Month: June 2023

Crypto Markets Stay Down Following SEC Suing Binance

U.S. Bankruptcy Court Judge Sean Lane extended a mediation period between crypto lender Genesis and its creditors at a Monday hearing as tensions flared over the role Genesis’ parent company, Digital Currency Group (DCG), would play in the lender’s restructuring. The period, slated to end last month, will now conclude on June 16. Judge Lane appointed a mediator to steer talks between the insolvent lender and its creditors on May 1 after discussions between the parties broke down earlier this year. “There’s lots of different kinds of conversations that have…

SEC complaint sparks questions on former Binance.US CEO’s sudden departure

The US SEC’s complaint against Binance has unveiled intriguing details surrounding the sudden departure of former Binance.US CEO Brian Brooks in August 2021, merely three months into his tenure. The complaint references an undisclosed source who briefly oversaw Binance.US operations during the same period, coinciding with Brooks’ tenure. Renowned cryptocurrency lawyer James Murphy, popularly known as MetaLawMan on Twitter, shared this revelation in a tweet on June 5. The dates outlined in the complaint align precisely with Brooks’ leadership at Binance.US following his appointment on May 1, 2021, succeeding former…

Cboe Digital Bags CFTC Approval to Trade Bitcoin and Ether Futures

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The CFTC has officially given Cboe Digital the approval it needs to offer margined futures contracts trading to clients. Cboe Global Markets’ digital asset exchange has received approval to allow users to trade crypto futures contracts. Customers of the Cboe Digital platform will now trade Ether (ETH) and Bitcoin (BTC) futures contracts later this year following the CFTC’s approval for an amended order of registration. The Commodity Futures Trading Commission (CFTC) gave Cboe Digital approval to financially and physically settle margin contracts from the second half of the year. The…

Dev shares how ENS plays a role in decentralized social media

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As decentralized social media becomes one of the central topics at the Buidl Asia event held in South Korea, Cointelegraph spoke with Ethereum Name Service (ENS) developer Makoto Inoue onlineto find out more about Web3 social media, its potential to replace Web2 and the roles of ENS and the metaverse in this new social media paradigm.  According to Inoue, Web3 is “inherently social and distributed.” The developer highlighted that since it’s built on top of the blockchain, everything is transparent. This makes the blockchain a “social graph,” a graph commonly…

InQubeta and solana poised for growth in 2023

The crypto market has experienced significant advancements this year, with various coins demonstrating substantial price growth. Ahead of the next bull run, exploring potential investment opportunities in crypto can prove lucrative. Notably, InQubeta (QUBE) and solana (SOL) have garnered attention from experts due to their distinctive solutions to real-world challenges. The confidence exhibited by investors in these coins can further emphasizes their strong growth potential. As InQubeta progresses through its presale stages, investors are evaluating the project as a potential opportunity. In a fundraising landscape that has proven challenging for…

Crypto industry debates ‘Tai Chi’ vs. ‘Operation Chokepoint 2.0’

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The United States Securities and Exchange Commission (SEC) has filed charges against Binance, its U.S.-based exchange entity and its CEO, Changpeng “CZ” Zhao, for violating securities laws.  On June 5, the SEC filed 13 charges against Binance in the U.S. District Court for the District of Columbia over allegations that the company misled investors and misused customer funds. The accusations of mishandling customers’ funds and violations of U.S. banking regulations were first flagged in a report published by Reuters in the last week of May. At the time, Binance had refuted…

Bitcoin (BTC) and Broader Crypto Market Come Crashing Down Following SEC Lawsuit on Binance

After SEC’s action on Binance, Bitcoin and the broader crypto market tanked instantly. Altcoins face heavy correction to the tune of 7-8% with Binance BNB suffering the most. The filing of the lawsuit by the US SEC against crypto giant Binance sent shockwaves across the entire cryptocurrency market on Monday, June 5. Over the last 24 hours, Bitcoin (BTC) and the broader cryptocurrency market have corrected by over 4%. As of press time, the Bitcoin (BTC) price is down by 4% and is currently trading at $25,778 with its market…

Crypto Hedge Fund Arca to Lay Off 30% of Its Staff

The company cited the challenging environment as a reason behind its headcount cut. Amid crypto winter and uncertain market conditions, companies continue to employ cost-cutting measures that often include layoffs. Digital asset management firm Arca is one the latest on the list of those currently in the middle of staff downsizing. Arca has reduced its headcount by as much as 30% (currently, it has only 66 employees in total), explaining the decision to lay off a third of its staff in a challenging environment. Arca representative stated: “Growth has been…

Pepe price tumbles 16% amid Binance regulatory saga

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Meme coin pepe sees tremendous losses in price valuation ahead of the ongoing wrangle between Binance and the SEC that has provoked FUD and investor panic. Pepe has seen a 16% drop in price valuation within 24 hours, trading at $0.000001. The meme coin’s market cap stood at $396.3 million. Trading volume stood at $190.8 million during press time. PEPE price drop | Source: CoinMarketCap Large pepe holders selling for losses Recent sales of large sums…