Tag: Binance

SEC lawsuit against Binance and Coinbase unifies the crypto industry

Professionals from various parts of the crypto sector have responded to the United States Securities and Exchange Commission’s (SEC) recent actions against some of the biggest crypto exchanges, Binance and Coinbase.  On June 5, the SEC filed a lawsuit against Binance for allegedly offering unregistered securities. Only a day after filing the Binance suit, the commission also went after Coinbase on somewhat similar grounds, alleging that popular cryptocurrencies offered by the exchange, like Solana (SOL), Polygon (MATIC) and The Sandbox (SAND), qualify as securities. Today we charged Binance Holdings Ltd.…

SEC Crypto Crackdown on Coinbase and Binance Generates 444% Spike in DeFi Trading Volumes

Following a recent strike at major crypto exchanges, the SEC has inadvertently caused an over 400% rise in trading volumes on DeFi platforms. The ongoing crypto crackdown by the US Securities and Exchange Commission (SEC) has come with a silver lining for the crypto industry, especially for decentralized finance (DeFi). According to crypto data aggregator CoinGecko, the top three largest decentralized exchanges (DEXs) have recorded a 444% jump in median trading volume in the last 48 hours. The data shows a combined $792 million increase in total trading volume for…

SEC lawsuit against Binance stalls Gopax acquisition deal in South Korea

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The United States Securities and Exchange Commission’s (SEC) lawsuit against Binance could damage the crypto exchange’s business opportunities in South Korea. A report published in a South Korean daily suggests that the Financial Service Committee (FSC) — the country’s financial watchdog — is reviewing Binance’s acquisition of local crypto trading platform Gopax. Binance acquired a majority stake in Gopax in February, intending to reenter the South Korean crypto market after a two-year hiatus. The FSC has reportedly suspended Gopax’s executive change report filed on March 7, citing the recent SEC lawsuit. The…

SEC’s Gensler claims ‘parallels’ between Binance and FTX, yet one wasn’t sued

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The United States securities chair has hinted at “parallels” between crypto exchange Binance and collapsed exchange FTX — namely their alleged use of sister firms to move funds.  Speaking to Bloomberg on June 6, the U.S. Securities and Exchange Commission chair Gary Gensler, pointed to FTX’s alleged fraud and manipulation regarding its sister firm Alameda Research, including the alleged role that its founder Sam Bankman-Fried played in it. SEC’s Gary Gensler speaking with Bloomberg’s David Westin. Source: Bloomberg “There’s a business model that bundles and commingles functions that we don’t…

SEC, Gensler-themed memecoins surge amid Binance and Coinbase lawsuits

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A number of memecoins drawing their likeness from the United States Securities Exchange Commission (SEC) and its chair Gary Gensler have seen a sharp spike in price following the regulator’s lawsuits against crypto exchanges Coinbase and Binance. One such token is Good Gensler (GENSLR) which rallied more than 260% in the hours following the regulator’s complaint against Coinbase for offering unregistered securities on June 6. Good Gensler (GENSLR) weekly price chart. Source: CoinMarketCap. Good Gensler currently sports a total market capitalization of around $3.2 million. In the last 24 hours,…

SEC’s Gensler expresses concern over Binance and Coinbase

SEC chair Gary Gensler, in a recent interview on CNBC, raised alarm over the alleged non-compliance of leading cryptocurrency exchanges, Binance and Coinbase, with U.S. securities laws. In a recent appearance on CNBC’s Squawk Box, Securities and Exchange Commission (SEC) chair, Gary Gensler, voiced concerns regarding the alleged non-compliance of popular cryptocurrency platforms, Binance and Coinbase, with U.S. securities laws. These platforms are currently facing lawsuits filed by the SEC, accusing them of operating as unregistered securities exchanges. Gensler emphasizes his belief that these cryptocurrency exchanges have been sidestepping U.S.…

SEC lawsuits squeeze net worths of Coinbase and Binance CEOs

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The net worths of Coinbase CEO Brian Armstrong and Binance CEO Changpeng Zhao (CZ) have suffered heavy blows due to recent lawsuits by the United States securities regulator. Armstrong’s net worth was slashed by $289 million and Zhao’s by $1.33 billion within a span of 30 hours after the Securities Exchange Commission (SEC) sued Binance on June 5 and then Coinbase on June 6, according to data from the Bloomberg Billionaires Index and Forbes. Zhao — the richest man in the crypto industry and the 54th richest person overall —…

SEC crackdown on Binance and Coinbase surge DeFi trading volumes 444%

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The median trading volume across the top three decentralized exchanges (DEX) jumped 444% in the past 48 hours as crypto investors reeled from the United States securities regulator’s recent legal actions against cryptocurrency exchanges Coinbase and Binance. According to aggregated data from CoinGecko, total daily trading volumes on Uniswap V3 (Ethereum), Uniswap V3 (Arbitrum) and Pancakeswap V3 (BSC) — which account for 53% of the total DEX trading volume in the last 24 hours — increased by more than $792 million between June 5 and June 7. Trading volume on…

SEC’s Latest Crackdown Against Coinbase and Binance Could Drive Crypto Firms Out of the U.S.

“I suspect we will see more and more moves like this,” Andrew Lawrence, co-founder and CEO of Censo Inc., an on-chain custody solution said. “Yes, the U.S. is the biggest market, but people who are building in the crypto industry are doing so not because of the size of the market now, but because of the size of the market in the future and people are seeing that this future is not looking good in the United States.” Source