Tag: Issues

BTC Price Drops to $29K as WSJ Ratchets Up Binance Issues, China Warns of ‘Torturous Recovery

“Binance does not engage in or tolerate wash trading, which is a violation of our terms of use, nor has it ever done so. Binance has a dedicated Market Surveillance team that is responsible for reviewing surveillance related to potential abusive and/or manipulative behavior including wash trades and trade price manipulation. The Market Surveillance team utilizes surveillance models and a team of experienced surveillance professionals to detect and prevent market abuse,” Binance’s spokesperson said. Source

BTC Drops to $29K as WSJ Ratchets Up Binance Issues, China Warns of ‘Torturous Recovery

Around the same time, China’s ruling Communist Party’s 24-member Politburo — its top decision-making body, led by President Xi Jinping – said the country’s economy is facing new difficulties and the economic recovery will be challenging. Early this year, analysts widely cited China’s reopening of its economy as a major bullish tailwind for risk assets, including cryptocurrencies. Original Source 29KBinanceBTCChinaDropsIssuesRatchetsRecoveryTorturousWarnsWSJ CryptoX Portal

US state agency issues alert on crypto fraud happening over social media

The Vermont Department of Financial Regulation (DFR), a United States state agency, warned citizens against rising crypto investment frauds perpetrated over popular social media sites. On June 25, 74-year-old Naum Lantsman lost his life savings — $340,000 — to a crypto scam orchestrated over Instagram and Telegram. The DFR referenced the incident as it stressed “the need for Vermonters to exercise extreme caution and vigilance when using or investing in cryptocurrency.” A snippet of Vermont’s investor alert against crypto scams. Source: dfr.vermont.gov Instagram has been rated as the top platform connected…

Bitcoin BTC Price Holds Steady Over $30K as Inflation Data, Macro Issues Leave Investors Increasingly Unmoved

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Massad and Clayton’s recommendations come at a potentially pivotal time in crypto’s brief history, and amid an ongoing jurisdictional feud between the CFTC, which considers crypto a commodity and the SEC, which sees it as a security. Both agencies have filed multiple legal actions against exchanges and other key crypto organizations, testing the applicability of current regulations but leaving investors and entrepreneurs deeply unsettled about crypto’s future in the U.S., which has largely spearheaded global interest in the space. Last month, the SEC sued Binance and Coinbase, saying the exchanges…

CFTC issues $54M default judgment against trader in crypto fraud scheme

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On June 28th, the Commodity Futures Trading Commission (CFTC) announced that Judge Naomi Reice Buchwald of the U.S. District Court for the Southern District of New York had issued a default judgment that granted a permanent injunction against Michael Ackerman, a resident of Alliance, Ohio.  Today a federal court ordered an Ohio man to pay more than $50M for a fraudulent digital asset trading scheme. Learn more: https://t.co/z0WOqXIqih — CFTC (@CFTC) June 28, 2023 Ackerman is now subjected to a ban from participating in any trading activities within CFTC-regulated markets…

Prime Trust insolvency fears, Nevada regulator issues cease-and-desist order

The Nevada Department of Business and Industry’s Financial Institutions Division (FID) has taken official action by issuing a cease-and-desist order. This action was prompted by their identification of a substantial deficit in customer funds and a notable decline in Prime Trust’s overall financial condition. The FID, responsible for overseeing state-regulated trust companies, revealed that Prime Trust had been operating with a substantial deficit and was potentially even insolvent. The order stated that on June 21, 2023, the company failed to honor customer withdrawals due to a shortage of customer funds,…

Siemens Energy Stock Loses 35% as Review of Issues at Subsidiary Shows Wind Turbine Problems Could Last for Years

Siemens Energy CEO Christian Bruch said that “too much had been swept under the carpet” concerning Siemens Gamesa. Shares of Siemens Energy declined 35% earlier today as the company discarded its profit prediction and mentioned lasting wind turbine issues. Following a review of concerns at its subsidiary Siemens Gamesa, the company announced its findings of a “substantial increase in failure rates of wind turbine components”. However, its shares plunged as the market reacts to the unpleasant update. Siemens Energy Wind Turbine Issues Linger The Thursday report shows that the Siemens…