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Binance CEO Changpeng Zhao expressed his happiness and relief as the prolonged dispute with the US SEC came to a successful resolution.
9 months ago 1 min read

Binance CEO CZ Pushes Back Against SEC’s Emergency Relief Request, Calls it Unnecessary

Binance CEO Changpeng “CZ” Zhao expressed his happiness and relief as the prolonged dispute with the United States Securities and Exchange Commission (SEC) came to a successful resolution. The SEC’s scrutiny had created a period of uncertainty for the company, making the resolution a welcome development. With regulatory uncertainties starting to fade, CZ can now shift his focus to Binance’s future. In a tweet, the seasoned crypto entrepreneur emphasized that the SEC’s emergency relief request was unnecessary, stating that the mutually agreed resolution would allow Binance to progress without hindrance. In a significant turn of events, Judge Amy Berman Jackson

CoinEx Crypto Exchange Banned in New York and $1.7M Seized by Authorities
10 months ago 2 mins read

Crypto Exchange CoinEx Faces Ban in New York, Over $1.7M Seized

The state of New York, led by Attorney General Letitia James, continues its aggressive stance on crypto regulation with the recent ban of CoinEx, a global crypto exchange. The exchange, which launched in 2017, has been accused of operating illegally in the state and failing to register as a securities and commodities broker-dealer. As a result, more than $1.7 million has been recovered from CoinEx, with refunds to be issued to affected investors. New York Attorney General Letitia James has taken decisive action against CoinEx, accusing the exchange of falsely representing itself as a legitimate crypto trading platform. The ban

A hacker has been ordered to repay £100K after stealing unreleased music from Ed Sheeran and Lil Uzi Vert
10 months ago 2 mins read

UK Hacker Ordered to Pay £100k After Stealing Unreleased Ed Sheeran Music And Selling Them For Bitcoin

A computer hacker from Ipswich, England, known as Adrian Kwiatkowski but operating under the alias ‘Spirdark,’ has been compelled to reimburse £100,000 after orchestrating a lucrative scheme involving the theft and sale of unreleased music from globally recognized recording artists. His illicit activities, which involved trading the stolen tracks for cryptocurrency on the dark web, came to an end when authorities apprehended him. In October of last year, Adrian Kwiatkowski, a resident of Ipswich, England, faced an 18-month prison sentence for his involvement in stealing unreleased music from a multitude of high-profile artists, including the likes of Ed Sheeran and

Lamma crypto exchange has launched its own line of Visa crypto debit cards.
10 months ago 1 min read

Lamma Exchange Launches Visa Cards with Cashback in Crypto

Lamma crypto exchange has launched its own line of Visa crypto debit cards. The cards allow users to spend their cryptocurrency anywhere Visa is accepted. Lamma’s cards offer a variety of exclusive benefits, including Bitcoin cashback, flexible plans, and a commitment to security and compliance. Features and Benefits Lamma’s Visa crypto debit cards offer a variety of features and benefits, including: How it works To use Lamma’s Visa crypto debit cards, users first need to create an account and deposit cryptocurrency into their account. Once their account is funded, they can create a virtual or physical card. Virtual cards can

President of Brazil Signs Legislation to Bring Crypto Firms Under Central Bank's Authority
10 months ago 1 min read

Brazil Takes Steps Towards Crypto Regulation: President Signs Law Granting Central Bank Oversight

Brazilian President Luiz Inácio Lula da Silva has signed legislation providing guidelines for the country’s central bank and securities regulator to regulate the crypto industry. The new law aims to establish a legal framework for cryptocurrencies in Brazil and assign specific roles to regulatory authorities. The recently signed government decree, No. 11.563, outlines the rules and responsibilities assigned to the Central Bank of Brazil (BCB) and the Comissão de Valores Mobiliários (CVM) regarding cryptocurrencies. Under this law, the BCB is authorized to regulate and supervise virtual asset service providers (VASPs), ensuring that they operate in compliance with established guidelines. Meanwhile,

Apple has rejected the latest version of the Zeus app, a Lightning Network-enabled Bitcoin wallet
10 months ago 1 min read

Apple Denies Approval for Latest Version of Zeus Bitcoin Wallet

In a recent development, Apple has rejected the latest version of the Zeus app, a Lightning Network-enabled Bitcoin wallet. The rejection comes just a day after Apple warned another Bitcoin-related app, Damus, about its Bitcoin tipping feature. These actions highlight Apple’s concerns regarding cryptocurrency features in apps and the need for proper licenses and permissions. According to Zeus founder Evan Kaloudis, Apple’s rejection was based on the app’s facilitation of virtual currency transmission without being submitted by a recognized financial institution or exchange. Apple requested documentary evidence demonstrating the necessary licenses and permissions for distributing an app with cryptocurrency exchange

Binance's Secure Asset Fund for Users (SAFU)
10 months ago 2 mins read

Binance Struggles to Maintain Emergency Fund Amid Growing SEC Concerns

The recent legal actions taken by the U.S. Securities and Exchange Commission (SEC) against major cryptocurrency exchanges Binance and Coinbase have sent shockwaves throughout the crypto market. As a result, the value of Binance’s Secure Asset Fund for Users (SAFU), an emergency fund designed to safeguard user assets, has experienced a significant decline. Binance’s SAFU Takes a Hit The SEC’s lawsuits against Binance and Coinbase triggered a market-wide sell-off, causing Binance’s SAFU to diminish in value. Initially valued at approximately $950 million at the beginning of June, the fund’s assets have dropped to around $861 million, representing a 10% decline.

Korean crypto lending service Delio has temporarily halted withdrawals
10 months ago 1 min read

Delio Crypto Lending Service Temporarily Halts Withdrawals as Funds Become Trapped in Haru

Korean crypto lending service Delio has temporarily halted withdrawals until further notice, citing issues related to crypto investment company Haru. The decision was announced through an update on Delio’s website, informing users about the suspension. Haru, known for offering a promising yield of up to 12% through its Earn Plus product, had already suspended deposits and withdrawals on June 13, attributing the action to an undisclosed issue with one of its service providers. Delio’s decision to halt withdrawals is a direct consequence of the situation surrounding Haru. Delio CEO Jung Sang-ho explained to Money Today that the increased number of

Binance's Cyprus Operations Under Review for Deregistration as Crypto Service Provider
10 months ago 1 min read

Binance’s Cyprus Unit Faces Possible Deregistration as Crypto Service Provider

The Cyprus Securities and Exchange Commission (CySEC) has announced that Binance’s Cyprus unit is currently under examination for potential deregistration as a crypto service provider. The news, posted on the CySEC website, has raised questions about the reasons behind this regulatory action. Binance had successfully obtained registration as a Crypto Asset Service Provider (CASP) in October of the previous year. This registration enabled the exchange to offer various services in Cyprus, including spot trading, custody solutions, staking, and card services related to cryptocurrencies. The lack of specific details regarding the potential deregistration has left industry observers speculating about the underlying

Coinbase Receives Official Response from SEC Regarding Regulatory Issues
10 months ago 1 min read

Coinbase Receives Response from SEC on Regulatory Matters

The U.S. Securities and Exchange Commission (SEC) has issued its formal response to the Third Circuit’s request regarding the ongoing legal dispute with Coinbase, a prominent cryptocurrency exchange. The SEC’s extensive response reveals a continued reluctance to provide clarity on cryptocurrency regulation or commit to a specific timeline for rulemaking, despite the court’s explicit orders. In its response, the SEC argues that Coinbase’s demand for immediate action is an “extraordinary request” and that it has not yet determined the appropriate course of action due to the extensive scope of Coinbase’s rulemaking petition. The SEC also disregards explicit statements made by

Cryptocurrency exchange Bittrex has been granted permission by a Delaware bankruptcy court to facilitate customer withdrawals.
10 months ago 1 min read

Bankrupt Crypto Exchange Bittrex U.S. to Enable Withdrawals from Thursday Onwards

In a significant development, the U.S. arm of cryptocurrency exchange Bittrex has been granted permission by a Delaware bankruptcy court to facilitate customer withdrawals. The ruling, which was handed down on Tuesday, June 13, 2023, marks a step forward in the ongoing legal battle between Bittrex and the U.S. government. Bittrex filed for bankruptcy in May 2023, citing financial difficulties. The company’s intention to close its U.S. operations had led to a surge in customer withdrawals in March. Seeking to provide accessibility to customer funds, Bittrex requested the court’s approval for customers to regain control over their assets. The U.S.

Binance.US has filed a motion to challenge the Securities and Exchange Commission's (SEC) request for a temporary restraining order.
10 months ago 1 min read

Binance.US Fights Back: Calls for Dismissal of SEC’s Restraining Order

Binance.US, the American affiliate of cryptocurrency exchange Binance, has filed a motion to challenge the Securities and Exchange Commission’s (SEC) request for a temporary restraining order. In its motion, Binance.US argues that the SEC has failed to identify any securities traded on its platform and that the requested restraining order would harm its customers, potentially forcing it out of business and hindering its ability to fight the litigation. Binance.US also argues that the SEC’s request is “draconian and unduly burdensome” and that it would have a negative impact on employee salaries, vendor relationships, and overall business operations. The SEC’s lawsuit