Browsing:Market

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

Binance exchange has removed ten advanced trading pairs
11 months ago 2 mins read

Binance US Delists Trading Pairs in Response to SEC Allegations

In response to recent allegations by the United States Securities and Exchange Commission (SEC), Binance US, the American arm of the popular cryptocurrency exchange Binance, has made changes to its platform. The exchange has removed ten advanced trading pairs, comprising BTC and BUSD pairs, and also announced the pause of its OTC Trading Portal services in the US. Specific Trading Pairs Being Removed Among the BTC trading pairs that have been removed are ATOM/BTC, BCH/BTC, DOT/BTC, LRC/BTC, MANA/BTC, UNI/BTC, VET/BTC, and XTZ/BTC. Additionally, Binance US is halting the BUSD Advanced Trading pairs HBAR/BUSD and ONE/BUSD. Streamlining of Buy, Sell &

A California judge has ruled that EthereumMax (EMAX) class-action lawsuit against Kim Kardashian
11 months ago 1 min read

California Judge Denies Motion to Dismiss Kim Kardashian EMAX Crypto Scam Case, Allowing Proceedings to Move Forward

A California judge has ruled that a class-action lawsuit against Kim Kardashian, Floyd Mayweather Jr., and Paul Pierce can proceed. The lawsuit alleges that the celebrities promoted the EthereumMax (EMAX) cryptocurrency without disclosing that they were being paid to do so. In his ruling, Judge Michael Fitzgerald said that the plaintiffs had sufficiently alleged that Kardashian, Mayweather, and Pierce made false or misleading statements about EMAX. He also said that the plaintiffs had sufficiently alleged that the celebrities’ actions caused them to lose money. The lawsuit was filed in January 2022 by investors who lost money when the price of

Crypto Market Defies Expectations, Recovers $30 Billion
11 months ago 1 min read

Crypto Market Cap Bounces Back, Surges by $30 Billion Amid SEC Drama

The global crypto market recovered $30 billion in the past 24 hours, according to data by CoinGecko. This comes after the Securities and Exchange Commission (SEC) filed lawsuits against two major crypto exchanges, Binance and Coinbase, on June 5. The SEC’s lawsuits allege that both exchanges violated securities laws by offering and selling unregistered securities. The lawsuits caused a sell-off in the cryptocurrency market, with Bitcoin falling as low as $25,000. However, the market has since rebounded, with Bitcoin rising above $26,700 and the total cryptocurrency market capitalization rising above $1.164 trillion. The rebound in the cryptocurrency market is a

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