The SEC identified solana (SOL), cardano (ADA), polygon (MATIC), sandbox (SAND), filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), flow (FLOW), internet computer (ICP), near (NEAR), voyager (VGX), dash (DASH) and nexo (NEXO) as securities in the suit. Source
The United States Securities and Exchange Commission has filed a lawsuit against New York-based crypto exchange Coinbase for offering unregistered securities. The SEC lawsuit alleged that Coinbase has never registered as a broker, national securities exchange or clearing agency, evading the disclosure scheme for securities markets. SEC alleged that several tokens offered by the crypto exchange including Solana (SOL), Cardano (ADA), Polygon (MATIC) Filecoin (FIL), Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), FLOW, ICP, NEAR, VGX, DASH, and NEXO qualify as securities. Today we charged Coinbase, Inc. with operating its crypto asset…
U.S. Bankruptcy Court Judge Sean Lane extended a mediation period between crypto lender Genesis and its creditors at a Monday hearing as tensions flared over the role Genesis’ parent company, Digital Currency Group (DCG), would play in the lender’s restructuring. The period, slated to end last month, will now conclude on June 16. Judge Lane appointed a mediator to steer talks between the insolvent lender and its creditors on May 1 after discussions between the parties broke down earlier this year. “There’s lots of different kinds of conversations that have…
The US SEC’s complaint against Binance has unveiled intriguing details surrounding the sudden departure of former Binance.US CEO Brian Brooks in August 2021, merely three months into his tenure. The complaint references an undisclosed source who briefly oversaw Binance.US operations during the same period, coinciding with Brooks’ tenure. Renowned cryptocurrency lawyer James Murphy, popularly known as MetaLawMan on Twitter, shared this revelation in a tweet on June 5. The dates outlined in the complaint align precisely with Brooks’ leadership at Binance.US following his appointment on May 1, 2021, succeeding former…
After SEC’s action on Binance, Bitcoin and the broader crypto market tanked instantly. Altcoins face heavy correction to the tune of 7-8% with Binance BNB suffering the most. The filing of the lawsuit by the US SEC against crypto giant Binance sent shockwaves across the entire cryptocurrency market on Monday, June 5. Over the last 24 hours, Bitcoin (BTC) and the broader cryptocurrency market have corrected by over 4%. As of press time, the Bitcoin (BTC) price is down by 4% and is currently trading at $25,778 with its market…
According to the SEC in a recent lawsuit, Binance deliberately broke several rules and secretly funneled customer funds via a separate entity. The US Securities and Exchange Commission (SEC) has slammed Binance with a lawsuit for varying malpractices. In addition to accusing Binance of mishandling customers’ funds, the commission’s lawsuit also fires at several altcoins, including Polygon (MATIC) and Solana (SOL). The SEC’s lawsuit hit Binance and its CEO Changpeng “CZ” Zhao with 13 civil charges. According to the suit, Binance has not properly restricted US customers from its Binance.com platform, stating that the…
The SEC lawsuit against Binance on June 5, accusing the crypto exchange of violating various securities laws, had a direct impact on the crypto market as well as the balance sheet of the crypto exchange. According to data shared by crypto analytic firm Nansen, Binance saw a negative netflow of $778 million on the Ethereum blockchain, where $871 million worth of assets inflowed onto the exchange while $1.6 billion worth of assets went out of the exchange. Even in the first 24 hours following the SEC lawsuit, Ethereum-based tokens have…
Bitcoin (BTC) circled $25,800 on June 6 as the aftermath of fresh panic over largest exchange Binance lingered. BTC/USD 1-day candle chart on Bitstamp. Source: TradingView BTC price risks losing multi-month range Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it steadied after dropping to near three-month lows. The weakness came as part of a knee-jerk market reaction to news that United States regulators were suing Binance and its CEO, Changpeng Zhao, also known as CZ, over “a variety of securities law violations.” “Through thirteen charges, we allege…
The unprecedented withdrawals only reflect a small amount of Binance’s reserves, according to data from CryptoQuant. Source
The U.S. Securities and Exchange Commission is taking legal action against Binance and its CEO, Changpeng Zhao (CZ). The SEC lawsuit claims that Binance “unlawfully solicited” customers from the U.S. to trade assets on unregistered platforms. Also, the securities regulator alleged that contrary to what the defendants claimed, Binance and CEO Zhao were directly involved in Binance.US operations. Meanwhile, the latest development comes shortly after another federal regulator, the Commodity Futures Trading Commission (CFTC), also sued Binance for operating without proper registration, thereby violating the Commodity Exchange Act. Meanwhile, Binance…