Main topic: Coinbase's motion to dismiss SEC lawsuit
Key points:
1. Coinbase claims it does not offer "investment contracts" and therefore the SEC has no authority over its operations.
2. Coinbase cites a separate SEC case involving Ripple Labs' XRP, where a judge ruled that it was not considered a security when sold on exchanges.
3. A different judge disagreed with the Ripple ruling in a case against Terraform Labs, allowing the SEC to proceed with claims involving sales made on exchanges and allegations of fraud.
Main topic: Checkout.com terminates its relationship with Binance, citing regulatory concerns and inquiries from partners.
Key points:
1. Checkout.com, a credit card payments processor, has stopped servicing Binance, the world's largest crypto exchange.
2. The termination was based on reports of regulatory actions, concerns over Binance's anti-money laundering and compliance controls, and inquiries from partners.
3. Binance disagrees with Checkout.com's basis for termination and is considering legal action.
Additional hint on Elon Musk: This passage does not mention Elon Musk.
Binance, the world's largest cryptocurrency exchange, caused confusion by mistakenly announcing on social media that euro transactions were no longer available, but it was clarified that euro transactions will continue until September 25th with Binance's banking partner in the region. However, the exchange is currently facing legal troubles and difficulties in various countries, making it challenging to find alternatives.
Binance US is reportedly reconsidering its decision to discontinue fiat on- and off-ramp services and is working on integrating new US dollar on-ramp solutions, potentially partnering with payment provider MoonPay to allow users to buy and sell cryptocurrencies in dollars.
The US Department of Justice (DOJ) is reportedly investigating whether cryptocurrency exchange Binance has violated US sanctions against Russia by facilitating ruble-to-crypto trades, adding to existing allegations of market manipulation and anti-money laundering violations, which could have significant implications for the broader cryptocurrency ecosystem.
Binance has lost business with Mastercard and Visa as traditional financial institutions become wary of working with the cryptocurrency exchange due to regulatory scrutiny and concerns over compliance within the crypto industry.
Ethereum mixer Tornado Cash co-founders Roman Storm and Roman Semenov have been charged with money laundering over $1 billion in criminal proceeds, while FTX-affiliated Farmington State Bank has been shut down for attempting to create a stablecoin without proper approval. Prime Trust has filed for bankruptcy after losing $6 million of customer money in Terra-Luna gambling, and Binance has lost its UK payment processor Checkout.com over money laundering concerns. Furthermore, Sam Bankman-Fried plans to blame FTX's lawyers for his decision-making in his legal defense. The SEC has sued Titan for promising unrealistic investment returns, Coinbase has suspended certain stablecoins for Canadian users, and the Centre consortium that issued the USDC stablecoin is being dissolved.
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.
Binance, the world's largest crypto exchange, has banned Russia-based users from trading in all currencies except the ruble due to a U.S. Justice Department investigation into possible violation of financial sanctions on Russia.
The District of Columbia Court of Appeals has ruled in favor of Grayscale in a lawsuit against the SEC, potentially clearing the way for bitcoin exchange-traded funds and impacting other companies like BlackRock and Fidelity that are seeking to create bitcoin ETFs.
The US Securities and Exchange Commission has submitted a sealed motion in its case against Binance, prompting speculation about potential further negative developments for the cryptocurrency exchange.
The US Justice Department may have indicted or intends to indict Binance, as suggested by a motion filed by the United States Securities and Exchange Commission (SEC) to file sealed documents in their civil case against Binance, strengthening the speculation of an ongoing criminal probe.
The U.S. Court of Appeals has criticized the Securities and Exchange Commission (SEC) for acting "capriciously" and "arbitrarily" in denying a spot market bitcoin exchange-traded fund (ETF), potentially leading to a review of the previously rejected application and challenging the SEC's authority over cryptocurrencies.
The U.S. Court of Appeals ruled that the Securities and Exchange Commission (SEC) wrongly denied Grayscale Investments' application to create a Bitcoin exchange traded fund, leading to a surge in cryptocurrency prices and potentially bringing the creation of a Bitcoin fund traded on traditional stock exchanges closer to reality.
SEC chief Gary Gensler has waged war against the cryptocurrency industry, evolving from an optimistic view to becoming more hardline and filing lawsuits against platforms like FTX, Binance, and Ripple. Despite recent legal setbacks, Gensler remains determined to regulate the sector.
The SEC's denial of Grayscale's spot Bitcoin ETF application has been reviewed by a judge due to the SEC's failure to provide a coherent explanation, while the SEC also delayed verdicts on several Bitcoin spot market ETF applications, including BlackRock's, causing prices to rally; in other news, Circle's USDC stablecoin has experienced a significant decrease in market cap, SEC Commissioner Hester Peirce criticized the SEC's attempt to bring crypto exchanges under its jurisdiction, a lawsuit against Uniswap was dismissed by a New York judge, StarkWare zeroed all user balances on old wallets, Vivek Ramaswamy celebrated Grayscale's win over the SEC, the SEC delayed its verdict on multiple ETF applications including BlackRock's, and Chinese courts considered cryptocurrencies legal property protected by law.
Despite Visa's announcement and warnings from Binance's CEO, major cryptocurrencies such as Bitcoin and Ethereum are struggling in a bearish trend while a top Federal Reserve official expresses deep concern over the $120 billion stablecoin market.
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 rejects claims made by the SEC, calling them unsubstantiated and maintaining that it has custody and control over its digital assets, in response to the SEC's request for depositions and further discovery.
Binance.US CEO Brian Shroder leaves as the crypto exchange downsizes its workforce due to regulatory pressures, including a lawsuit from the SEC.
A US district judge has ordered the unsealing of documents in the Securities and Exchange Commission's (SEC) lawsuit against Binance US, potentially shedding light on the agency's reasons for sealing the documents and its claims against the company's alleged uncooperative approach.
Binance.US and Ceffu are entangled in a legal dispute regarding the custody of American customers' assets, with both parties making contradictory claims about their relationship and control over funds.
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.
A U.S. judge has declined to order Binance.US to make its executives more available for depositions or for the SEC to back down in its demands for more documents, instead urging the two parties to work together on discovery requests.
Bitcoin trading volumes on Binance, the world's largest crypto exchange, have plummeted by 57% amid lawsuits and regulatory scrutiny, while competitor Coinbase has seen a 9% increase in volumes over the same period.
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.
Binance and its CEO Changpeng Zhao have filed a motion seeking the dismissal of the SEC lawsuit, claiming that the regulator overstepped its authority and failed to provide clear guidelines for the crypto sector.
Bitcoin traded slightly downward, Toncoin and Chainlink's LINK token were top performers, FTX sued former employees to recover $157.3 million, and Binance and Zhao filed to dismiss a SEC lawsuit in Thursday's cryptocurrency news.
