Browsing:Market

Coinbase Faces SEC in Court on July 13 After Delivering 'Creative' Response to Allegations
10 months ago 1 min read

SEC vs Coinbase Case to Begin on July 13

The U.S. Securities and Exchange Commission (SEC) is scheduled to respond to Coinbase’s initial legal defense on July 13, following the exchange’s unconventional tactic of filing its response well ahead of schedule. This development has expedited the court proceedings, moving the pre-motion conference to the same date. Coinbase’s Early Response Coinbase filed its response on May 17, 40 days before the August 7 deadline. This prompted the SEC to request a three-day extension due to the July 4 holiday weekend, which was granted by the court. As a result, the SEC’s response was due by July 3. Coinbase’s Defense In

The UK government has taken a significant step forward in regulating crypto trading by passing the Financial Services and Markets Act 2023.
10 months ago 2 mins read

UK Government Passes Landmark Crypto Regulation Bill

The UK government has taken a significant step forward in regulating cryptocurrency trading by passing the Financial Services and Markets Act 2023. The new law recognizes crypto assets as regulated financial instruments and aims to support their safe adoption in the country. This development has been hailed as a “rocket boost” for the UK economy, signaling the nation’s ambition to become a leading hub for crypto innovation. What Does the New Law Mean? Under the newly enacted law, crypto assets are defined as “cryptographically secured digital representation of value or contractual rights.” This recognition brings cryptocurrencies into the realm of

Coinbase has filed a motion to dismiss the recent lawsuit brought against it by the U.S. SEC.
10 months ago 1 min read

Coinbase Files Motion to Dismiss SEC Lawsuit

Cryptocurrency exchange Coinbase has filed a motion to dismiss the recent lawsuit brought against it by the U.S. Securities and Exchange Commission (SEC). The lawsuit accused Coinbase of facilitating unregistered trading in 12 digital tokens classified as securities. However, Coinbase vehemently disputes these claims and argues that the SEC’s interpretation of securities laws is fundamentally flawed. Coinbase’s Chief Legal Officer, Paul Grewal, stated that the SEC’s allegations “go far beyond existing law” and should be dismissed. The company filed the motion with the U.S. District Court for the Southern District of New York, raising concerns about the SEC’s overreach and

Binance experienced a further decrease in its market share during the month of June.
10 months ago 2 mins read

Market Share of Binance Drops in June

Binance, the renowned cryptocurrency exchange, experienced a further decrease in its market share during the month of June. This decline coincided with the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against Binance and its founder, Changpeng Zhao. According to data from CCData, Binance’s spot market share in June dropped to 41.9%, down from 43% the previous month. This marks the fourth consecutive monthly decline for the exchange, resulting in its lowest market share level since August 2022. Despite this decrease, Binance still retains its position as the largest cryptocurrency exchange worldwide, boasting a significant lead over its competitors.

Bankrupt cryptocurrency brokerage Voyager Digital is obligated to pay $1.1 million in legal fees to Kirkland & Ellis
10 months ago 1 min read

Voyager Ordered to Pay $1.1M in Legal Fees Stemming from April Legal Proceedings

Bankrupt cryptocurrency brokerage Voyager Digital is obligated to pay $1.1 million in legal fees to Kirkland & Ellis, its legal advisor, for their involvement in the company’s bankruptcy proceedings in April. The documents reveal that Kirkland & Ellis implemented a blended hourly billing rate for various services, with the cumulative fees surpassing $1.4 million. Notably, certain high-ranking members of the law firm charged hourly rates exceeding $2,000 for their professional services. Kirkland & Ellis: Leading Law Firm Representing Cryptocurrency Companies Kirkland & Ellis is a prominent law firm known for representing multiple cryptocurrency companies in bankruptcy proceedings. Their clientele includes

FTX Accuses Former Exec of Utilizing 'Hush Money' to Silence Whistleblowers
10 months ago 1 min read

FTX Accuses Former Executive of Using ‘Hush Money’ to Silence Whistleblowers

Cryptocurrency exchange FTX has taken legal action against its former regulatory and compliance executive, Daniel Friedberg, alleging that he orchestrated a series of payments to prevent employees from exposing the exchange’s issues. In a 40-page lawsuit filed on June 27, FTX accuses Friedberg of making “hush money” payments to potential whistleblowers, along with other fraudulent activities. The exchange seeks to recover substantial sums of money and equity granted to Friedberg during his tenure. These allegations have sent shockwaves through the crypto industry, shedding light on the alleged close ties between FTX and Alameda Research. Key Points:

FTX Puts $500M Stake Sale of AI Firm Anthropic on Hold, Reports Suggest
10 months ago 1 min read

FTX Reportedly Suspends $500M Sale of Stake in AI Company Anthropic

The sale of FTX’s $500 million stake in artificial intelligence startup Anthropic has hit a roadblock, as the advisory investment bank Parella Weinberg Partners has reportedly put the sale on hold. This development poses a potential delay in FTX’s efforts to address the $2 billion deficit remaining in its balance sheet following its bankruptcy. Multiple parties had shown interest in purchasing FTX’s stake in Anthropic, making it a significant opportunity for monetary recovery. At the time of FTX’s bankruptcy in November, it held $500 million worth of Anthropic stock. However, with the current AI boom, the value of this stake

Judge Amy Berman Jackson denied Binance's motion to prevent the SEC from making public statements regarding the case.
10 months ago 1 min read

Court Rejects Binance’s Claim of SEC Misconduct in Recent Ruling

In a recent development in the ongoing legal battle between crypto exchange Binance and the U.S. Securities and Exchange Commission (SEC), Judge Amy Berman Jackson denied Binance’s motion to prevent the SEC from making public statements regarding the case. The decision came on Monday, June 26, following Binance’s allegations of misleading statements that could potentially impact the case and prejudice the jury pool. Judge Jackson emphasized that it was not within the court’s purview to intervene in “wordsmithing” press releases from either party. While she acknowledged the ethical obligations of all lawyers involved, the judge stated that court intervention at

Binance, has withdrawn its license application from Austria.
10 months ago 1 min read

Binance Withdraws from Austria, Finance FWD Reveals

One of the world’s largest cryptocurrency exchanges, Binance, has withdrawn its license application from Austria. This latest development follows the recent exits from the Netherlands and Cyprus, as the exchange continues to navigate a complex regulatory landscape. In addition to its European woes, Binance is facing legal battles with the US Securities and Exchange Commission (SEC) and has encountered regulatory issues in Canada and Australia. Binance’s Withdrawal from Austria Finance FWD has reported that Binance withdrew its license application from Austria some time ago. The exchange declined to provide further details when questioned by Blockworks. However, Binance emphasized its commitment

Renowned investor Jim Rogers
10 months ago 1 min read

Renowned Investor Jim Rogers Predicts Largest Bear Market in His Lifetime, Sounds Global Economic Warning

Renowned investor Jim Rogers has warned that the next bear market will be the most severe in his lifetime. In an interview with Real Vision Finance, Rogers drew parallels between the current economic landscape and the conditions preceding the Great Financial Crisis of 2008. However, he emphasized that the current setup is even worse due to the alarming levels of accumulated debt. Debt Accumulation Signals Impending Bear Market Rogers highlights the significant increase in global debt since the 2008 financial crisis. He asserts that the surging debt levels across various sectors pose a substantial risk to the stability of financial

Bybit crypto exchange has obtained regulatory approval to operate as a cryptocurrency exchange and custody services provider in Cyprus.
10 months ago 1 min read

Bybit Secures Regulatory Approval to Operate in Cyprus

Bybit crypto exchange has obtained regulatory approval to operate as a cryptocurrency exchange and custody services provider in Cyprus. This milestone achievement highlights Bybit’s commitment to adhering to regulatory standards and providing users with secure trading solutions. The Dubai-based crypto platform expressed its support for the regulatory objective of fostering a compliant, secure, and transparent cryptocurrency industry. Bybit’s co-founder and CEO, Ben Zhou, emphasized the company’s dedication to enabling financial freedom for all. Bybit’s Regulatory Approval in Cyprus Bybit’s regulatory approval in Cyprus is significant as it follows the platform’s exit from Canada and the UK amid increased scrutiny on

CACEIS Bank has secured a license from France to provide crypto custody services in France.
10 months ago 1 min read

$2.3 Trillion Asset Management Giant Seeks Crypto Custody License in France

One of Europe’s largest asset-servicing groups, CACEIS Bank, has secured a license from the Autorité des Marchés Financiers (AMF) to provide crypto custody services in France. The banking arm of the CACEIS group, owned by Credit Agricole and Santander, has been granted PSAN (Prestataires de Services sur Actifs Numériques) status, allowing it to operate as an authorized custodian for crypto assets. This milestone marks CACEIS as the sole French custody specialist with this esteemed status, positioning it to cater to the growing demand from investment management firms and institutional investors. CACEIS’s Crypto Custody Services CACEIS Bank’s newly acquired PSAN status

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