Category: Analysis

Binance Chief Changpeng Zhao Summoned at Malta Address, Says Won’t Have to Appear

The filing by the SEC cites Binance’s operations in Malta with CZ noting that he won’t have to appear in person. As per the lawsuit filed by the US Securities and Exchange Commission (SEC), Binance chief Changpeng Zhao has been summoned to Malta. The SEC has accused the exchange of indulging in shady activities in Malta between 2018 and 2019. Binance chief Zhao cleared the air stating that he won’t need to appear in person to address the summons. “I was told this is just part of the SEC-compliant process.…

Binance US Removes Selected Trading Pairs Amid SEC Allegations

Binance is also pausing its OTC Trading Portal services in the US. The exchange said that it will notify users if and when the portal opens in the coming weeks and months.  The US arm of top crypto exchange Binance has removed 10 advanced trading pairs from its platform. In an announcement, the exchange said it would let go of select BTC and BUSD Advanced Trading pairs by 9 am PDT on June 8, 2023. Notably, the company earlier planned to eliminate over 100 crypto assets. The initial decision was supposed to…

Kim Kardashian EMAX Case Proceeds as California Judge Rejects Motion to Dismiss

Judge Fitzgerald reject arguments from Kim Kardashian and Paul Pierce’s lawyers to dismiss the EMAX class-action lawsuit. A California judge has ruled that Reality TV star and businesswoman Kim Kardashian posted false information on social media while promoting EthereumMax (EMAX). The ruling allows the plaintiffs to proceed with the case against the media personality, retired boxer Floyd Mayweather Jr., and NBA Hall of Famer Paul Pierce. Kardashian’s attorneys had moved to dismiss the suit, claiming there was no evidence investors bought EMAX tokens based on her posts on Instagram. Los Angeles District…

Robinhood Scrutinizing Tokens Designated as Securities by SEC

Crypto market prices have tumbled significantly since the news began to make rounds. Altcoins like Solana (SOL), Cardano (ADA), Polygon (MATIC) and many other tokens face the possibility of being delisted from Robinhood Markets Inc (NASDAQ: HOOD), after the United States Securities and Exchange Commission (SEC) charged Binance and Coinbase Global inc (NASDAQ: COIN) for trading unregistered securities.  At present, Robinhood is taking another look at the digital assets offerings on its platform to “determine what, if any, actions to take,” according to Dan Gallagher, a one-time SEC Commissioner and…

South Korea Regulator Delays Binance Acquisition of Gopax Due to SEC Lawsuit 

While Binance saw the acquisition of Gopax as a means of re-entering South Korea, it was also meant to be a turning point for the local trading platform. The SEC’s lawsuit against Binance has started affecting the company’s operations, particularly its acquisition of Gopax in South Korea. The US Securities and Exchange Commission filed a case against Binance for violating securities law. According to the filing with the federal court in Washington, Binance mishandled investors and also misled both investors and regulators. The Commission also alleged that the exchange broke the rules…

Sweat Economy to Launch Governance Vote to Decide Fate of 2B Tokens

The new governance requires at least 75,000 votes for the proposal to be either accepted or rejected. Sweat Economy, the label behind the Sweatcoin and Sweat Wallet apps, plans to roll out a new governance vote later today in the wallet app. By doing this, the Sweat community will be saddled with the responsibility of deciding what happens to the 2 billion Sweat tokens lying idle in inactive users’ accounts. Token holders can now participate in the decision-making process by the principle of one man, one vote, thereby democratizing the…

HSBC CEO Promises Silicon Valley Bank UK Will Not Suspend Focus on Startups amid Expansion

HSBC CEO has doused fears that Silicon Valley Bank UK will suspend or not adequately focus plans on helping startups. The CEO of HSBC UK has said that Silicon Valley Bank UK will continue its regular business of serving startups regardless of new ownership. Ian Stuart noted that Silicon Valley Bank will maintain its processes and business without disruption. At the Money 20/20 fintech conference in Amsterdam, Stuart assured CNBC’s Arjun Kharpal of protecting Silicon Valley Bank. He said: “We are going to keep it ringfenced within our own ringfenced…

Former BitMEX CEO Arthur Hayes Remains Bullish on Bitcoin (BTC)

Bitcoin’s strong bounce back despite the SEC lawsuits has made analysts optimist about the beginning of the next bull run. After facing strong selling pressure earlier this week, the world’s largest cryptocurrency Bitcoin (BTC) has given a strong bounceback today moving closer to $27,000. As of press time, BTC is trading 3.2% up at a price of $26,603 and a market cap of $515 billion. The recent bounce back has created optimism among Bitcoin enthusiasts with analysts turning bullish on the crypto once again. Former BitMEX CEO Arthur Hayes recently…

Binance.US Says SEC Lawsuit Is Unjustified

Many crypto exchanges including Binance believe that the SEC’s requested relief will do more harm to investors than good.  The United States arm of the Binance exchange, Binance.US has responded to the lawsuit filed against it by the Securities and Exchange Commission (SEC).  According to Binance.US, the lawsuit is without any basis and therefore, the exchange is ready to go to court to refute all of the unwarranted accusations. In light of facts, the law at the time, as well as the SEC’s precedents, the exchange believes that the regulator’s…

Ethereum Is Security, Former Twitter CEO Jack Dorsey Says

There are ongoing efforts to classify Ethereum. As of now, a final decision is yet to be reached regarding whether it should be considered a security or not. Considering the arguments, predicting the final outcome is challenging. With the recent noise about cryptocurrency regulation and events such as crypto exchanges being sued for offering unregistered securities, there have been varying views from experts and high-profile individuals about the state of some specific cryptocurrencies. One of them is a recent comment by Jack Dorsey, the former Twitter CEO, arguing that Ethereum…