Exchange Archives

MetaMask Developer ConsenSys Challenges SEC’s Proposed ‘Exchange’ Definition, Citing Blockchain Misunderstandings

June 14, 2023

Blockchain tech company ConsenSys, represented by lawyer Bill Hughes, has formally objected to the Securities and Exchange Commission’s (SEC) Notice of Proposed Rulemaking (NPRM) concerning the redefinition of a securities “exchange”. Hughes voiced these objections in a series of tweets today. ConsenSys contends that the amendments proposed by the SEC would be unlawful if finalized in their current form, as they are intended to apply to blockchain protocols. They allege that the reopening release fails to rectify key legal deficiencies in the proposed amendments, misinterprets the term “exchange” as per…

North Korean Hackers Launder Stolen Crypto Funds Through Sanctioned Exchange

June 14, 2023 boss

Blockchain security firm Elliptic has revealed that the attackers responsible for the recent $35 million exploit of crypto wallet Atomic Wallet are moving the stolen funds through the Office of Foreign Assets Control (OFAC)-sanctioned exchange Garantex. Elliptic investigators strongly believe that the notorious North Korean hacking group, Lazarus, was behind the hack, as previously reported. Garantex, which was sanctioned by the OFAC last year due to lax anti-money laundering measures and its facilitation of illicit activities, has become the channel for transferring the pilfered funds, according to Elliptic. While several…

Crypto Exchange Binance Seeks to Withdraw Cyprus’ Unit Crypto Service Registration

June 14, 2023 boss

“We are working hard to prepare our business to be fully compliant with MiCA when it is implemented in the next 18 months,” a Binance spokesperson said in an email to CoinDesk. “To that end, we have made the decision to pull back efforts in Cyprus to focus on our efforts on fewer regulated entities in the EU.” Source

Binance CEO Refutes Claims of Exchange Selling Bitcoin to Stabilize BNB Price

June 14, 2023

Several market analysts, including Dylan LeClair and Cory Klippsten, CEO of Swan Bitcoin, have voiced concerns about Binance’s alleged activities in manipulating the market. Following the recent United States Securities and Exchange Commission (SEC) lawsuit against Binance Holdings Limited and Binance.US, the American arm of the largest global crypto exchange, on June 5, the company’s US market share has dwindled significantly to around 78% as market makers and traders flew the exchange due to the regulatory pressure in the country. Amid these challenges, Binance CEO Changpeng Zhao (CZ) has refuted…

Bittrex U.S. to Allow Withdrawals Starting Thursday After Crypto Exchange Wins Bankruptcy Court Ruling

June 14, 2023 boss

In his Tuesday ruling, Judge Brendan Shannon authorized Bittrex U.S. and its affiliates “to permit their customers holding undisputed, noncontingent, and liquidated claims to withdraw cryptocurrency assets and fiat currency from the Debtors’ trading platform to the extent of such claims.” Source

Binance’s CZ Hits Back at Rumors of Exchange Selling Bitcoin (BTC) For BNB Coin (BNB)

June 14, 2023

On Tuesday, tweets from popular traders @JW100x and @52kskew, which pointed to short-term price correlations between a sell-off in bitcoin (BTC) and a purchase of BNB, went viral. The tweets were viewed over 3 million times cumulatively, as per Twitter data. Source

SEC Says It May Make a Recommendation on Crypto Exchange Coinbase Petition Within 4 Months

June 14, 2023

“Regardless of whether the Commission determines to undertake the rulemaking sought by Coinbase, a decision the Commission has yet to make, Coinbase – like everyone else – is bound by existing law,” the SEC filing said. “And Coinbase is free to vigorously assert its position that it has not violated that law in the current enforcement action.” Source

SEC hears from Blockchain Assoc., House Republicans on ‘exchange’ definition proposal

June 13, 2023 boss

The United States Securities and Exchange Commission (SEC) extended the comments period for its proposal to amend Rule 3b-16 of the Securities Exchange Act of 1934 ended June 13. The Blockchain Association and Republican members of the House of Representatives Committee on Financial Services filed last-minute comments. The amendments proposal, which runs for hundreds of pages, was released in January 2022. It did not mention digital assets. Another lengthy document was released when the comment period was reopened. It did address digital asset platforms. The amendments could profoundly impact the…

Crypto Exchange Binance Goes to Court Against the SEC

June 13, 2023 boss

Binance, Binance.US and Changpeng “CZ” Zhao published their first responses to the SEC’s lawsuit against them and, taken at face value, the stakes appear to be dire. But by the end of the day, we may get a better sense of how the case is proceeding and what a judge thinks about the arguments so far. Source

U.S. SEC Out-of-Bounds in Dragging DeFi Into Proposed Exchange Rule, Crypto Industry Says

June 13, 2023 boss

However, DeFi protocols “intuitively possess none of the defining hallmarks of stock exchanges,” according to the DeFi Education Fund’s letter. “Beyond DeFi, the commission’s proposal has no logical limit and would sweep third-party and utility service providers who contract with exchange providers into the exchange regulatory regime.” Source