Yalla Crypto: SEC Sues Binance and Classifies 12 Tokens as Securities, Gemini Targets UAE Hub, UAE Central Bank's AML/CFT Guidelines
GLOBAL NEWS
SEC Files Lawsuit Against Binance Holdings and CEO Changpeng Zhao
Binance and its CEO face legal action by the SEC for alleged violation of U.S. regulations, as the cryptocurrency exchange assures users of stable operations while awaiting official response.
SEC classifies 12 tokens as securities in lawsuit against Binance and its CEO
The U.S. Securities and Exchange Commission (SEC) has explicitly classified 12 prominent tokens, including BNB, BUSD, SOL, and ADA, as securities in its recent lawsuit targeting leading cryptocurrency exchange Binance and its CEO, Changpeng Zhao. The SEC alleges that these tokens were offered and sold as investment contracts, making them subject to securities regulations. This decision marks a significant development in the regulatory landscape for cryptocurrencies and has far-reaching implications for the industry.
Gemini Founders Winklevoss Twins Eye UAE as Crypto Hub, Seek Virtual Asset License
Billionaire twins and founders of Gemini, Cameron and Tyler Winklevoss, are considering the United Arab Emirates (UAE) as a potential hub for their cryptocurrency exchange. The Winklevoss twins, with a net worth of $1.2 billion each, plan to apply for a virtual asset license in the Emirates, with potential locations being Abu Dhabi or Dubai, or possibly both.
UAE Central Bank Releases New AML and CFT Guidance for Crypto Businesses
The Central Bank of the UAE has issued updated guidance on anti-money laundering (AML) and counter-terrorism financing (CFT) measures for crypto businesses. Aligned with the recommendations of the Financial Action Task Force (FATF), the new rules, which will be implemented in a month, will impact Licensed Financial Institutions in the UAE, including banks, finance companies, exchange houses, payment service providers, hawala providers, and insurance companies.
Coinbase to Launch Bitcoin and Ether Futures Contracts
Coinbase's regulated derivatives exchange will introduce new futures contracts for Bitcoin (BTI) and Ether (ETI) next week. These contracts, available through leading third-party institutional futures commission merchants and brokers, aim to provide investors with more tailored exposure to the digital asset commodities while offering lower fees.
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Silvergate Bank Ordered by Federal Reserve to Submit Self-Liquidation Plan
Following an announcement from the Federal Reserve's Board of Governors, Silvergate Bank, known for its crypto-friendly services, must file a self-liquidation plan with California financial regulators within 10 days. The bank, which aims to reimburse depositors, will require approval from the California Department of Financial Protection and Innovation for the plan to liquidate its assets after its business efforts proved unsuccessful earlier this year.
Binance Implements Workforce Reductions as Market Share Declines
Binance has laid off a portion of its workforce as its market share continues to shrink. The company's spokesperson clarified that the layoffs were part of a periodic review to optimize talent allocation, ensuring the right expertise and cultural fit within the organization. Binance emphasized that they will still be actively hiring for numerous open positions and will reallocate resources to align with evolving user and regulatory demands.
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S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators
The S.E.C. said the world’s largest cryptocurrency exchange mixed billions of dollars in customer funds and secretly sent them to a separate company controlled by Binance’s founder, Changpeng Zhao.?
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