The US SEC has filed lawsuits against Binance and Coinbase, accusing them of various regulatory violations, leading to intense discussions about cryptocurrency classification as securities and causing a negative impact on the prices of many altcoins mentioned in the lawsuits.
Binance faces scrutiny over SEPA concerns, market manipulation allegations, and sanction violations, while regulators crack down on crypto-related crimes; meanwhile, scams and allegations of insider trading plague the crypto industry.
Cryptocurrency exchange Binance has imposed restrictions on its peer-to-peer trading platform, banning Russian residents from using fiat currencies other than the Russian ruble and requiring Russian KYC verification and residency for ruble transactions, possibly in response to Western sanctions or new fiat currency restrictions imposed by the Russian government.
Binance, the world's largest cryptocurrency exchange, is considering a complete withdrawal from the Russian market due to complications and potential violations of Western sanctions.
Binance, the world's largest cryptocurrency exchange, is considering a complete withdrawal from the Russian market due to complications and potential violations of Western sanctions.
Cryptocurrency exchange Binance is experiencing the departure of two key executives in the Russian market, raising questions about the company's future in the region amidst regulatory challenges and potential sanctions.
U.S. Securities and Exchange Commission Chair Gary Gensler continues to emphasize the importance of crypto companies complying with securities laws, despite recent setbacks in court cases against the industry. Gensler will discuss recent enforcement actions and proposals related to cryptocurrency firms but will avoid discussing ongoing litigation, including high-profile cases against Coinbase and Binance.
Binance.US is accused by the SEC of not cooperating in a probe and violating federal securities law by using a custody provider provided by its international arm, but the exchange claims that regulators are on a "futile fishing expedition" and asserts that customer assets are safe.
Hackers from North Korea are using Russian crypto exchanges known for money laundering to transfer stolen digital assets, according to market intelligence firm Chainalysis. The firm's on-chain data reveals that hacking groups linked to North Korea are increasingly using Russian exchanges to launder funds stolen from decentralized app project Harmony (ONE), with evidence showing that DPRK entities have been using Russian services for money laundering since 2021.
Binance.US faces continued legal struggles with the SEC, with accusations of noncooperation and low trading volume, while India works on crypto regulation and EU lawmakers vote in favor of a cryptocurrency tax reporting rule. Additionally, U.S. Representative Tom Emmer and co-sponsors reintroduce the CBDC Anti-Surveillance State Act to protect financial privacy.
The U.S. Securities and Exchange Commission's head of the Crypto Assets and Cyber Unit, David Hirsch, announced that the agency will continue to pursue crypto exchanges and DeFi projects for violating securities laws, similar to Coinbase and Binance, stating that they have several other businesses on their radar; however, the SEC's current litigation load is heavy and they are limited in their capacity to take action against all entities.
Summary: The United States SEC's Crypto Enforcement Chief, David Hirsch, has warned that more punishment and charges will be brought against crypto exchanges and De-Fi projects that do not comply with the law, targeting not just the top players but the entire industry. The SEC will continue conducting investigations and taking action in the space.
