its website:
Binance.US will become a crypto-only exchange. Please withdraw USD by June 13, 2023.
“Any USD balances remaining on the platform after June 15, 2023, may be converted to stablecoin that can be withdrawn on-chain,” Binance US noted, emphasizing that “Cryptocurrency services remain fully operational, including crypto trading, staking, deposits, and withdrawals.” Moreover, Binance US stressed that it maintains a 1:1 reserve for all customer assets.
In a letter to its users, Binance US stated that “the SEC has brought unjustified civil claims against our business, from which we will continue to vigorously defend ourselves, our customers, our partners, and industry.” The exchange similarly tweeted Thursday that it “will continue to vigorously defend ourselves, our customers, and industry against the meritless attacks of the SEC.”
What do you think about Binance US becoming a crypto-only trading platform? Let us know in the comments section below.
CoinDesk
Binance's BNB Token Saw Millions in Sell Orders Right Before SEC Lawsuits
In trading, timing is everything and it appears that some traders put in well-timed sell orders for BNB, ahead of the massive SEC crackdown against crypto exchange Binance on June 5.
CoinDesk
CFTC Wins Lawsuit Against Ooki DAO
Bitcoin News
Two Russians Charged for Infiltrating Mt Gox and Operating Illicit Crypto Exchange, BTC-e
https://static.news.bitcoin.com/wp-content/uploads/2023/06/cheee68888-768x432.jpg In a statement issued on Friday, the U.S. Department of Justice (DOJ) revealed that two Russian individuals have been accused of infiltrating a cryptocurrency exchange and running an unlawful exchange. Reportedly, the pair gained unauthorized access to Mt Gox’s servers from 2011 to 2014 and purportedly pilfered 647,000 bitcoins from the now-dissolved exchange.
Russian Duo Accused of Orchestrating Mt Gox Heist and Operating Underground Crypto Exchange
The U.S. government has charged two Russians for breaching Mt Gox and managing the former crypto exchange BTC-e. The defendants, Alexey Bilyuchenko and Aleksandr Verner, are believed by authorities to have collaborated with Alexander Vinnik in running BTC-e.
As stated in the indictment, “As alleged in the indictments, starting in 2011, Bilyuchenko and Verner stole a massive amount of cryptocurrency from Mt Gox, contributing to the exchange’s ultimate insolvency. Armed with the ill-gotten gains from Mt Gox, Bilyuchenko allegedly went on to help set up the notorious BTC-e virtual currency exchange, which laundered funds for cyber criminals worldwide,” remarked Kenneth Polite Jr., the assistant attorney general of the Justice Department’s Criminal Division.
A 2016 indictment was unveiled alongside the press release, revealing more details about the relationship between Mt Gox and BTC-e. The indictment alleges that “Bilyuchenko, Verner, and their co-conspirators” initially accessed Mt Gox in September 2011 and managed to siphon funds from its wallets. “From September 2011 through at least May 2014, Bilyuchenko, Verner, and their co-conspirators allegedly caused the theft of at least approximately 647,000 bitcoins from Mt Gox,” asserts the DOJ.
BTC-e, Alexander Vinnik, and Russian nationals have all been implicated in hypotheses surrounding Mt Gox’s demise long ago. In 2019, reports stated that Russian attorney Alexander Zheleznikov from ZP Legal alleged his firm was aware of who the Russian nationals were and tied Mt Gox to the operators of BTC-e. In their latest discovery, the DOJ claims that the pair worked with an unnamed bitcoin brokerage service, referring to it as the “New York Bitcoin Broker” in the indictment.
A fabricated advertising agreement was allegedly concocted between Bilyuchenko, Verner, and the New York Bitcoin Broker to camouflage and liquidate bitcoins taken from Mt Gox. “Bilyuchenko and Verner supposedly made regular requests to the owner and operator of the New York Bitcoin Broker to transfer large sums into various offshore bank accounts, including those under the names of shell corporations managed by Bilyuchenko, Verner, and their co-conspirators,” details the DOJ’s charges and unveiled court indictment.
What do you think about the DOJ’s charges against the two Russian nationals? Share your thoughts and opinions about this subject in the comments section below.
CoinDesk
Ethereum’s Buterin Releases Roadmap Addressing Scaling, Privacy, Wallet Security
In his blog post, Buterin shares that the network needs to address these components simultaneously, otherwise the blockchain fails.
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CoinDesk
The SEC Has Started an All-In Political Battle Over Crypto
The SEC's lawsuits against Binance and Coinbase are likely to be play across the U.S.'s legal and political system over several years, says Michael Casey.
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CoinDesk
The New Crypto Bill Gary Gensler Doesn’t Want You to Know About
U.S. law doesn’t let appointed regulators trump elected officials. But the SEC head may be doing exactly that.
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CoinDesk
The Memecoin Grift and How It Threatens Ethereum Culture
If Ethereum is to grow it’ll have to mature beyond the antics of those shilling the token-of-the-moment, says Paul Dylan-Ennis.
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Bitcoin News
IMF Urges Fed to Maintain Tightening Policy Amid Inflation Concerns, Citing ‘Challenges’ Ahead
https://static.news.bitcoin.com/wp-content/uploads/2023/06/imfs-768x432.jpg On Thursday, International Monetary Fund (IMF) spokesperson Julie Kozack urged the U.S. Federal Reserve and several other central banks to maintain a restrictive monetary policy known as tightening. Kozack stated that the U.S. central bank may need to keep the federal funds rate higher “for longer” than anticipated.
IMF Calls for Extended High Interest Rates to Tackle Lingering Inflation Threat
The IMF is concerned about persistent inflation, and during a press briefing, IMF spokesperson Julie Kozack emphasized the need for the Fed and several central banks worldwide to maintain their current course of monetary tightening policy. The Fed is scheduled to meet on June 14, 2023, in less than a week.
However, market observers and financial experts anticipate that the Fed will pause its rate hikes during this meeting. According to CME’s Fedwatch tool, there is a greater than 74% probability that the rate will remain unchanged. Inflation in the United States has moderated to some extent, acknowledged Kozack, but if it continues to stay elevated, the Fed may need to maintain high rates.
“If inflation does prove to be more persistent than expected, then the Fed may need to push interest rates higher for longer,” Kozack said. Presently, the benchmark bank rate is at its highest point in 16 years, and lending rates throughout the country have surged. For example, the average mortgage on June 8, 2023, carried a 30-year term interest rate of 7.591%.
“We also see that inflation momentum has slowed, but that inflation does remain a pressing concern,” Kozack told reporters at the IMF press briefing. “Our advice remains unchanged, which is that the Fed would need to stay the course on monetary policy to ensure a durable reduction in inflation and to ensure that inflation expectations—remain well-anchored.”
Kozack stated that the IMF plans to release its World Economic Outlook at the end of July. In early 2023, the IMF had cautioned that the year would present challenges for the global economy, highlighting anticipated slowdowns in the United States, European Union, and China. Kozack emphasized on Thursday that the organization continues to foresee forthcoming challenges.
“We see challenges over the medium term for the global economy, and that requires policy measures to be taken now,” Kozack insisted. “We believe that central banks should stay the course on monetary tightening to decisively reduce inflation.”
What are your thoughts on the IMF’s call for central banks to maintain a tight monetary policy amid persistent inflation concerns? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin News
Revolutionizing AI: GAIMIN Unleashes the Power of High-Powered, Distributed Gaming PCs to Fuel AI Models
https://static.news.bitcoin.com/wp-content/uploads/2023/06/unnamed-2023-06-08t202945-058-768x436.png PRESS RELEASE. GAIMIN (www.gaimin.io), the world’s leader in delivering decentralised data processing power through gaimin.cloud (www.gaimin.cloud), is delighted to announce GAIMIN is the world’s first company to power AI modelling computations through high powered distributed gaming PCs. AI processing requires significant amounts of computational power, typically handled by the GPU due to its high performance mathematical processing capabilities. However, the GPU as a device is very much in demand across a number of different industries, more notably within the growing gaming community who use the GPU to enhance their gaming experience, thereby spreading the reach and availability of devices. Research by GAIMIN indicates that GPUs in high performance computers, such as a gaming PC, are underutilised. The most powerful devices are more than capable of supporting competing processing requirements, such as gaming, whilst also delivering other data processing services with no impact on performance. Also, with most gaming computers typically only used for 20% of the day, there is a significant amount of underutilised data processing power available.
GAIMIN has created a distributed high-powered computing (HPC) network (www.gaimin.cloud), harnessing the underutilised processing power within gaming PCs. Users participating in gaimin.cloud receive payment and rewards for allowing their devices to accept data processing jobs from GAIMIN. Designed with flexibility for service provision, gaimin.cloud currently supports the rendering of videos and powering of blockchain computations and has recently been extended to support the data processing requirements of various AI Models. Following a period of testing, this service will be added into gaimin.cloud to extend the monetization options through the GAIMIN app (www.gaimin.gg).
Martin Speight, CEO of GAIMIN commented, “With the global limited availability of GPU devices combined with the growing need for GPU-based processing power, GAIMIN’s world-wide network of GPU-based data processing power distributes data processing services globally, using devices that are already operational. GAIMIN rewards users in GAIMIN’s soon to be listed cryptocurrency, GMRX, and also through the ability to earn Digital Game Assets (DGAs), enhancing their gaming experience.”
Buki Ben-Natan, CTO for GAIMIN, and the designer of this solution, stated, “By innovatively harnessing the power of existing CPU and GPU resources, we have successfully bridged the gap between AI applications and computational scarcity, unlocking endless possibilities for industries seeking to take the next big leap forward.”
Martin added, “GAIMIN will offer a cost-effective and hassle-free solution for small and medium-sized businesses to access the power of AI without the need for expensive infrastructure and technical expertise. With our pay-per-use service, businesses can easily integrate AI into their workflows and achieve better results without having to worry about hosting servers or managing complex systems.”
Over the coming months, GAIMIN will be adding more AI Models into its platform, augmenting the AI data processing capabilities of the GAIMIN app and extending the monetization aspects available to GAIMIN users participating in gaimin.cloud and helping mitigate the world-wide demand for data processing services. About GAIMINGAIMIN.IO Ltd (GAIMIN) is a UK and Swiss-based gaming company focused on helping the gaming community monetize the computational power of their gaming PC. GAIMIN has created a decentralized data processing network harnessing underutilized processing[...]
CoinDesk
Hong Kong Monetary Authority to Prepare for Retail CBDC
The regulator will start conducting in-depth studies and pilots on the implementation of a future e-HKD.
CoinDesk
Free Promotional NFTs, Crypto Airdrops Would Be Banned Under New UK Rules, Official Says
Crypto airdrops and NFTs themselves will not be banned, but using such incentives alongside promotions that encourage people to invest would be, said FCA's Matthew Long.
