Tag: Binance

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…

Crypto trading firm moves $9.8m of polygon tokens to Coinbase, Binance, MATIC price tanking

Chicago-based crypto trading firm, Cumberland, is moving millions worth of Polygon’s native cryptocurrency, MATIC, to Binance and Coinbase. As of June 10, the trading firm had moved $9.8 million MATIC to the two leading cryptocurrency exchanges. Cumberland moving millions worth of polygon tokens According to the web3 data analysis platform, Lookonchain, Cumberland shifted 9 million MATIC tokens valued at $6.3 million into Binance and another 5 million worth an estimated $3.5 million into Coinbase over 7 hours. Cumberland transferred the funds in six small transactions ranging between 1.5 million and…

SEC charges against Binance and Coinbase are terrible for DeFi

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The allegations against Binance and Coinbase by the U.S. Securities and Exchange Commission have substantial ramifications for the decentralized finance (DeFi) ecosystem, and they are far from positive. DeFi has developed as a promising area within the crypto industry, aiming to disrupt established financial systems and deliver financial services in a decentralized manner. However, the latest charges against these centralized exchanges raise doubts about the future of DeFi. By targeting Binance and Coinbase for suspected violations of securities laws and operating unregistered exchanges, the regulator seems to be imposing its…

DeFi volumes surge 444% after Binance, Coinbase lawsuits: Finance Redefined

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you the most significant developments from the past week. The United States Securities and Exchange Commission’s (SEC) lawsuits against two leading centralized crypto exchanges — Binance.US and Coinbase — have led to a surge in DeFi trading volume over the past week. While SEC’s enforcement action against centralized exchanges has hogged the headlines, the securities regulator is actively pursuing cases against the decentralized exchange (DEX) ecosystem as well. Crypto venture capital…

SEC can’t find Binance CEO Changpeng Zhao, asks court for ‘alternative service’

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The United States Securities and Exchange Commission (SEC) is seeking ‘alternative service’ from the U.S. District Court in Washington, D.C., to issue a legal summons to Changpeng Zhao, the CEO of cryptocurrency exchange Binance. Zhao and Binance were recently sued by the SEC over alleged unregistered securities operations. Related: SEC sues Coinbase for breaking US securities rules In a case document filed with the District Court on June 7, the SEC requested alternative service. It explains its evident stance that typical service (which requires the presence and signature of the person…

Kevin O’Leary won’t rule out criminal charges for Binance

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Kevin O’Leary said the Securities and Exchange Commission levied some “serious” allegations in the 136-page charging document the agency issued against Binance on June 5, telling Cointelegraph in an interview that he believes founder and CEO Changpeng Zhao is in a “tough” spot. O’Leary, a venture capitalist and CNBC personality known more colorfully as “Mr. Wonderful,” was an investor in crypto exchange FTX prior to its November collapse, and has been open about losing $15 million from his gig as a paid spokesman for the company. Some observers attribute FTX’s…

Bitcoin liquidity impacted on Binance US amid SEC suit

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The SEC’s recent lawsuit against Binance US heralds a grim phase for bitcoin liquidity. Amid a flurry of allegations, withdrawals, and an aggressive regulatory stance, we examine the tumultuous unfolding events and their far-reaching implications on the crypto market and investor sentiment. Sitting at the intersection of technology and finance, the crypto market is no stranger to stormy weather. Yet, the recent legal tempest stirred by the (SEC) against Binance US, a subsidiary of the worldwide…