|Day's Range||6.04 - 7.27|
Binance.US says it is suspending taking U.S. dollar deposits and warning customers that they could halt USD withdrawals as early as June 13th. It comes after the SEC brought litigation against the crypto exchange. Yahoo Finance crypto reporter David Hollerith breaks down how the crypto industry is reacting.
(Bloomberg) -- A sharp weekend crypto selloff led by a slump in smaller digital tokens set off a fresh wave of anxiety among investors, following a week in which a crackdown by the US Securities and Exchange Commission on the sector gained significant pace. Most Read from BloombergJeff Bezos Has Gained $10 on Mystery Purchase of One Amazon ShareAmericans Are Leaving Portugal as Golden Visa Honeymoon EndsOdey Sacked From His Hedge Fund Firm After Assault AllegationsCrypto Weekend Slump Compounds
“Altcoins can crash this weekend even more as trading volumes are thin and market makers such as Binance have become less active,” one crypto firm warned.
The exchanges, targeted by the SEC for violating federal securities laws, have endured a significant wave of user withdrawals but managed to process transactions in an orderly fashion so far.
After years of grandstanding on crypto, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has finally put skin in the game. The crypto-skeptic regulator – who over the course of his tenure has insinuated that proof-of-stake tokens are securities, intimated that all crypto exchanges are illegal enterprises and implied that all but one cryptocurrencies are "investment contracts" in line with the Howey Test, a standard for deciding whether financial assets are securities – this week sued Binance and Coinbase. Up against the world’s largest crypto exchange (Binance) and the largest publicly-traded crypto company (Coinbase), it’s likely Gensler is in for a fight.
The U.S. affiliate of Binance said it was halting dollar deposits, while trading platform Robinhood Markets said it was delisting some crypto tokens, after the U.S. securities regulator stepped up its crackdown on the crypto sector. Binance.US, the purportedly independent partner of Binance, said in a tweet on Thursday that its banking partners were preparing to stop dollar withdrawal channels as early as June 13, after the U.S. Securities and Exchange Commission asked a court to freeze its assets. The development is the latest blow for the world's largest cryptocurrency exchange and raises questions about whether its U.S. operation can survive the SEC lawsuit, which alleges Binance manipulated its trading volumes and comingled customer assets, among other civil charges that it denies.
The day has finally come -- the Securities & Exchange Commission (SEC) has formally made its case that a wide range of cryptocurrencies are, in fact, securities. This past week, the SEC launched two separate lawsuits against Binance and Coinbase, with varying allegations lobbed at the two largest centralized exchanges operating in the U.S. In the SEC's lawsuit against Binance, Algorand and Filecoin were named as securities, while the SEC's lawsuit against Coinbase named NEAR Protocol as a security.
The SEC is taking a hard-line approach to crypto, leading investors to take more defensive positions.
A long-anticipated legal action from the Securities and Exchange Commission (SEC) against Coinbase (NASDAQ: COIN) was even more sweeping than some expected, and the regulator's moves may bring down other big players like Binance (which was also targeted in an SEC lawsuit). From last Friday's close to noon today, Solana (CRYPTO: SOL) fell by 11.3%, Polygon (CRYPTO: MATIC) dropped 14.2%, BNB (CRYPTO: BNB) lost 14.7% of its value, and Cardano (CRYPTO: ADA) fell 16.3%. The SEC has charged Coinbase and Binance with violating securities laws, including offering unregistered securities and operating unregistered securities exchanges.
The SEC's lawsuits against Binance and Coinbase are likely to play out across the U.S.'s legal and political system over several years, says Michael Casey.
Sotheby’s will sell Dmitri Cherniak's “The Goose” NFT at a live auction this month, while Mercedes Benz released a collection inspired by its luxury vehicles.
(Bloomberg) -- Crypto exchange Binance.US is being thrown deeper into disarray, as banking partners prepare to rescind support, liquidity dries up and traders withdraw tokens from the platform while US regulators clamp down on the company and its owner.Most Read from BloombergJeff Bezos Has Gained $10 on Mystery Purchase of One Amazon ShareAmericans Are Leaving Portugal as Golden Visa Honeymoon EndsOdey Sacked From His Hedge Fund Firm After Assault AllegationsCrypto Weekend Slump Compounds Jitte
The latest price moves in bitcoin (BTC) and crypto markets in context for June 8, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
News of a possible halt in U.S. dollar withdrawals sparked an increase in bitcoin trading as customers looked to remove their assets from the exchange, one observer said.
(Bloomberg) -- Two months after the collapse of Silvergate Capital Corp. and Signature Bank, a new banking landscape for crypto companies is taking shape amid an expanding crackdown on the industry in the US. Most Read from BloombergAmericans Are Leaving Portugal as Golden Visa Honeymoon EndsJeff Bezos Has Gained $10 on Mystery Purchase of One Amazon ShareTrump Tried to Hide Documents, Share Secrets, Indictment AllegesDonald Trump Charged in Florida Over Secret Documents CaseTesla Set for $3 Bil
Regulators have been confused about whether cryptocurrency is a security or a commodity, but clarity appears imminent
Coinbase Global's (NASDAQ: COIN) stock plunged 12% on Tuesday after the Securities and Exchange Commission (SEC) sued the cryptocurrency exchange for "operating as an unregistered securities exchange, broker, and clearing agency." The SEC alleges that Coinbase made "billions of dollars" by "unlawfully facilitating the buying and selling of crypto asset securities," and its failure to operate as a registered exchange "deprived investors of significant protections." The SEC's move wasn't surprising since it had just filed a suit against Coinbase's competitor Binance a day earlier based on similar allegations.
Binance is to block dollar withdrawals from its US cryptocurrency exchange within days amid a crackdown by the Biden administration on the industry.
(Bloomberg Law) -- The SEC’s new lawsuit against Coinbase Global Inc. appears best positioned among cryptocurrency cases to let the US Supreme Court finally decide if digital assets count as securities.Most Read from BloombergAmericans Are Leaving Portugal as Golden Visa Honeymoon EndsDonald Trump Charged in Florida Over Secret Documents CaseRussian Elite Is Souring on Putin’s Chances of Winning His WarUkraine’s New Tanks Are Seen in Action as Counteroffensive Gets UnderwayWhat Trump’s Indictmen
Investing.com -- Stocks in focus in premarket trade on Friday, June 9th. Please refresh for updates.
Investing.com -- Moody's lowers its outlook on Coinbase, citing concerns over a lawsuit brought against the cryptocurrency exchange by U.S. authorities. Elsewhere, inflation data out of China disappoints and exacerbates worries that the country's nascent post-pandemic recovery could be running out of steam.
Investing.com-- Binance.US, the American arm of the global cryptocurrency exchange Binance, announced that it will suspend dollar deposits and warned its customers of a potential halt to withdrawal channels by as early as next week, as it grapples with increased regulatory pressure.
ALSO: Valkyrie's chief investment officer expects the U.S. central bank to suspend its nearly year-long diet of interest rate increases. That might please digital and other asset markets, but Steven McClurg said that the monetary dovishness is unlikely to continue later this year.
SOL, the native token of the Solana blockchain, was declared an unregistered security in this week’s SEC lawsuits against crypto exchanges Binance.US and Coinbase.
After news broke that the U.S. Securities and Exchange Commission (SEC) is suing Binance, the Chief Executive of the world’s largest crypto exchange, Changpeng Zhao (aka CZ), took to a familiar strategy: tweeting. CZ’s first Twitter communiqué was just the number “4,” posted around the same time SEC Chair Gary Gensler was likely cleaning up for the first of several TV interviews. This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond.