Browsing:Market News

EU Consumer Watchdog Slams Platforms for Crypto Scam Promotion
11 months ago 2 mins read

European Consumer Watchdog Criticizes Instagram and TikTok Over Crypto Scam Facilitation

The European Consumer Organization (BEUC) has published a comprehensive report condemning popular social media platforms such as Instagram, TikTok, Twitter, and YouTube for their alleged role in facilitating scams related to digital assets. The report sheds light on the risks associated with cryptocurrencies and the influence of crypto influencers while criticizing the loose policies maintained by these platforms that allow scammers to exploit unsuspecting users, especially teenagers. The BEUC calls on the European network of national consumer authorities (CPC-Network) to enforce stricter advertising regulations and ensure adequate consumer protection. The BEUC report emphasizes the need for the CPC-Network to take

Crypto Prices Plunge, Suffering Losses of 25% or More
11 months ago 1 min read

Crypto Prices Experienced Significant Drops of 25% or More Yesterday

The cryptocurrency market experienced a significant crash yesterday morning, with many altcoins losing significant value. Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, also experienced losses, but to a lesser extent. The crash was likely triggered by a combination of factors, including the recent lawsuits filed by the Securities and Exchange Commission (SEC) against major crypto exchanges, Coinbase and Binance. The SEC has alleged that these exchanges violated securities laws by selling unregistered securities. The SEC’s lawsuits have heightened regulatory uncertainty in the crypto market, leading to increased selling pressure. This selling pressure was likely exacerbated by the

Vitalik Buterin and Polygon Co-founder Direct $100M towards COVID-19 Research
11 months ago 2 mins read

Vitalik Buterin and Polygon Co-founder Pledge $100M for COVID-19 Research

Ethereum co-founder, Vitalik Buterin, has joined forces with India-based crypto fund Crypto Relief and Polygon co-founder Sandeep Nailwal to contribute $100 million towards COVID-19 research and medical infrastructure development in India. In a significant move, Buterin and Nailwal will receive $90 million in USD Coin (USDC) from Crypto Relief, while Buterin himself will contribute an additional $10 million. Collaboration for COVID-19 Relief Vitalik Buterin and Sandeep Nailwal have come together to support COVID-19 research and medical infrastructure in India. Crypto Relief, a community-run fund in India, will transfer $90 million in USD Coin (USDC) to Buterin, ensuring compliance with local

Court documents reveal that the FTX customer list is considered highly valuable
11 months ago 1 min read

FTX Exchange Bankers Push to Keep Highly Valuable Customer List Confidential

In the aftermath of FTX’s financial collapse, the bankrupt crypto exchange finds solace in its extensive customer base. Court documents reveal that the customer list is considered highly valuable, prompting a debate over its confidentiality. As potential buyers and investors express interest in acquiring or reorganizing FTX, the sealed customer list has become a focal point of discussion, with arguments for and against its release. Kevin Cofsky, a partner at investment bank Perella Weinberg Partners, emphasizes the significance of FTX’s customer list for potential buyers. The list, which reportedly consists of approximately 9 million customers, is considered to be of

The U.S. administration has raised objections to the proposed customer repayment plan put forth by Bittrex
11 months ago 1 min read

U.S. Government Raises Concerns Over Bittrex’s Customer Repayment Plan

The U.S. administration has raised objections to the proposed customer repayment plan put forth by Bittrex, the bankrupt cryptocurrency exchange. The objections come after regulatory allegations of illegal securities exchange operations and unauthorized transactions. The U.S. government argues against prioritizing creditors and seeks a different approach. Bittrex’s U.S. subsidiary filed for bankruptcy in May following allegations of running an illegal securities exchange and engaging in unauthorized transactions. The exchange had previously settled with the Treasury for $53 million due to violations involving customers from Iran, Cuba, and Crimea. Bittrex sought court approval to allow customers to withdraw their funds without

Ex-Binance.US CEO Brian Brooks said CZ Had Full Control of the Exchange, Not him
11 months ago 1 min read

Binance.US Former CEO Brian Brooks Says CZ Had Full Control of the Exchange, Not Him

Brian Brooks, the former CEO of Binance.US, has alleged that Binance CEO Changpeng Zhao (CZ) was ultimately in charge of the exchange, even though Brooks was officially the CEO. Brooks made these allegations in court documents filed this week as part of an ongoing lawsuit between the SEC and Binance. In the documents, Brooks said that he quickly realized after joining Binance.US that CZ was still calling the shots. He said that CZ had the final say on all major decisions and that Brooks was often overruled when he tried to make changes. Brooks also said that he was never

Binance exchange has now announced the immediate suspension of USD deposits.
11 months ago 1 min read

Binance US Forced to Stop USD Transfers Amid SEC Investigation

The recent developments surrounding Binance US continue to bring bad news for the cryptocurrency exchange. Following the US Securities and Exchange Commission’s (SEC) lawsuit against Binance’s US arm, the exchange has now announced the immediate suspension of USD deposits. Additionally, Binance US customers have been notified that banking partners are preparing to suspend fiat (USD) withdrawal services as early as June 13. These measures are a direct result of the SEC’s aggressive tactics, which have put pressure on the exchange’s banking partners. This article explores the implications of these actions and their impact on Binance US users. Binance US has

Billionaire celebrity investor Mark Cuban has voiced his concerns about the U.S. SEC
11 months ago 2 mins read

Billionaire Mark Cuban Takes Aim at SEC, Accuses Regulator of Ignoring Rampant Scams

Billionaire celebrity investor Mark Cuban has voiced his concerns about the U.S. Securities and Exchange Commission (SEC), stating that the recent lawsuit against Coinbase exposes a fundamental problem with the regulatory agency. Cuban believes that the SEC should adopt a more proactive approach by assisting companies in becoming compliant with securities laws, rather than solely challenging them through litigation. The outspoken entrepreneur argues that the SEC’s heavy reliance on lawyers and litigation undermines the goal of fostering compliance, investor education, and protection. According to Cuban, the SEC’s typical response to companies seeking guidance is to provide them with legal references

Commonwealth Bank of Australia
11 months ago 1 min read

Australian Bank Implements Payment Restrictions for Crypto Exchanges After Scam Concerns

In an effort to combat the rising incidents of crypto-related scams and protect its customers from financial losses, the Commonwealth Bank of Australia has taken decisive action. The bank has introduced new measures that limit customers’ ability to send money to cryptocurrency exchanges. These proactive steps aim to reduce the occurrence of scams and safeguard customers’ funds. The Commonwealth Bank of Australia has announced that it will now decline or hold certain payments to crypto exchanges, effectively preventing customers from completing such transactions. Additionally, the bank plans to implement a monthly limit of $10,000 (AUD) on outbound payments to cryptocurrency

Binance has requested that the SEC recuse its Chair, Gary Gensler, from the ongoing investigation into the exchange.
11 months ago 1 min read

Binance Exposes Gary Gensler’s Proposal to Serve as an “Informal Advisor”

Binance has requested that the Securities and Exchange Commission (SEC) recuse its Chair, Gary Gensler, from the ongoing investigation into the exchange. In a letter filed with the court, Binance’s lawyers allege that Gensler has a conflict of interest in the case due to his previous involvement with Binance. In particular, the lawyers allege that Gensler offered to serve as an informal advisor to Binance in 2019 and that he shared a draft of his testimony before Congress with Binance for feedback. The lawyers also allege that Gensler has made public statements that have been critical of Binance and other

Paul Grewal of Coinbase
11 months ago 1 min read

Coinbase Legal Chief Exposes Weaknesses in SEC’s Crypto Securities Claims

The Chief Legal Officer (CLO) of Coinbase, Paul Grewal, has raised significant concerns about the U.S. Securities and Exchange Commission’s (SEC) claims regarding crypto securities. In a blog post published on June 8, 2023, Grewal argued that the SEC’s definition of a security is “too broad” and that it could apply to many types of products, including cryptocurrencies. Grewal also argued that the SEC’s enforcement actions against cryptocurrency companies have been “arbitrary and inconsistent.” He pointed out that the SEC has taken different approaches to different companies, even when they are offering similar products. Grewal’s blog post has been met

A recent ruling by a US federal judge has resulted in the dismissal of a lawsuit against the DeFi platform PoolTogether.
11 months ago 1 min read

Federal Court Throws Out Lawsuit Against DeFi Platform PoolTogether

A recent ruling by a United States federal judge has resulted in the dismissal of a lawsuit against the decentralized finance (DeFi) platform PoolTogether. The judge determined that a federal court was not the appropriate venue for addressing concerns related to the DeFi startup. The lawsuit, filed by plaintiff Joseph Kent, alleged violations of gambling laws and consumer scams by PoolTogether in New York state. However, the judge found that Kent lacked standing to pursue the case as he had not suffered concrete harm at the hands of the defendants. While the lawsuit was dismissed, the judge mentioned that Kent

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