Yalla Crypto: Altcoins Experience Decline, Binance Faces Regulatory Setbacks, and SEC Alleges Asset Diversion by CZ
GLOBAL NEWS
Binance CEO Challenges Outflow Concerns as Crypto Exchanges Face SEC Lawsuits
Binance CEO Changpeng Zhao counters increased outflow data, highlighting previous larger outflows and explaining the impact of volatility on asset movements. Meanwhile, the crypto market experiences a decline in total market capitalization amidst SEC lawsuits against Binance and Coinbase.
BinanceUS Banking Partners Halt Dollar Payments Amid SEC Lawsuit
BinanceUS faces a setback as its banking partners announce the cessation of dollar payment processing, coinciding with a federal judge's upcoming hearing on a temporary restraining order. The announcement follows the recent lawsuit filed by the Securities and Exchange Commission (SEC) against Binance, BinanceUS, and CEO Changpeng Zhao. The SEC seeks to freeze BinanceUS' assets, while also requesting a temporary restraining order that would allow customer withdrawal requests to continue.?
Altcoins Experience Decline, Securities-Labeled Tokens Affected
Altcoins experienced significant losses ranging from 20% to 25% in the crypto market downturn. Several tokens affected were also named in recent SEC lawsuits against Coinbase and Binance. Bitcoin and Ether, although less impacted, still saw declines of 3% and 5% respectively. Binance CEO refutes claims of converting crypto holdings to fiat, citing decreased stablecoin reserves and increased crypto reserves as the actual situation.
Binance Ordered to Cease Operations in Nigeria by Regulator
Nigeria's Securities and Exchange Commission (SEC) instructed Binance to immediately halt its activities targeting Nigerian investors, citing unregistered and unregulated local operations. Binance responds by seeking clarity from the Nigerian SEC while emphasizing its commitment to cooperative engagement. The country's recent regulations for digital assets include rules for issuance, classification, registration, and exchanges.
Polygon Labs Fires Back At SEC
Polygon Labs counters the U.S. Securities and Exchange Commission's accusation that MATIC is an unregistered security, asserting that the token's development and deployment have been primarily outside the U.S. The team emphasizes MATIC's importance in securing the Polygon network since its inception and highlights its availability to a broad audience worldwide.
Solana Foundation Rejects SEC's Security Label, Advocates for Regulatory Clarity
Disputing the SEC's classification of SOL as a security, the Solana Foundation asserts its disagreement while emphasizing the importance of policymakers' involvement in establishing legal clarity for digital asset entrepreneurs in the United States.
领英推荐
FTX's Customer List Permanently Sealed to Protect Creditors, Judge Rules
Delaware Judge deems FTX's customer list a trade secret, granting permanent protection to shield creditors from potential harm. The ruling aims to safeguard customers and prevent scams, while excluding UK customers and those covered under GDPR regulations. The judge also extends secrecy for institutional clients for an additional 90 days.
Russian Nationals Charged with Laundering 647,000 Bitcoins from Mt Gox Hack
Two individuals from Russia face charges of conspiring to launder a staggering 647,000 bitcoins acquired through hacking the now-defunct Mt Gox exchange, according to the U.S. Department of Justice. The defendants are also accused of involvement in operating the BTC-e exchange, which allegedly laundered funds for cyber criminals worldwide.?
BinanceUS Faces Banking Setback Amid Regulatory Pressure
BinanceUS reveals that its banking partners will halt processing dollar payments, citing challenges arising from regulatory pressure. The announcement coincides with a federal judge hearing arguments on a temporary restraining order sought by the Securities and Exchange Commission (SEC) against BinanceUS. The SEC's lawsuit also targets Binance and its CEO, Changpeng Zhao, with an asset freeze request.
SEC Alleges Binance Diverted $12 Billion in Customer Assets to Entities Controlled by Founder CZ Zhao
The SEC accuses Binance and Binance.US of redirecting over $12 billion in customer assets to entities controlled by founder Changpeng 'CZ' Zhao between 2019 and 2021. The SEC presents these allegations as supporting evidence in its request to a federal judge for a temporary freeze on assets, including those of Binance and Zhao. Currently, the SEC has filed a temporary restraining order specifically targeting Binance.US's assets.
RAIN NEWS
Rain Leads the Way with Lightning Network Integration in MENA
Rain is proud to be a leader in bringing Bitcoin scaling innovation? to the Middle East. We will follow up soon with Lightning Network receives and we will be monitoring scaling solutions closely. Read more about lighting here.?
Spotlight article:
A New Crypto Banking System Arises Under the Shadow of a Regulatory Crackdown