June 8 Thursday
Important only
11 minutes ago Jinse Finance and 11 more media reports
According to a tweet by Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) asked Binance CEO CZ to appear in court in the District of Columbia. CZ and Binance have 21 days to respond. If there is no response within this period, it will be entered into default judgment.
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11 minutes ago Jinse Finance
Binance transferred nearly $20 billion in commingled funds to a foreign subsidiary of Paxos in 2021, according to a statement from Sachin Verma, assistant chief accountant of the U.S. Securities and Exchange Commission (SEC). Binance.US, in the name of BAM Trading and several other Binance-related accounts, sent millions of dollars in mixed funds from accounts at Silvergate Bank to a trading firm called Merit Peak Ltd. For example, in 2021, funds from Key Vision ($11.05 billion), Prime Trust ($1.1 billion) (via BAM Trading) and Bifinity UAB ($6.3 billion) (via Binance Holdings Limited) were transferred to Merit Peak, Merit Peak's entire transfer of the money comes as it transfers nearly $20 billion in 2021 to a foreign subsidiary of Paxos.
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18 minutes ago Decrypt
MiCA, the EU's landmark crypto regulation, was discussed at Brussels Blockchain Week on Wednesday, with speakers agreein...
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28 minutes ago Blockbeats
On June 8, Sabastien Borget, co-founder and chief operating officer of The Sandbox, stated that The Sandbox was aware of the SEC’s lawsuit against Binance and Coinbase in the United States, but did not agree with the SEC’s decision to classify SAND as a security. The Sandbox is not directly subject to litigation, and this incident will not change the day-to-day business of the project.
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37 minutes ago The Block
Coinbase CEO Brian Armstrong attempted to meet with Gary Gensler, the chair of the U.S. Securities and Exchange Commissi...
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40 minutes ago Jinse Finance
The U.S. Securities and Exchange Commission (SEC) today adopted rule changes to remove and replace references to credit ratings from existing exceptions to Regulation M Sections 101 and 102, a set of rules that prohibit the possibility of artificially influencing an offering Securities market activity. This adoption, Gensler said, is in line with Congress' desire after the 2008 financial crisis to ensure that we do not embed reliance on credit ratings in our rule set, but instead employ appropriate alternative measures of credit. The passage will be the sixth and final rulemaking by the SEC to carry out this mandate. When the amendments become effective, certain existing exceptions to Regulation M Sections 101 and 102 that reference the credit ratings of nonconvertible debt securities, nonconvertible preferred securities, and asset-backed securities will be eliminated and replaced by What is new is the exception rule based on alternative standards of creditworthiness. These alternatives include exceptions for nonconvertible debt securities and nonconvertible preferred securities of issuers that meet specified probability of default thresholds, as well as exceptions for asset-backed securities offered pursuant to an effective shelf registration statement filed on the Commission's Form SF-3.
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an hour ago Bitpush
Court documents obtained by FOX Business reporter Eleanor Terrett show that the U.S. District Court in Washington, D.C. issued a subpoena to Binance CEO Changpeng Zhao on June 7. After two days of business, it was unclear whether the subpoena had been served. After the subpoena is served, Binance and CZ will have 21 days to respond, according to the document.
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an hour ago Bitpush
Coinbase CEO Brian Armstrong said in an interview Wednesday at the Bloomberg Investment Conference that the company has more than $5 billion on its balance sheet to keep operations and pay legal fees. "I don't think we'll have a problem going to court, even if it takes some time," he said. Coinbase trades more than 200 assets on its platform, while the SEC lawsuit mentions only 13 of them as securities, Armstrong said. "So the proportion of assets we trade is relatively small," he said. Brian Armstrong also said the U.S. Securities and Exchange Commission (SEC) began changing the "tone" of its inquiries into the company last year. "When their tone started to change last year, we had a lot of discussions. They started asking us more questions about the business, and we were very cooperative, but unfortunately, we got nothing but silence," he said.
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an hour ago Decrypt
Jón Helgi Egilsson, a former chairman of the Icelandic central bank, urged his former counterparts to "embrace competition" on CBDCs.
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2 hours ago Bitpush
Dawn Fitzpatrick, CEO of Soros Fund Management, said at the Bloomberg Investment Summit that the time for encryption technology to be acquired by traditional finance is ripe. “Cryptocurrencies are here to stay, and what happened recently was obviously a setback. But right now I actually think there’s a huge opportunity for existing traditional financial companies to really lead the way,” she said. Fitzpatrick said she expected established financial firms to take over as investor confidence in some platforms waned. She also mentioned the fact that ordinary consumers and traders may benefit from this shift, as traditional institutions properly "segregate client assets." The CEO acknowledged that there is some irony in the idea of traditional financial firms taking the lead in a market defined by decentralization, but she believes the crypto industry has suffered from mismanagement so far.
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2 hours ago CoinDesk
The U.S. Securities and Exchange Commission was seeking to freeze assets on Binance.US after suing the exchange and its global sister-entity Binance, CoinDesk reported Tuesday.
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2 hours ago Bitpush
After the SEC sought a court order to freeze assets on Binance.US, multiple coins on the platform saw significant premiums. Among them, the highest price of BTC soared to US$28,800, currently reported at US$28,025, while the average market price of BTC was 26,400USDT, with a difference of nearly US$1,600; the highest price of ETH soared to US$1,998, currently reported at US$1,952, with an average market price of 1,840USDT ; Stablecoin USDT and USDC have a premium of about 6% and 4% respectively.
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2 hours ago Bitpush
U.S. Treasury Secretary Janet Yellen said on CNBC's Squawk Box on June 7 that she supports U.S. financial regulators' attempts to "protect consumers and investors involved in cryptocurrencies." She said: "The SEC, CFTC, and other regulators have capabilities and tools to protect consumers and investors, and I ... am very supportive of these agencies using the tools they have." In addition to supporting law enforcement against crypto companies, Yellen believes that "additional regulation" of crypto companies is appropriate and would like to see Congress act, saying: "I see some holes in the system that require additional regulation. We want to work with Congress cooperates to pass more legislation."
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2 hours ago Blockworks
The SEC has seven days to respond to a court’s request for clarity on Coinbase’s lawsuit against the regulator
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3 hours ago Followin Vietnam
Crypto traders in the market are finding it increasingly difficult to make a profit, especially when the economic situation is not as positive as it is today. To win in this fierce game, successful traders always have "secrets", tricks that not many people know, that help them have a different thinking and trading strategy. So what are those secrets? Let's discover them with Followin in the upcoming AMA episode on June 9 with experienced guests: - Min - BD Manager BingX Vietnam - Ryu - Admin Captain Premium - Ho Lo - Admin Mundo Trading And with this special appearance of the BingX exchange, all Followin users will have the opportunity to win extremely attractive 100 USDT vouchers when participating in our #minigames! Follow AMA to receive information about events and minigames as soon as possible! ------- Followin AMA Series | EPISODE 7: WHAT ARE THE TOP 5% SUCCESSFUL TRADER SECRETS? 20h on 09/06/2023 Livestream at Followin Vietnam Join & share 750 USDT voucher + 1 million VND! #EVENT #Minigame #Ama # AirDrop
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3 hours ago Blockbeats
On June 8, Coinbase CEO Brian Armstrong stated that Coinbase is currently operating as usual. There is no risk of a customer run on Coinbase. Staking services account for 3% of net revenue, and Coinbase will not give up this business. In addition, Brian Armstrong said that Coinbase has sought more guidance from the SEC, but has not received a response. Several lawmakers in Congress and the White House have recognized the importance of encryption. The U.S. Congress is currently more supportive of cryptocurrencies. (Golden Ten)
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3 hours ago Bitpush
The Binance.US announcement shows that Binance.US will delist some trading pairs and suspend over-the-counter trading. The platform stated that user assets are always safe and secure on Binance.US, deposits and withdrawals continue to proceed normally, only Advanced Trade and some assets and trading pairs that buy, sell and convert are affected, deposits and withdrawals and transactions of all assets functionality is still available.
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3 hours ago Bitpush
Encryption analyst Phyrex wrote that if history is any guide, the BTC turmoil caused by the US SEC's lawsuit against major cryptocurrency exchanges may be a harbinger of BTC short-term gains. BTC fell more than 5% on Monday before recovering more than 5% on Tuesday; similar consecutive see-saw moves of at least 5% have occurred five times in the past two years, according to data compiled by Bloomberg Average gains of nearly 11% over a 30-day period. That is to say, according to historical data, as long as the SEC sues and causes BTC to fluctuate by 5% or more in a row, the price of BTC will often rebound by 11% in the next 30 days. This means that at current prices, BTC could touch $30,000 before early July.
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3 hours ago Jinse Finance and 1 more media reports
The Binance.US announcement shows that Binance.US will delist some trading pairs and suspend OTC trading
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3 hours ago Blockbeats and 1 more media reports
The attacker who used the Binance Bridge vulnerability to steal about 2 million BNB (worth nearly $600 million) deposited 924,821 BNB on VenusProtocol, worth $249 million, with a current pledge ratio of 1.23, when the price of BNB fell to $220 will be liquidated on a large scale. It is reported that after the Binance Bridge attack, Venus passed the VIP-79 proposal for the whitelists liquidation system in November 2022. The specific content is to cooperate with Binance and other BNB chain ecosystem participants. Take over the position at liquidation line and jointly pay down the debt. The BNB Chain core team is the sole liquidator of this position to safely control this ultra-large-scale BNB supply and avoid the direct occurrence of serial liquidations.
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