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🇦🇺 Australian Regulators Attack Binance Offices In Ongoing Investigation
According to Bloomberg, The Australian Securities and Investments Commission (ASIC) is conducting an investigation into Binance, the world’s largest cryptocurrency exchange. According to unnamed sources, ASIC searched the company’s Australian offices as part of an ongoing inquiry into the exchange’s now-defunct local derivatives business. The categorization of retail and wholesale customers by Binance Australia is the subject of ASIC’s investigation.
Binance said in April that it would close its local futures exchange while continuing to operate its spot platform. Due to misclassification as wholesale investors, the business claimed to have terminated the derivatives holdings of some Australian customers. ASIC, who had previously suspended Binance Australia’s derivatives license, indicated that their investigation against the business is still continuing and declined to confirm or deny the search activities. The exchange replied by saying its collaboration with local authorities and commitment to achieving regulatory requirements in order to provide fully compliant service to Australian customers.
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🟠 Binance Extends Redemption Offer For XIRTAM Victims
Binance has revealed the reopening of the asset recovery application for users affected by the XIRTAM issue. Over the past month, BNB’s dedicated security team has diligently worked to address the concerns surrounding the XIRTAM project. This involved engaging in effective communication with users and continuously striving to find resolutions. Recently, the team successfully completed testing for the return of assets, marking a significant milestone in the recovery process.
With all the necessary preparations completed, BNB now invites its users impacted by the XIRTAM issue to submit their specific information through a designated form. To be eligible for asset recovery, users must submit their applications by 23:59 on August 2, 2023. Once the affected Binance account is verified, the security team will initiate the return of the respective ETH assets to eligible users through the smart contract address. This initiative highlights BNB’s commitment to maintaining a secure and trustworthy platform for its users. By actively investigating the XIRTAM issue and taking appropriate measures to safeguard user assets, Binance demonstrates its dedication to the integrity of the crypto community.
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🏦 Coinbase To Support Valkyrie And Bitwise Bitcoin Spot ETFs: Report
According to Bloomberg, Coinbase will also supply services for Valkyrie and Bitwise’s bitcoin spot ETF, according to individuals familiar with the situation. Coinbase’s partnership with the planned ETFs might result in an increase in income at a time when the crypto-exchange sector is experiencing low volumes. Coinbase’s revenue last year was less than half of what it was in 2021, when the sector was booming. The announcement also comes amid Coinbase’s legal fight with the SEC, which accused the company of operating an unlawful exchange.
Coinbase will become the custody-sharing agreement partner of Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust, WisdomTree Bitcoin Trust, Fidelity Wise Origin Bitcoin Trust, and ARK 21Shares Bitcoin ETF, according to recent reporting. Fidelity Investments led a flurry of corporations that submitted a second batch of applications for a spot Bitcoin exchange-traded fund on Friday afternoon to add additional information after the US Securities and Exchange Commission suggested that the earlier files were inadequate. The companies are among eight that are attempting to establish the first generation of US spot Bitcoin ETFs. In mid-June, BlackRock Inc. surprised the market by registering for such a fund.
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💰 Lido Community Boosts Protocol Fund With 20,000 ETH Investment
Lido community, a decentralized staking protocol for Ethereum 2.0, has put forth a proposal aimed at enhancing the platform’s operational sustainability. The proposal suggests allocating 20,000 ETH to the protocol fund, with the goal of generating additional revenue to offset ongoing costs. Currently, the project is in the main voting phase, set to conclude in the early hours of July 1, and has garnered a 100% approval rate. Following this vote, a second voting period will commence.
According to the proposal, the expected rate of return on the 20,000 ETH, estimated to be around 4% to 6% annually, could potentially yield an additional $2 million in revenue for the Lido protocol. This anticipated increase in earnings highlights the community’s proactive approach to securing the financial sustainability of the project. The move to allocate funds to the protocol fund aligns with Lido’s objective of creating useful assets that can generate revenue streams. By committing a portion of the ETH holdings, Lido aims to ensure ongoing operational viability while simultaneously exploring avenues to maximize returns for its participants.
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📣 TUSD Depeg Due To TrueUSD Reserves Audited By FTX.US Collapsed
According to CoinDesk, the certificate of reserve of the troubled stablecoin TrueUSD was audited by The Network Firm, formerly Armanino, and worked with Sam Bankman-Fried (SBF) for FTX.US to perform the audit. Armanino, an accounting firm of FTX.US, has ended its crypto audit business and abandoned its clients. The reason is that other clients in the industry consider Armanino’s reputational risk to question their audit results and put pressure on it.
After the FTX incident broke out, American investors sued Prager Metis and Armanino, the auditors of FTX, accusing them of conspiring to commit extortion. Executives at Archblock, which powers the TUSD stablecoin, previously confirmed the Armanio team in emails to CoinDesk and said they would continue using The Network Firm. Earlier today, the community stirred with the rate of TUSD in Curve’s 4pool surpassing the 70% mark, and the stablecoin is showing a slight depeg signal. This case is reminiscent of Curve’s 3pool USDT rate crossing the 50% mark on June 15, not long ago, resulting in USDT being depeg for a short period of time.
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💰 Judge’s FTX Client Confidentiality Order Receives Strong Media Outcry
Bloomberg, Dow Jones, New York Times, and Financial Times have appealed Judge John Dorsey’s ruling on June 9, allowing FTX to “permanently remove” individual customers from all records of the confidential name and to protect the legal rights of FTX. A legal representative for the media organization argued that FTX is not entitled to a “new and broad exception” to bankruptcy disclosure requirements simply because its clients used cryptocurrencies.
Judge Dorsey previously ruled that he wanted to ensure customers” are protected from becoming a victim of any fraud,” which is consistent with the exception of U.S. bankruptcy law to address the potential risk of identity theft or other harm. Reportedly, bankrupt companies are generally required to disclose the names of their creditors and the amount of their debts, including those owed to individual customers. Still, there are exceptions in U.S. bankruptcy law. Disclosure of information may create the risk of identity theft or other damages. This is not the first time the media has protested the sealing of the names of FTX customers, having previously filed an objection on May 3.
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💰 FTX Has Sued K5 Global, Seeking To Recover Over $700 Million
FTX filed a case in the Delaware Bankruptcy Court in the United States and sued various investment entities associated with it before bankruptcy. The case, which was filed on June 22, includes 16 accusations and demands over $700 million in damages from the defendants. In the case, the defendants include incubator and investment companies K5 Global, Mount Olympus Capital, and SGN Albany Capital, as well as associated organizations and K5 Global co-owners Michael Kives and Bryan Baum.
According to the filing, former CEO Sam Bankman-Fried attended a networking event given by Kives in 2022. Alameda Research, an FTX-affiliated crypto trading company, sent $700 million to Kives, Baum, and K5 Global, although the transactions were disguised as originating from shell firms SGN Albany and Mount Olympus Capital. This can be observed when Bankman-Fried relied on K5’s fame and company ties to get rescue finance in the days leading up to FTX’s bankruptcy in November 2022. The filing also demands the recovery of assets moved from Alameda Research to SGN Albany Capital, as well as funds transferred to Mount Olympus Capital from Kives, Baum, and SGN Albany Capital. These trades were regarded as having insufficient value and being unnecessary.
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📣 Terraform’s Do Kwon Claims He Didn’t Know His Passport Was Fake
Do Kwon, who was recently arrested in Montenegro after evading authorities for months, claimed that he had no idea the Costa Rican passport he was traveling with was fake. Ever since the catastrophic collapse of the Terra ecosystem a year ago, Do Kwon, the person behind the protocol, has been blamed by many for his role. Although he claimed he was not trying to escape from the authorities, his location was unknown until recently when he was apprehended in the European country – Montenegro – while carrying a fake passport.
During a hearing at the Podorica District Court in Montenegro’s capital on June 16, Kwon explained that he received the Costa Rican passport he was caught with through an agency in Singapore “recommended by a friend.” He also tried getting a Granada passport but was rejected. However, when asked about the name of that agency, Kwon said he didn’t remember it, and he only knew it was Chinese. According to the report, Kwon also had a Belgian passport when he was arrested. Prosecutor Harris Chabotich said the two passports had different names and different dates of birth, which made it clear that they “were created with bad intentions. Please punish it appropriately.”. Kwon also urged the judge to punish just him for being caught with a fake passport.
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🇭🇰 Hong Kong Is Poised To Open The Floodgates For Chinese Crypto Investment
Hong Kong will serve as a conduit for Chinese capital to own crypto financial assets. The process starts with a wealthy Chinese investor buying a Bitcoin ETF listed on the Hong Kong Stock Exchange, and ends with physical Bitcoin held in a local custodian. According to Hayes, the process starts with a wealthy Chinese investor exchanging CNY for HKD and purchasing a Bitcoin ETF listed on the Hong Kong Stock Exchange.
Hayes believes that this process solves many problems for China. Wealthy Chinese have an outlet to invest in a hard asset, which they perceive as a way to escape the ongoing weakening of the CNY. Additionally, the endpoint of this outlet is an institution that must follow whatever rules Hong Kong regulators put in place, which means the Chinese government controls the physical Bitcoin. This is no different than how Bitcoin held in any US-listed ETF or trust is ultimately controlled by the US government. The ETF manager then purchases physical Bitcoin from the global market, which is then held with a local Hong Kong licensed custodian.
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🪙 MakerDAO Achieves Record-Breaking 147% Surge in Annualized Income for 2023
According to data from MakerBurn, the decentralized autonomous organization (DAO) MakerDAO has achieved a significant milestone, with its current annualized income reaching a record high of $95 million. This marks a substantial increase of 147% since the beginning of the year, making it the highest level recorded since mid-February 2022. The surge in income can be attributed to DAO’s strategic use of PSM USDC to purchase U.S. Treasury bonds, thereby generating interest income.
MakerDAO, a prominent player in the DeFi ecosystem, is renowned for its stablecoin DAI, which is backed by a diversified collateral portfolio. The DAO operates on the Ethereum blockchain and provides users with the ability to mint and trade DAI in a decentralized manner. As an integral part of the DAO ecosystem, the PSM (Peg Stability Module) USDC facilitates the stabilization of DAI’s value against the U.S. dollar. The recent boost in DAO’s income can be attributed to its decision to utilize PSM USDC to purchase U.S. Treasury bonds. This strategic move has not only increased the DAO’s holdings of U.S. Treasury bonds but has also allowed DAO to generate interest income from these bonds.
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💰 MATIC Future Looks Promising With Exciting Tech Announcements Despite The Delisting
Polygon Labs remains confident in their past actions and focused on building in the future despite MATIC’s recent delisting. They are grateful for global support and have exciting tech announcements coming up soon. Polygon Labs, the team behind the Polygon network, has been making headlines in the crypto industry due to their recent tweets about their focus on network security and how they ensured that MATIC, a necessary part of their technology, was available to a wide group of people while not targeting the US market.
The non-US market is the largest in the world, and they are grateful for all the efforts being done globally to support this technology. Although MATIC being listed as a security by the US Securities and Exchange Commission (SEC) and delisted by Robinhood, Polygon Labs remains confident in their past actions and focused on building in the future. They have also teased exciting tech announcements coming up this week, which has further fueled the curiosity of crypto enthusiasts. MATIC, have been hit hard by the recent lawsuits filed by the SEC against high-profile crypto exchanges. MATIC has experienced a drop of more than 30% in its trading price, which is a significant blow to its investors and supporters.
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🇪🇺 CZ Reminds EU Journal Publishes MiCA Regulations for Crypto Industry
Changpeng Zhao (CZ), the CEO of Binance, highlighted important dates for the crypto industry about MiCA. The Markets in Crypto-Assets (MiCA) regulation has now been published in the official journal of the European Union (EU). This publication signifies a significant milestone in the regulatory landscape for cryptocurrencies. The publication of MiCA in the EU journal brings clarity and sets firm timelines for crypto businesses to implement and comply with the regulatory requirements.
According to the published information, the implementation of MiCA will be phased. The rules for stablecoins are set to apply from June 30, 2024. This means that companies issuing or dealing with stablecoins must adhere to the specified regulations by this date. These regulations aim to ensure stability, transparency, and consumer protection in the growing stablecoin market. Rules for crypto exchanges will come into effect from December 30, 2024. Exchanges operating in the EU will need to meet the requirements outlined in MiCA to continue their operations and provide services to European customers.
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🏦 Coinbase Claims Not Compromising With SEC, Not Deleting Any Warning Tokens
Coinbase has no plans to delist crypto tokens accused of being securities by the SEC, CEO Brian Armstrong shared in an interview on Wednesday. Executive director Brian Armstrong has confirmed that their exchange will not delist tokens warned by the SEC, business operations will continue as normal, and the exchange’s staking service will not be suspended stop working. On Tuesday, the Securities and Exchange Commission sued Coinbase, alleging that at least 13 tokens listed on its platform are securities.
Armstrong affirmed that Coinbase will not face the risk of “bank run” like other platforms. All customer deposits are guaranteed. “As a public company, we have auditors verifying all of that,” the CEO said. The SEC has accused Coinbase of operating its crypto asset trading platform as an unregistered and unregistered exchange offering and selling its staking program. Earlier, Brian Armstrong also said that the last time he met with the Chairman of the US Securities and Exchange Commission, Gary Gensler, was in a “cold” virtual meeting that failed and did not come to any conclusion about compliance. America’s largest cryptocurrency exchange is putting itself ahead of a protracted regulatory.
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🟠 Binance Executive Controlled Bank Accounts Belonging to U.S. Wing in 2019-20: Reuters
Binance executive was the main controller of five bank accounts belonging to the crypto exchange's supposedly independent U.S. unit, Reuters reported on Monday, citing bank records. Guangying Chen was authorized by the now bankrupt crypto lender Silvergate Bank to operate the accounts between 2019 and 2020, Reuters said. Binance.US had to ask Chen and her team to process payments, including the firm's payroll, according to the report, which also cited company messages.
Binance.US has always claimed to be independent from Binance. Christian Hertenstein, a spokesperson for Binance.US, told Reuters that since Brian Schroder became CEO of the company in late 2021, "no one other than Binance.US officials have had control or access" to its accounts. Zhao acts as Binance.US's chair and is its majority shareholder. Binance.US had claimed to be independent from Binance at the time. The firm has been exploring ways to reduce his stake in order to enhance the exchange's reputation among U.S regulatory authorities. Neither Binance nor Binance.US responded to CoinDesk's request for further comment.
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🇺🇸 Powers Of SEC And CFTC With Crypto Will Be Clearly Outlined In New Draft Law
US Republican representatives are seeking to divide the powers of the SEC and CFTC over the cryptocurrency industry in a new draft of the law. As reported by Blockwork, US Republican Representative Patrick McHenry and Pennsylvania Republican Representative Glenn Thompson introduced draft legislation on Friday, focusing on token classification, CFTC, and SEC jurisdictions, and available encryption for transactions. However, if the bill is passed, it is possible to expect the issuance of a specific rule on the cryptocurrency industry soon.
The draft proposes a more precise division of crypto regulatory powers between the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), providing certainty about regulation for digital asset companies. The bill establishes a process for token issuers to claim their currency to be treated as a commodity as long as the project is fully decentralized. The CFTC will be tasked with overseeing digital goods, but the SEC could attempt to classify tokens as securities if the agency can successfully make that case. The draft also allows for the trading of digital goods on the secondary market and allows digital asset trading platforms to register as alternative trading systems.
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💰 Luminex Launches New Standard BRC-69, Over 90% Discount On Inscriptions
Launchpad Bitcoin Ordinals Luminex has launched a new Ordinals collection standard, BRC-69, with simplicity at heart. BRC-69 is a revolutionary standard for creating recursive Ordinals collections quickly. This standard will be the engine that launches recursive collections on Bitcoin. BRC-69 can reduce the costs of inscriptions for Ordinals collections by over 90%. This reduction is achieved through a 4-step process.
The brilliance of BRC-69 lies in its simplicity. Minters only need to inscribe a single line of text instead of a full image. This text allows the final image to be automatically rendered on all ordinals-frontends, using solely on-chain resources, thanks to recursive inscriptions. Furthermore, the BRC-69 offers great flexibility and allows for more improvements and features. For instance, launching collections with a fully on-chain pre-disclosure process is now possible. The new standard will be tested with upcoming launches on Luminex. With this new standard, a perfectly rendered image.
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🇭🇰 Hong Kong establishes task force to advance Web3 development
According to a June 30 statement, the government of Hong Kong has formed a task force comprising 15 industry participants and 11 key government officials to oversee the development of Web3, with a particular focus on promoting its growth in an ethical manner. As part of Hong Kong’s ongoing commitment to embrace the “megatrend” of Web3 development, it has established a diverse group of industry and government officials to supervise the progress of Web3 in the region.
Hong Kong’s Financial Secretary Paul Chan said the task force would further enhance Hong Kong’s aim to be a frontrunner in the Web3 sector. “Hong Kong seeks to lead and drive innovative exploration and development, create more new application models, and strives to draw together top-notch companies and talent in the arena to build a thriving ecosystem,”. It was highlighted that the market has “responded favorably” to the Hong Kong government policy statement on the development of virtual assets, which was released in October 2022. On March 20, Cointelegraph reported that over 80 virtual asset-related companies had expressed interest in “establishing their presence in Hong Kong” since the release of this statement.
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💰 FTT Boom Over 65% In Just One Day, FTX Revival Effect Happened
FTT, once the token representing the FTX empire, seems to have caught up with the signal that FTX is planning to revive the exchange with extremely impressive gains in recent times. It seems like FTX, the revamped cryptocurrency exchange, is on the verge of relaunching with the goal of emerging as an altogether new platform. In response to the statement, FTX’s restructuring head, John Ray, said that the company had begun the process of interacting with interested parties in order to revitalize the FTX.com exchange.
After the favorable statement, the native token of the defunct FTX exchange, FTT, attracted purchasers, resulting in a large price rise of more than 65% in only one day. At the beginning of the week, FTT had a stunning increase in momentum, resulting in a large gain of over 95% for purchasers in only four trading days. As a consequence, according to CoinMarketCap statistics, the market capitalization has recovered to $560 million. The FTT price, which is now trading at $1.722, has risen by more than 35% in less than 12 hours, increasing the total gain from June 15 to more than 150%. It is apparent that this is a breakout in comparison to the current crypto market, but can this growth be sustained? The current price has also reacted to the Fib 50% level at $1.85.
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📣 Crypto Traders Eye $6.8B Bitcoin and Ether Options Expiry
The bullish buzz returned to the crypto market last week as bitcoin (BTC), the leading cryptocurrency by market value, jumped more than 15% in its best performance since March. Now a significant event looms on the horizon. On Friday at 08:00 UTC some 150,633 bitcoin options contracts worth $4.57 billion and 1.23 million ether contracts valued at $2.3 billion will expire on Panama-based Deribit exchange, which controls over 85% of the global options activity.
In bitcoin's case, investors have recently bought call options with strike prices at and above $30,000. As a result, that level has the highest open interest – or the number of active contracts – and market makers/dealers, who create order book liquidity by taking the other side of the investors' trades, hold a significant amount of "negative (short) gamma" exposure. Options are derivative contracts that give the purchaser the right to buy or sell an asset at a predetermined price at a later date. A call gives the right to buy, a bullish position, and the put confers the right to sell, a bearish position. Being short (negative) gamma means holding a short or sell position in the call or put options.
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📣 Wintermute Trading Accused Of Helping Celsius CEO Scam Investors: Report
Wintermute Trading Ltd., one of the biggest cryptocurrency market makers, was accused in a proposed class-action lawsuit of helping former Celsius Network Ltd. Chief Executive Officer Alex Mashinsky dupe investors in his now-bankrupt crypto lending firm. Wintermute Trading Ltd, one of the largest cryptocurrency market makers, has been accused of aiding in a fraudulent scheme alongside former Celsius Network Ltd. CEO Alex Mashinsky. The accusations stem from a proposed class-action lawsuit.
The lawsuit alleges that starting in March 2021, Wintermute engaged in “wash trading” and other improper activities, artificially inflating the value of Celsius’s native CEL token and loan products. The investors also claim that Wintermute played a critical role in Mashinsky’s failed attempt to prop up CEL in May 2022 after the Terra and Luna tokens collapsed. Celsius froze all accounts on June 13, 2022, and filed for bankruptcy the following month amid a market crash that caused significant losses to investors. The lawsuit alleges that Wintermute’s “wash trading” activities corrupted the CEL token prices and reported trading volumes, which deceived investors.
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🟠 Binance Labs Invests In 5 Promising Projects In Incubation Program
Binance Labs, the venture capital and incubation arm of Binance, recently announced investments in the top 5 performing projects from Season 5 of its Incubation Program. Previously more than 900 project applications had been received but only a select few, less than 2% of the total, were selected to participate in the program. Throughout the season, participants benefit from a tailored curriculum that meets their specific needs as founders, complemented by exclusive resources from the ecosystem and engaging side conversations with industry leaders.
Here are 5 potential projects that Binance Labs decided to invest in covering many areas of Web3, Defi, Infrastructure, tools and middleware. Bracket Labs, a project to build leveraged on-chain products with simple interfaces and adaptive pricing, innovates to dramatically improve usability. DappOS, a project focused on building an operating protocol. Kryptoskatt, a Web3 financial simplification project for users around the globe. Mind Network, a full cryptographic network built on the patented Fully Adaptive Uniform Encryption (FHE) framework. zkPass, a privacy-preserving, composable decentralized identity verification solution for Web3 based on multi-party computation (MPC) and zero-knowledge proof (ZKP) technology.
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🪙 Tether Refutes Allegations Backed By Chinese Companies In 2021
Documents obtained as part of the New York Attorney General’s investigation against Tether corroborated reports that it had assets issued by Chinese entities to back up its USDT reserves. Long-held concerns that Tether’s USDT stablecoin was backed by Chinese securities were proven in papers discovered as part of the attorney general’s probe against Tether in 2021. According to a Bloomberg investigation in October 2021, Tether had billions in short-term loans to Chinese enterprises.
The stablecoin issuer apparently canceled up to 29 accounts held by prominent crypto players two years ago, according to facts in papers disclosed by the New York Attorney General (NYAG). The majority of the people on the list seem to have had their accounts canceled for various reasons. Tether answered that it does not wish to comment on any specific connection, however, everyone did pass the stringent compliance checks at onboarding and continuous monitoring required by Tether’s compliance regulations. the controversial crypto lending service BlockFi, CMS Holdings, and the now-defunct crypto hedge fund Galois Capital.
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🪙 Tether CTO’s $1B USDT Mint Sparks Controversy Among Ethereum Users
On June 12, Tether announced the minting of a new batch of $1 billion worth of Tether stablecoin on the Ethereum blockchain. This is the latest billion-dollar mint for the stablecoin issuer, coming only two months after its last mint on April 21. According to Tether’s Chief Technology Officer Paolo Ardoino, the latest USDT mint is part of what the company calls an “inventory replenish” on the Ethereum network. However, this latest issuance is not expected to impact the overall market cap of USDT since it is an “authorized but not issued transaction.”
Tether periodically works with different crypto platforms to help them rebalance the USDT liquidity across various blockchains. For instance, if a crypto exchange has a surplus of USDT liquidity on the Ethereum blockchain and a deficit on the Tron blockchain, where it needs to process withdrawals, the exchange will chain-swap its Ethereum-based USDT to the Tron blockchain. This helps to ensure that the USDT liquidity is balanced across different platforms. Since the beginning of 2023, Tether has minted over $16 billion of new USDT, bringing its current market capitalization to more than $83 billion. As other stablecoin issuers struggled due to regulatory and banking crises in the United States.
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📣 Robinhood Opens A Liquidation Of About $583M ADA, MATIC And SOL
Robinhood users holding ADA, MATIC, and SOL worth about 583 million USD, forced to sell before June 27, could be one of the main reasons for the severe market decline in the next 3 weeks. On June 8, cryptocurrency exchange Robinhood decided to discontinue support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27, 2023 at 6:59 p.m. ET. The remaining coins supported by Robinhood include: BTC, ETH, LTC, ETC, BSV, BCH, DOGE, SHIB, COMP, LINK, UNI, AVAX, XLM, USDC, XTZ, and AAVE.
The most likely reason for the delisting is because the three cryptocurrencies above appear on the list of cryptocurrencies accused by the SEC as securities in the lawsuit against Binance and Coinbase. On the list of tokens denounced by the SEC as securities, there are Solana (SOL), Cardano (ADA), and Polygon (MATIC) that are allowed to be traded on the platform by Robinhood. However, a strict move from the SEC could cause Robinhood to delist these 3 tokens before getting into legal trouble. It is also because of this that these 3 announcements are deep in the price drops. According to on-chain data, Robinhood’s recent delisting decision will sink the price of these 3 tokens for at least the next 3 weeks.
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🏦 Coinbase Claims Not Compromising With SEC, Not Deleting Any Warning Tokens
Coinbase has no plans to delist crypto tokens accused of being securities by the SEC, CEO Brian Armstrong shared in an interview on Wednesday. Executive director Brian Armstrong has confirmed that their exchange will not delist tokens warned by the SEC, business operations will continue as normal, and the exchange’s staking service will not be suspended stop working. On Tuesday, the Securities and Exchange Commission sued Coinbase, alleging that at least 13 tokens listed on its platform are securities.
Armstrong affirmed that Coinbase will not face the risk of “bank run” like other platforms. All customer deposits are guaranteed. “As a public company, we have auditors verifying all of that,” the CEO said. The SEC has accused Coinbase of operating its crypto asset trading platform as an unregistered and unregistered exchange offering and selling its staking program. Earlier, Brian Armstrong also said that the last time he met with the Chairman of the US Securities and Exchange Commission, Gary Gensler, was in a “cold” virtual meeting that failed and did not come to any conclusion about compliance. America’s largest cryptocurrency exchange is putting itself ahead of a protracted regulatory.
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🟠 Binance Receives Strong Support Amid SEC Allegations
FBG Capital and machibigbrother.eth show support for Binance amidst SEC lawsuit. FBG Capital deposited all 44 million USDT while NFT giant whale machibigbrother.eth stated that it had transferred all BAYC and MAYC to the exchange. FBG Capital and machibigbrother.eth expressed their support for Binance after the Securities and Exchange Commission (SEC) filed a lawsuit against the exchange. According to Wu Blockchain, FBG Capital deposited all 44 million USDT in Binance to show support.
The SEC has accused Binance of mishandling customer funds and lying to regulators and investors about its operations. In a 136-page complaint filed in US federal court in Washington, the SEC alleges that Binance flouted basic know-your-customer rules and allowed Americans to open accounts and trade improperly. The regulator also claims that the exchange and its US affiliate weren’t actually independent from each other and improperly functioned as an exchange, broker-dealer, and clearing agency without registering with the agency. The exchange had expressed disappointment with the SEC’s lawsuit, stating that it had been engaged in good-faith negotiations to settle the matter.
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🚨 Scam ChatGPT-Style Web3 Firm’s Press Release Was Auto-Scraped Into Bloomberg
OpenAI’s sensational chatbot service ChatGPT has taken the world by storm. This explosion of interest has translated into a proliferation of new apps that trick users with savvy ads before rug-pulling them. In the latest development, a ChatGPT-style Web3 firm BlockGPT has been confirmed to have carried out a rug pull, stealing $256,000 in pre-sale funds. Bloomberg has now come under fire for lack of a proper disclaimer after a paid press release of the scam project made it to its website.
The blockchain security firm CertiK confirmed that the recently launched Web3 company – BlockGPT – is a scam. The rug pull claims were further validated by PeckShield, which revealed that over 800 BNB raised in a presale contract have been deposited into Tornado Cash. Earlier this month, BlockGPT pushed out a press release outlining its vision to create a ChatGPT-style artificial intelligence system on the blockchain. Unfortunately, the press release, which was originally delivered via Globenewswire, was then auto-scraped into Bloomberg. It is important to note that the article published on Bloomberg had very few signs that could have helped readers identify it as a paid press release and not news.
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🟠 Binance Successful Integration Of Tether (USDT) On Arbitrum And Optimism
Binance says it has successfully integrated Tether with the Arbitrum and Optimism networks. Currently, the USDT withdrawal service is also available. According to an announcement on the official website of the largest cryptocurrency exchange in the market, Binance, has completed the integration of Tether (USDT) on the Arbitrum One and Optimism networks. Deposits for Tether (USDT) are now open on both networks.
The exchange also announced that it will open the withdrawal function for Tether (USDT) on the Arbitrum One and Optimism networks once there are enough deposits and will not notify users in a subsequent announcement. Binance’s decision brings many advantages and benefits to traders and the broader blockchain community. Conversely, as the largest stable coin backed by Tether’s reserves, USDT will further enhance the liquidity of both Arbitrum and Optimism. Users no longer need to go through multiple platforms or complicated processes to access USDT on Arabbitrum and Optimism Network.
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