By Jessica Hartogs, Editor at LinkedIn News
Binance.US has told its customers to withdraw their U.S. dollars, after its payment and banking partners “signaled an intent” to pause dollar fiat channels around June 13, reports Bloomberg. The news comes in the wake of an Securities and Exchange Commission crackdown on crypto trading giants Binance and Coinbase earlier in the week. Binance.US has said the SEC’s allegations are “unjustified” and that “we will continue to vigorously defend ourselves.” Crypto firms have lobbied U.S. lawmakers — unsuccessfully — to create industry-specific regulations; the Securities and Exchange Commission says existing securities rules apply to cryptocurrencies and crypto exchanges.
- Binance and related entities moved about $70 billion through accounts at Silvergate Bank and Signature Bank from 2019 to 2023, according to a filing on Wednesday.
- Some crypto exchanges are considering emphasizing their overseas operations — or exiting the U.S. entirely, The New York Times reports.
7th issue of Plate covering U.S. Securities and Exchange Commission v. Coinbase and U.S. Securities and Exchange Commission v. Binance lawsuits is on deck! Check below 👇
Plate | web3 & crypto news 07/2023
web3plate.substack.com • 3 min read
The unfolding legal drama has serious implications for the future of #blockchain, #web3, #crypto.Is the U.S. jeopardizing its position as a global blockchain hub with its current #regulatory approach?Is this a new opportunity for EU to become leader in the crypto industry after the #MiCAR approval?
S.E.C. Accuses Binance of Mishandling Funds and Lying to Regulators
nytimes.com • 5 min read
Been busy? Here’s the latest news on U.S. Securities and Exchange Commission v. Binance and U.S. Securities and Exchange Commission v. Coinbase lawsuits.
1️⃣ Binance lawyers now leave no stone unturned to defend the case as they say Gensler offered to serve as an informal advisor to Binance in 2019, thus Gensler should be recused from the case.
2️⃣ Days following the SEC’s announcement, breaking news alleging SEC Chair Gensler opened a $2.5M short position just before the Coinbase lawsuit hit the media.
3️⃣ Judge Jennifer Reardon, nominated by Trump and renominated by Biden, is assigned to both cases.
4️⃣ What seems worth discussing in the crypto ecosystem is that SEC did not come after FTX.
Don’t miss out:
🟡 SEC identified the following crypto assets on Binance as securities including $BNB, $BUSD, and the units of each of the crypto assets with trading symbols $SOL, $ADA, $MATIC, $FIL, $ATOM, $SAND, $MANA, $ALGO, $AXS, $COTI.
🔵 SEC identified $SOL, $ADA, $MATIC, $SAND, $FIL, $AXS, $CHZ, $FLOW, $ICP, $NEAR, $VGX, $DASH, and $NEXO on Coinbase as securities.
For more, check below!