“If this is a Binance issue, we see further kind of regulatory scrutiny being imposed by the SEC, you do have that headline risk, and I think that’s certainly what’s weighing on crypto markets,” Tastycrypto Head of Digital Assets Ryan Grace told CoinDesk TV. Source
Paxos Trust Company has released a statement noting that it “categorically disagrees” with the United States securities regulator which has painted Binance USD (BUSD) as a security. In the Feb. 13 statement, the BUSD issuer confirmed recent reports that it had received a Wells notice from the United States Securities and Exchange Commission (SEC) over BUSD and its alleged failure to register the offering under federal securities laws. END/ Paxos remains dedicated to the development of stablecoins, tokenization & #blockchain technology. We’ll continue serving the world’s most respected and established…
Bitcoin miner, Iris Energy, announced plans to increase the company’s self-mining capacity, from 2 exahash per second (EH/s) to approximately 5.5 EH/s, after it receives 4.4 EH/s of new Antminer S19j Pro miners from Bitmain. Iris Energy Leverages $67 Million in Bitmain Prepayments for Latest Mining Expansion Bitcoin mining company, Iris Energy, announced plans to increase its self-mining capacity to 5.5 exahash per second (EH/s) from 2 EH/s. The company recently unplugged 3.6 EH/s of mining rigs in November 2022 after receiving a default notice from a lender. To obtain…
“I think this is good for decentralization,” said Ben Edgington, a product manager at Ethereum research and development firm ConsenSys. On a proof-of-stake network like Ethereum, one’s stake equates to their power over the network; if one party accounts for enough of Ethereum’s stake (around 50-60%), they can theoretically slow it down or block certain kinds of transactions. “In terms of the protocol and the health of the protocol, having a large centralized entity controlling a lot of the stake is not ideal,” said Edgington. Source
Binance has endured some $828 million of net outflows in the past 24 hours, Nansen data shows. Monday’s outflow is the largest in a day since November, surpassing the withdrawal surge in December amid fears about Binance’s reserves. Source BinanceBitcoincryptoexchangeDramaExchangeExchangesPaxosBUSDSurgeWeighsWithdrawals CryptoX Portal
The request to stay the SEC’s civil case against Bankman-Fried is still pending. Source
New York State’s Department of Financial Services, or NYDFS, reportedly received a complaint from stablecoin issuer Circle regarding Binance’s reserves prior to its crackdown on BUSD. According to a Feb. 13 Bloomberg report, Circle alerted NYDFS in an autumn 2022 complaint that Binance’s reserves were insufficient to support its tokens, seemingly including stablecoin Binance USD (BUSD). A person familiar with the matter reportedly said Circle’s team had uncovered the information through blockchain data. Circle’s actions came prior to the United States Securities and Exchange Commission’s plans to file a lawsuit…
“Banking regulators have long been skeptical of allowing non-traditional activities into the banking system because doing so introduces risk and that risk, ultimately, is borne by the public when things go south,” Chris Odinet, a professor of commercial law at the University of Iowa College of Law, told CoinDesk. Source
Digital asset platform Bakkt has announced its plans to shift its focus to B2B technology solutions. The company said it will soon be sunsetting its consumer-facing app, which was designed to give users the ability to utilize their digital assets in different ways. The app, launched in March 2021, offered a user-friendly experience that brought together various digital assets, including cryptocurrencies, loyalty points, and gift cards. Despite the discontinuation of its consumer-facing app, current Bakkt App users will still have access to their crypto and cash holdings through a new…
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