Month: June 2023

US District Court issues summons for Binance CEO Changpeng Zhao over SEC action

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The United States District Court in Washington, D.C. issued a summons for Binance CEO Changpeng Zhao on June 7, just two days after the Securities and Exchange Commission (SEC) formally sued the exchange for alleged unregistered securities operations.  “A lawsuit has been filed against you,” the summons read. NEW: @binance CEO @cz_binance has been order to respond/answer the summons of a U.S. District Court along with the other entities named in the case. He does not have to appear in person but respond within the time frame below https://t.co/UipLm9TRye — Eleanor Terrett…

Evidence in SEC suit includes 2022 testimony of Binance.US’ long silent ex-CEO

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Former Binance.US CEO Catherine Coley, who is transparently known as “BAM CEO A” in the suit against Binance filed by the United States Securities and Exchange Commission (SEC) on June 5, has kept a low profile since her departure. However, she provided testimony to the SEC in 2022 when it was investigating the company for insider trading.  That testimony has resurfaced as an exhibit in the SEC’s new case against the cryptocurrency exchange. Coley’s 2022 testimony was apparently quite long as the selections that constitute Exhibit 86 in the June…

Binance.US halts trading for dozens of USDT, BTC, BUSD pairs amid SEC lawsuit

Binance.US removed trading services for several crypto tokens on June 7. The move follows a lawsuit filed earlier this week by the United States Securities and Exchange Commission against Binance entities and thei leadership.  “After careful consideration, Binance.US will remove selected Advanced Trading pairs on June 8, 2023 at 9 a.m. PDT / 12 p.m. EDT. We have also decided to streamline our Buy, Sell & Convert offering and have paused our OTC Trading Portal,” reads an announcement. The pause affects over 90 trading pairs of the stablecoin Tether (USDT), eight…

Security or not, Ethereum price looks poised to hold the $1.8K level based on 3 key metrics

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Ether’s (ETH) price retested $1,780 after the news of the U.S. Securities and Exchange Commission suing cryptocurrency exchanges Binance and Coinbase but it’s not preposterous to suggest that Ether bulls should be more than happy that its price did not break below the 67-day support.  The SEC actions are actually a double-edged sword for Ethereum and on crypto Twitter, some analysts attributed the bounce in Ether as a result of it not being listed as a security in either of the cases brought against Binance and Coinbase. For instance, the…

Tel Aviv Stock Exchange completes proof of concept to tokenize fiat and bonds

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A new phase in the Tel Aviv Stock Exchange’s integration of blockchain technology and traditional assets has been completed with the minting of the first dummy digital government bond as an ERC-1155 security token.  The bond mint is part of the proof of concept (PoC) phase of Project Eden, a partnership between the Israeli Ministry of Finance and the stock exchange to explore blockchain infrastructure in issuing and settling government bonds. Also included in the proof of concept was the tokenization of an Israeli Shekel — the country’s fiat currency…

Bitcoin Price (BTC), ETH, USDT Trade at Premiums on Binance.US as Users Flee Following SEC Lawsuit

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The BTC-U.S. dollar trading pair on Binance.US jumped as high as $28,800 earlier on Wednesday morning, some $1,700 higher than the average price across other exchanges at that time, data shows. Recently, the BTC-USD pair was changing hands at $27,900, while the CoinDesk Bitcoin Price Index (XBX), which feeds from prices on multiple exchanges, stood at around $26,400. The difference represents an almost 6% price premium on Binance.US. Original

Cointelegraph Pitch Room launched, bridging promising projects to quality investors

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Cointelegraph presents Pitch Room, a new stage in the effort to boost innovation in the crypto space, dedicated to investors interested in deal flow. Pitch Room opens doors for promising startups in the Web3 space, exploring new markets and building solutions with the potential to disrupt the industry. Investors can view a one-page summary of each company, a two-minute elevator pitch and an in-depth presentation. The goal of Pitch Room is to bridge venture capitalists and private equity managers with innovative firms at the cutting edge of the crypto space.…

To Identify or Not in a Web3 World?

Ironically, permissionless decentralized applications (dapps) leave significant groups of users unable to participate. Regulated entities such as asset managers or allocators are generally not able to do business with “bad actors” (terrorists, financial criminals, etc.). In a completely permissionless environment, the participants are unknown, and, therefore, the “bad actor” risk cannot be addressed. Hence, know-your-customer (KYC) checks and the assessment of the potential money laundering risk are important steps to building trust in the digital asset ecosystem and broadening institutional adoption of Web3 opportunities. Source