Day: June 10, 2023

Binance, Coinbase head to court; the SEC labels 67 crypto-securities

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Top Stories This Week U.S. SEC sues Binance and Coinbase amidst crypto crackdown Binance and Coinbase have been targeted in a new round of lawsuits by the U.S. Securities and Exchange Commission (SEC) against crypto businesses. The regulator pressed 13 charges against Binance on June 5, including those involving unregistered offerings and sales of tokens, and failing to register as an exchange or broker-dealer. The commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange are securities. Trading volume across the major decentralized exchanges…

Latam crypto holders flock to Bitget following Binance, Coinbase suits

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Crypto exchange Bitget has seen a surge in new accounts in Latin America following lawsuits by United States regulators against major competitors Binance and Coinbase. As compared to daily averages, new users in the region increased by 43% from June 6 to 9, with Brazil and Argentina leading market share growth, a spokesperson from Bitget told Cointelegraph. According to the exchange, new clients in Brazil soared 54%, with a 208% jump in total deposits. In Argentina, its customer base rose by 33%, while funds deposited expanded 87%. The crypto exchange…

TrueUSD stops minting via Prime Trust, loses dollar peg

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Stablecoin TruedUSD (TUSD) slightly lost its dollar peg in the early hours of June 10, following a pause in minting activities through its technology partner Prime Trust.  The fifth-largest stablecoin by market capitalization traded at $0.9964 at its deepest point. According to CoinMarketCap, its value is $0.9981 as of this writing. The current supply of TUSD is $2.04 billion, while its collateral is $2.08 billion, data from LedgerLens shows. Announcement: TUSD mints via Prime Trust are paused for further notification. Thanks for your understanding and we are sorry for any…

U.S. Justice Department Charges Two Russian Nationals for Involvement in Infamous Mt. Gox Crypto Exchange Hack

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The U.S. Department of Justice (DOJ) is charging two Russian nationals for their alleged involvement in the infamous hack of defunct crypto exchange Mt. Gox. In a new press release, the DOJ says that it is charging two Russian citizens – 43-year-old Alexey Bilyuchenko and 29-year-old Aleksandr Verner – for allegedly conspiring to launder hundreds of thousands of Bitcoin (BTC) hacked from Mt. Gox. Furthermore, Bilyuchenko is also charged with conspiring to operate BTC-e, a crypto exchange allegedly linked to money laundering and the Mt. Gox hack, from 2011 to…

SEC claims Decentraland and The SandBox tokens are securities, Here’s why TOADS is different

The virtual asset community has been taken aback by recent statements made by the U.S. Securities and Exchange Commission (SEC) concerning the categorization of virtual assets. Notably, the SEC claims that tokens of Decentraland and The SandBox, two prominent virtual worlds, should be regarded as securities due to their investment characteristics. This heightened scrutiny has allowed DigiToads (TOADS), a unique digital platform, to differentiate itself within the industry. While the recent classification of decentraland (MANA) and the sandbox (SAND) as securities has generated concerns among the cryptocurrency community, it is…

Nigeria regulator halts Binance operations: Report

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It has been a tough week for cryptocurrency exchange Binance. On June 9, Nigeria’s securities authority reportedly deemed the exchange illegal, just days after Binance was sued by the U.S. Securities and Exchange Commission.  “Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” Nigeria’s Securities and Exchange Commission (SEC) said in a statement seen by Bloomberg. The regulator also noted that Binance is neither registered nor regulated in the country, making its operations illegal. “Any member of the investing public dealing with the…

Nigeria SEC declares Binance operations in country illegal

The Securities and Exchange Commission (SEC) of Nigeria has officially deemed the operations of Binance Nigeria, a subsidiary of the world’s largest crypto trading platform Binance, illegal.  According to a statement released on the SEC’s website on July 9, Binance has been promoting its web and mobile-enabled platforms to Nigerian users without adhering to regulatory requirements or registering with the commission. The commission expressed its concerns, stating that Binance Nigeria is not authorized or regulated by the SEC, making its operations in the country unlawful. As the primary regulatory body responsible for…

Cardano developer, IOG, insists ADA is not a security, token down 36% in 5 days

ADA, the native currency of Cardano, a blockchain smart contracts platform and Ethereum competitor, is not a security, the lead developer of the network, Input Output Global (IOG), has responded in a recent statement. SEC sues Binance and Coinbase Early this week, the United States Securities and Exchange Commission (SEC), the primary regulator in the country governing securities trading and issuance, while suing Binance and Coinbase, two of the world’s largest cryptocurrency exchanges, listed ADA, among other coins and tokens, as an example of an unregistered crypto asset security. The SEC…

EU needs further efforts to implement crypto regulations: Btc. x CEO

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Christian Anders, the CEO of Btc. x has said that despite the Markets in Crypto Assets (MiCA) being signed into law, the European Union (EU) might need to do a lot of more lobbying of different regulators in Europe and work with the different governments. In an interview with Cointelegraph, Anders noted that for the crypto framework stated in MiCA to be accepted in most European countries like Sweden, a bit of “pushing” might be required. He stated that MiCA gives the crypto industry a framework to operate with and…

TrueUSD pauses minting of TUSD via Prime Trust, stablecoin briefly depegs

TrueUSD (TUSD) has halted the minting of TUSD stablecoin tokens via fintech infrastructure provider, Prime Trust, causing a brief depegging. TrueUSD pauses minting of TUSD on Prime Trust In a June 10 post on its verified Twitter account, TrueUSD informed its users that the minting of TUSD tokens via Prime Trust had been temporarily paused until further notice. Announcement: TUSD mints via Prime Trust are paused for further notification. Thanks for your understanding and we are sorry for any inconvenience. Please contact [email protected] for any further questions. — TrueUSD (@tusdio)…