Regulation

The price of Bitcoin (BTC) has fallen below the $25,000 mark for the first time since March 17 following a hawkish Fed announcement amidanother turbulent week for the crypto industry.  Within the span of 30 minutes on June 15, the price of Bitcoin fell 4% from $25,867 to $24,819 according to data from TradingView. At

Binance appears to be preparing to exit Cyprus. The Cyprus Securities and Exchange Commission has marked Binance Cyprus Limited as “Under examination for application for deregistration” on its website.  Previously, the cryptocurrency exchange received Class 3 registration as a Crypto Asset Services Provider (CASP) in Cyprus in October. At that time, Binance called the registration

Enforcement actions on cryptocurrency firms by regulators in the United States could result in a Bitcoin (BTC)-focused industry that will push its price over $250,000, according to MicroStrategy co-founder Michael Saylor. In a June 13 Bloomberg interview, the Bitcoin bull explained recent enforcement actions from the Securities and Exchange Commission (SEC) will eventually play in

Members of the United States House Financial Services Committees met to discuss clarity for the digital asset ecosystem, with some invoking recent legal action from the Securities and Exchange Commission (SEC) against crypto firms. In a June 13 hearing of the committee, ranking member Maxine Waters said Democrats were taking a “serious and thoughtful look”

Members of the United States House of Representatives are pushing for ways to remove Securities and Exchange Commission (SEC) Chair Gary Gensler from his position, but the legality may be more complicated than a single piece of legislation. On June 12, Ohio Rep. Warren Davidson introduced the SEC Stabilization Act with the expressed intention of

The Delaware Court of Chancery in the United States has granted a motion from crypto investment firm Galaxy Digital largely dismissing digital asset custodian BitGo’s case following a dropped acquisition of the firm in 2022. According to court documents filed on June 9, Vice Chancellor J. Travis Laster dismissed BitGo’s complaint against Galaxy Digital with

While data suggests that crypto assets have been flowing out of centralized exchanges at an accelerated pace over the last week, Binance CEO Changpeng Zhao argues it may not be as bad as it appears.  Leading analytics platforms such as Nansen and DeFiLlama have all measured increased exchange outflows from Binance over the past seven

The Solana Foundation took to Twitter to address for the first time the U.S. Securities and Exchange Commission’s classification of its native token, Solana (SOL), as a security.  “The Solana Foundation disagrees with the characterization of SOL as a security,” reads a statement from June 10, noting that it welcomes the engagement of policymakers to

Bankrupt cryptocurrency exchange FTX has been granted permission to remove individual customers from all court filings in its bankruptcy case. Meanwhile, the names of companies and institutional investors will be sealed for another 90 days. In recent times, mainstream media outlets have pushed for access to the list of FTX customers, arguing that the press

Top Stories This Week U.S. SEC sues Binance and Coinbase amidst crypto crackdown Binance and Coinbase have been targeted in a new round of lawsuits by the U.S. Securities and Exchange Commission (SEC) against crypto businesses. The regulator pressed 13 charges against Binance on June 5, including those involving unregistered offerings and sales of tokens,

It has been a tough week for cryptocurrency exchange Binance. On June 9, Nigeria’s securities authority reportedly deemed the exchange illegal, just days after Binance was sued by the U.S. Securities and Exchange Commission.  “Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” Nigeria’s Securities and Exchange Commission

On the eve of his departure from office, May 28, former President Muhammadu Buhari signed into law the Finance Act 2023.  The Act introduced a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the disposal of digital assets, including

The crypto industry faced more scrutiny from regulators in the United States this past week, as the U.S. Securities and Exchange Commission (SEC) served both Coinbase and Binance.US with lawsuits regarding their operations.  Amid the accusations from regulatory officials, the members of the crypto community have spoken out against the behavior of the SEC while

Custodia Bank won a step forward in its legal battle against the Federal Reserve, as a Wyoming federal judge denied dismissal motions from both the Fed and the Federal Reserve Bank of Kansas City. The digital asset bank sued the Federal Reserve in June 2022, claiming an “unlawful delay” in processing an application for its

The Financial Conduct Authority (FCA) announced today June 8, that starting from October 8, advertisers of crypto services in the United Kingdom will be subjected to stricter regulations. The U.K. watchdog has mandated that crypto companies in the U.K. implement a “cooling-off period” for first-time investors. Additionally, as part of measures to enhance investor awareness

Alibaba NFTs… censored? On June 8, AliExpress, the online retail subsidiary of Chinese tech conglomerate Alibaba, announced that it had joined forces with Web3 developer The Moment3! to create a series of NFTs based on shopping themes. The upcoming collection will feature 5,555 NFTs and is scheduled to debut on June 25, 2023. Less than

Binance may have misled lawmakers in the United States about its business dealings and relationship with its local unit in a letter sent in March, Bloomberg reported on June 8.  In a letter sent to United States Attorney General Merrick, senators Elizabeth Warren and Chris Van Hollen asked the Justice Department to investigate whether Binance made

Despite the wave of market failures in 2022, the Philippines’ financial regulator decided not to rush the legal framework on the crypto industry, earlier planned to be published late last year. However, the work on the guidelines is still going and the results could be made public this year.  Being cited by the local media

In the latest episode of The Market Report, analyst and writer Marcel Pechman discusses the impact of the United States Securities and Exchange Commission lawsuit against the Binance exchange. Most likely, the U.S. population will be barred from using the international version of Binance, and those who opt for VPN services will be at risk

The United States Financial Services Committee has scheduled a hearing on digital assets to discuss digital assets and provide clarity for the ecosystem.  On June 6, Patrick McHenry, the chairman of the House Financial Services Committee, announced a full committee hearing titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem.” The