Tag: SEC

Coinbase chief legal officer faces congressional committee following SEC charges against the company

Coinbase Chief Legal Officer, Paul Grewal, wasted no time addressing concerns related to his employer’s recent charges by the Securities and Exchange Commission (SEC). Just hours after the SEC’s allegations of securities law violations against Coinbase, Grewal appeared before the House Agriculture Committee to field questions about cryptocurrency market regulations. Intense scrutiny On June 6, committee members gathered to engage in a session of rigorous questioning, with Grewal being part of a five-witness panel that included other industry representatives and former regulators. Earlier in the day, lawmakers had already subjected…

Coinbase CEO’s stock sale was probably not planned to occur a day ahead of SEC suit

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Coinbase CEO and co-founder Brian Armstrong sold company shares the day before the United States Securities and Exchange Commission (SEC) filed a complaint against the exchange for securities law violations. The transaction caused a minor stir in the Twitter cryptoverse, as Armstrong avoided a sharp loss by doing so.  SEC records show that Armstrong sold 29,730 shares of the company on June 5, the day before the SEC suit. Coinbase’s share price plummeted the day of the suit, with an initial dip of 20%. Armstrong has been selling Coinbase stock…

Bitcoin rebound falters amid SEC crackdown on exchanges, raising chance of a BTC price capitulation

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Bitcoin (BTC) price lost steam after a failed retest of the $27,400 resistance on June 6, signaling that investors became less confident after the recent regulatory actions by the U.S Securities and Exchange Commission against Binance and Coinbase. Both exchanges are being sued on multiple counts, including failure to register as licensed brokers and offering unregistered securities.  The SEC might have a difficult case ahead According to Blockchain Association CEO Kristin Smith, the SEC is trying to circumvent formal rulemaking processes and deny public engagement. Meanwhile, Insider Intelligence crypto analyst…

SEC Seeks To Freeze Binance.US Assets Hours After Filing Lawsuit Against the Crypto Exchange

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Just a day after filing a 136-page complaint against Binance, the U.S. Securities and Exchange Commission (SEC) filed a motion for a temporary restraining order to freeze assets tied to the US arm of the world’s largest crypto exchange. On Monday, the SEC filed 13 charges against Binance and its CEO Changpeng Zhao over what the federal agency’s head, Gary Gensler, called “an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.” After filing the lawsuit, the regulator on Tuesday submitted a new…

Binance.US Suspends Trading for Several Crypto Pairs Following a Lawsuit Filed by the SEC – Blockchain News, Opinion, TV and Jobs

Binance.US, the US arm of the cryptocurrency exchange Binance, has suspended trading for several crypto pairs and reduced its supported convert trading pairs following a lawsuit filed by the US Securities and Exchange Commission (SEC) against Binance entities and their leadership. The move is seen as a precautionary measure to address potential securities concerns raised by the SEC. This move came after the SEC filed a lawsuit against Binance on June 5, accusing the exchange of offering unregistered securities. The charges include unregistered offers and sales of BNB and BUSD…

$1,280,000,000 in Crypto Yanked Out of Coinbase Amid SEC Lawsuit Against the US Exchange: On-Chain Data

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Blockchain data and research firm Nansen says that hundreds of millions of dollars exited the Coinbase group in the wake of a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). According to Nansen, Coinbase and the exchange’s custodial arm recorded negative netflows, the sum of deposits and withdrawals, of approximately $1.28 billion after the SEC move. “As we write, the SEC has announced that it is suing Coinbase. Looking at on-chain centralized exchange data, it shows that Coinbase + Coinbase custody have negative netflows of $1.28 billion.” Source:…

SEC is killing innovation in the United States — 1inch co-founder

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The United States could risk an exodus of major Web3 and cryptocurrency service providers as the Securities and Exchange Commission (SEC) takes action against Coinbase and Binance. Sergej Kunz, a co-founder of decentralized finance (DeFi) protocol 1inch Network, believes the SEC’s enforcement action against the two centralized exchanges could have a negative effect on the growth of Web3 in the United States. Related: SEC lawsuits against Binance and Coinbase unify the crypto industry Speaking to Cointelegraph during Money 20/20 in Amsterdam — a popular global fintech event focused on payments and financial service providers…

Binance Attorneys Say SEC Boss Offered to Be Advisor to Crypto Company in 2019

At the time Gensler was offered to be an advisor to Binance, he was teaching at Massachusetts Institute of Technology’s Sloan School of Management. According to the lawyers of Binance and its CEO Changpeng Zhao, SEC chair Gary Gensler was offered to be an advisor to Binance’s parent company in 2019. Interestingly, Gensler has been spearheading the crackdown against the crypto industry over the past year. Binance and other crypto companies are currently under the radar of the US regulator over violations of securities laws. The SEC chair has repeatedly expressed…

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…