Day: June 12, 2023

Onchain Data Points to Billions in Outflows from Binance Following SEC Lawsuit, CEO CZ Responds

Following reports of increased outflows after news of the lawsuit broke, Binance CEO CZ argued that there was potential for on-chain data to be misinterpreted. Crypto exchange Binance has experienced billions of dollars in outflows over the past week. This is according to on-chain data from various data analytics platforms. The exchange’s CEO Changpeng ‘CZ’ Zhao has argued that such data can be misinterpreted and the situation may not be as dire as it appears. Analytics Data Points to Large Outflows from Binance Following SEC Lawsuit According to major blockchain…

Latin American Crypto Holders Find Alternative in Bitget amid SEC Lawsuit against Binance, Coinbase

The exchange saw a 43% jump in its number of new users from the Latin America region in just three days. Crypto exchange Bitget appears to be gaining a whole lot from the ongoing lawsuits against crypto giants Binance and Coinbase. The fierce rivals are currently in court over allegations by the United State securities and exchange commission (SEC). According to the regulator, the duo might have violated US securities laws while doing their business. Crypto Exchange Bitget Gets Bigger In all of this, however, Bitget has recorded quite a…

Hong Kong Legislator Encourages Coinbase and Others to Apply

While Hong Kong welcomes cryptocurrency, digital asset trading remains banned in mainland China. Hong Kong Legislator, Johnny Ng, has encouraged Coinbase and other global exchanges to set up their shop in the region. The legislator took to Twitter, offering his assistance for Coinbase and other interested parties to register and develop within the former British colony. Mr Ng, who previously cofounded a Web3 accelerator, is known for his bullish stance on Web3 tech. His call to virtual asset trading platforms coincides with a US SEC clampdown on major players like…

Cardano’s worst week since May 2021 is over — Will ADA price rebound 40%?

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Cardano (ADA) bounced modestly after losing nearly 30% of its valuation in the previous week, its worst seven-day performance since May 2021, when the Terra collapse sparked a cryotocurrency market crash. Nonetheless, ADA looks ready to undergo a sharp recovery in the coming months, based on technical analysis. ADA price up 30% from six-month lows On June 12, ADA price rose 2.25% to $0.28, up around 27% from the six-month low of $0.22 seen last week. The rise appeared alongside gains elsewhere in the crypto market, hinting at investors buying…

Bitcoin’s SOPR ratio suggests strong interest as price recovers

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Bitcoin’s (BTC) price witnessed an instant fall on June 5, as the US Securities and Exchange Commission (SEC) decided to take legal action against Binance and Coinbase. The asset’s price fell from around $26,800 to $25,500 within 18 hours after the SEC’s legal case against the exchanges.  A day after, however, the broader crypto market witnessed a recovery, and bitcoin consolidated over the $26,000 mark until June 10. As the bearish sentiment grew, the asset’s price…

Nigerian Securities Regulator Says Binance Nigeria Operates Illegal Crypto Exchange and Should Immediately Cease Soliciting Local Investors

Binance operates an independent entity dubbed Binance Nigeria Limited similar to the United States entity that was also deemed illegal earlier last week. Cryptocurrency exchanges around the world have found themselves at loggerheads with several global regulators for offering digital assets without proper registrations. In the latest developments, both the Nigerian and the United States Securities and Exchange Commission (SEC) have intensified the crackdown on unregistered crypto exchanges. Reportedly, Binance Nigeria has been operating a crypto exchange without the proper regulatory approvals required for securities. This comes after the Nigerian…

Reddit crypto communities go dark — Here’s why

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Numerous sub-communities on Reddit, including popular crypto subreddits, unanimously decided to go private for 48 hours to protest against new company policies that prevent the use of third-party applications. In April, Reddit announced plans to modify how users interact with the Reddit Data application programming interface (API) — a seven-year-old application enabling developers to create tools and utilities for moderation and other activities. Most subreddits reacted to the move, as Reddit’s intention to build native moderator tools directly impacts the community’s ability to create and use third-party tools predominantly used…