Cryptoprism

According to reports, the largest cryptocurrency exchange platform in the world by trading volume is getting ready to depart Cyprus and concentrate on other European markets.

In order to better care for its other branches in the European Union (EU), Binance is reportedly moving to deregister its Cyprus branch, which was recognised by the country's government in late 2022.

In an interview with Bloomberg, a company representative stated that the company had "made the decision to pull back efforts in Cyprus to focus on our efforts on fewer regulated entities in the EU, especially our larger registered markets where we already have a mature footprint."

Markets in Crypto Assets (MiCA) regulations, a new set of rules that will go into effect in January 2025, would allow companies to transfer their current registrations from other EU countries.

Binance also has offices in Spain, Italy, and France within the EU.

The U.S. Securities and Exchange Commission (SEC) sued Binance and its CEO Changpeng Zhao last week for allegedly breaking securities laws.

The US division of the largest cryptocurrency exchange in the world by trading volume claims that the latest lawsuit filed by the U.S. Securities and Exchange Commission (SEC) may result in the closure of the entire company.

In new court documents, Binance asserts that the company will effectively go out of business if the SEC is successful in freezing its assets since it will no longer be able to support any of its operations.

If the Court decides to rule on the SEC's motion's merits, it ought to reject it. The SEC is requesting unwarranted and pointless relief. The SEC's suggested remedies would essentially put an end to BAM's operations rather than being "carefully calibrated" to "maintain the status quo," as they claim.

Binance.US contends that the attempt to freeze company assets is unnecessary because customer assets are secure, appropriately segregated, and always accessible to customers.

The SEC's lawsuit, according to Binance's attorneys, does not name a single occasion in which BAM client assets have been mismanaged or misused. They further dispute the SEC's assertion that their application constitutes a "emergency."

Coinbase has the opportunity to grow in the area thanks to Hong Kong as US officials crack down on the digital asset market.

Coinbase and other digital asset businesses are welcome to move to Hong Kong, according to Johnny Ng, a member of the Legislative Council of Hong Kong.

Days after the U.S. Securities and Exchange Commission (SEC) launched litigation against prominent cryptocurrency exchanges Binance and Coinbase, an invitation was sent out over Twitter. The SEC accuses Binance of many infractions and Coinbase of violating securities laws and failing to register as a broker dealer.

Hong Kong has taken moves to become more tolerant of the cryptocurrency industry while US regulators are actively pursuing their offensive.

A recent report from Nikkei states that Hong Kong has initiated a licensing process through its Securities and Futures Commission (SFC) for trading platforms and exchanges. This move comes ahead of the city's plans to allow retail trading of digital assets later this year. Since 2018, Hong Kong has limited cryptocurrency trading to professional and institutional investors. Over 80 companies have reportedly shown interest in obtaining a license, as per the report.

The U.S. Securities and Exchange Commission (SEC) is requesting authorization from the courts to locate Changpeng Zhao, the CEO of Binance, in a "alternative" way.

The SEC requests authorization from the District of Columbia Court to freeze the assets of the businesses doing business as Binance in a recent court filing.US: BAM Trading and BAM Management, as well as the ability to provide undisclosed non-traditional services to Binance CEO Changpeng Zhao.

The SEC claims in the paper that it intends to "exercise its equitable power" to "repatriate and freeze" the assets of BAM Management and BAM Trading, as well as to require the companies to disclose all financial information and refrain from hiding or destroying any pertinent records.

It's not clear what exactly is meant by the regulatory body's request for permission to serve Binance and Zhao "via alternative means," but they are also asking the court to give them that authorization.

Gary Gensler, the chair of the SEC, stated in the initial complaint against Binance that the company is being sued for "an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of law."

Robinhood, the popular trading platform, has revealed that it will no longer offer support for cryptocurrencies such as Cardano, Polygon, and Solana starting June 27. This decision comes in the wake of the Securities and Exchange Commission's (SEC) legal actions against prominent crypto exchanges, highlighting the increasing regulatory challenges faced by the cryptocurrency industry.

Robinhood has made an unexpected announcement stating that it will discontinue its support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on its platform, starting from June 27th. The company's decision, which was based on a recent review, has left users with limited information as to the specific reasons behind this move.

Robinhood has provided assurance to its users that only Cardano (ADA), Polygon (MATIC), and Solana (SOL) will be affected by their decision, and no other cryptocurrencies available on their platform will be impacted.

Robinhood's decision to discontinue support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) aligns with the recent lawsuits filed by the Securities and Exchange Commission (SEC) against prominent crypto exchanges such as Binance and Coinbase. The SEC has alleged that several cryptocurrencies, including ADA, MATIC, and SOL, are unregistered securities.

These legal actions have cast uncertainty on the future of these tokens on major cryptocurrency platforms, and Robinhood is the first platform to respond by removing support for these specific cryptocurrencies.

Although the exact motives behind Robinhood's choice to delist ADA, MATIC, and SOL have not been disclosed, it is speculated that the decision may have been influenced by recent regulatory enforcement actions in the cryptocurrency industry.

The Securities and Exchange Commission (SEC) claimed in a recent CoinDesk report that Changpeng "CZ" Zhao, CEO of Binance, collected billions of dollars in consumer cash through their holding company.

CZ responded by expressing doubt about the veracity of the claims.

The Securities and Exchange Commission (SEC) claimed in a CoinDesk story from June 8 that Binance CEO Changpeng 'CZ' Zhao and Guangying 'Helina' Chen earned billions of dollars through their holding firm.

The monies were allegedly moved to Zhao-controlled businesses through Key Vision Development Limited, an intermediary holding company, according to the SEC.

A few hours later, CZ expressed his doubts about the veracity of the reports on Twitter, speculating that the journalist or the information's source may have spread false information.
The overall amount of user funds on the platform, according to Binance.US, is believed to be around $2 billion in USD equivalent, subject to variations because of changes in the price of cryptocurrencies. However, because some customers decided to withdraw their assets in light of the current news, the corporation acknowledged a reduction in user funds.

The U.S. Securities and Exchange Commission (SEC), in its most recent assault on the cryptocurrency industry, has targeted Coinbase a day after suing Binance.

According to a recent press statement from the SEC, Coinbase is being held accountable for "operating as an unregistered securities exchange, broker, and clearing agency."

Additionally, Coinbase is accused by the authority of "failing to register the offer and sale of its crypto asset staking-as-a-service programme."

The SEC claims in its 101-page lawsuit that the "crypto asset securities" provided by the Coinbase Platform, Coinbase Prime, and Coinbase Wallet services fall firmly under the purview of securities regulations.

The SEC claims that Coinbase has understood since at least 2016 that the Supreme Court's ruling in SEV v. W.J Howey Co. in 1946 already permits determining whether a crypto asset is part of an investment contract and subject to securities laws. This is despite the fact that Coinbase and other businesses have repeatedly requested some semblance of regulatory clarity from US authorities.

The SEC is asking for civil money penalties against Coinbase as well as disgorgement on the exchange's "ill-gotten gains" plus prejudgment interest as part of the relief it is seeking for its alleged violations.

As of this writing, Binance and Coinbase, the two largest cryptocurrency exchanges by volume, are defending themselves against SEC allegations.

Regarding Binance and its CEO, Changpeng Zhao (CZ), the U.S. Securities and Exchange Commission is pursuing legal action.

In accordance with the SEC's complaint, Binance "unlawfully solicited" American clients to trade assets on unlicensed platforms. A further charge made by the securities regulator was that, in contrast to what the defendants claimed, Binance and CEO Zhao were directly involved in Binance.US actions

The Commodity Futures Trading Commission (CFTC), another federal authority, also sued Binance for operating without the required registration and thereby breaching the Commodity Exchange Act shortly before the most recent development.
Changpeng Zhao, the CEO of Binance, announced that the business would make a statement after reviewing the SEC's complaint.

Any claims that user assets on the Binance.US platform have been in danger are categorically denied by Binance, which emphasises that all user assets on Binance and its affiliated platforms, including Binance.US, are secure and protected

The press statement continues to imply that the SEC's activities may be motivated by a bid to exert jurisdictional control over other agencies, with investor protection appearing to be the SEC's secondary concern. According to Binance, because of its widespread recognition, it has turned into a convenient target while being caught in a legal dispute in the United States.

The latest version of a measure intended to provide regulatory certainty to the cryptocurrency markets was just unveiled by US senators.

The House Committee on Financial Services and the House Committee on Agriculture's proposed "Digital Asset Market Structure Draught" aims to provide a legal framework that will benefit all parties in the industry despite the regulatory gaps that now exist.

The Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) frequently disagree on how to regulate the new industry, therefore the draught law makes clear their respective jurisdictions over digital assets.

Clarifying whether a particular cryptocurrency asset is a security or a commodity is another goal of the draught legislation. The document states that a crypto asset may qualify as a digital good if its issuer can demonstrate that the project is operational and decentralised.

According to the Act, a digital asset might be regarded as a digital commodity provided certain requirements are satisfied. This would be assessed by how well-functioning and decentralised the network is.

Customers with Apple savings accounts claim they have deposited more than $1 billion in a short period of time but are now having trouble getting their money out.

The developer of the iPhone partnered with financial juggernaut Goldman Sachs in the middle of April to offer Apple Card members the chance to earn interest through a savings account.

According to The Wall Street Journal, buyers of Apple's new product are having several problems getting access to their money.

Some claim that they had to wait many weeks before they could transfer funds from their Apple savings account to another bank. Others assert that neither their Apple savings account nor the bank where they were seeking to transfer their money reflect the amounts.

The example of Kevin Smyth, who claimed to have attempted to transfer $10,000 from his Apple savings account to another bank last month, is covered in length in the Wall Street Journal. Smyth claims that Goldman Sachs informed him that the review of his account was being done for security reasons.

The annual percentage yield (APY) on Apple's savings account is 4.15%, which the company claims is ten times higher than the national average.

Circle plans to launch USD Coin (USDC) natively on the Ethereum (ETH) scaling solution Arbitrum (ARB) on June 8th.

The stablecoin issuer says this native USDC will be the official version of the Arbitrum ecosystem and will eventually replace the USDC currently on Arbitrum that is bridged from Ethereum.
According to Arbitrum, institutional on-ramps and off-ramps through Circle as well as planned support from a cross-chain transfer protocol to eliminate bridge withdrawal delays are advantages of a native USD coin. According to Circle, the native USDC will also be completely reserved and always redeemable for US dollars at a 1:1 ratio.

In second place to Tether USD (USDT) in terms of market size at the time of writing, USDC is the largest stablecoin. The fifth-largest digital asset globally is USDC.
Following reports that Circle had $3.3 billion of its $40 billion in cash reserves trapped at the defunct Silicon Valley Bank (SVB), USDC briefly lost its peg to the dollar in March. Three days later, the stablecoin immediately climbed back up to the $1.00 region after falling as low as $0.877.

Ishan Wahi, a former product manager at Coinbase, and his brother Nikhil Wahi have just struck a settlement with the U.S. Securities and Exchange Commission (SEC) to resolve allegations of insider trading involving cryptocurrency holdings.

The Securities and Exchange Commission (SEC) filed a complaint in July 2022 alleging Ishan Wahi of disclosing private information to his brother and a friend, Sameer Raman, regarding the cryptoassets that Coinbase would support.

Once their listing on the marketplace is revealed, cryptocurrency assets frequently see an increase in price. Based on the insider tip, Nikhil Wahi and Raman bought tokens, allowing the group to earn $1.5 million in illegal profits. Nine out of the 25 crypto assets purchased, according to the securities regulator, are securities.

The Wahi brothers allegedly consented as part of the deal not to refute the SEC's accusations.

While the technology used in this instance is unique, according to Gurbir S. Grewal, Director of the SEC's Division of Enforcement, the scam is fundamentally a traditional insider trading scheme.

The biggest cryptocurrency exchange in the world by market value, Binance, replied to rumours that the business would be laying off 20% of its workforce.
Executive of Binance denies that 20% of staff were laid off. Binance, which employs roughly 8,000 people overall, is said to have reduced its employment by 20%. This development has been attributed to the general state of the cryptocurrency market, according to rumours.

The current rumours, according to Binance CEO Changpeng Zhao, are FUD (fear, uncertainty, doubt).

Zhao claims that Binance has a programme that allows it to fire employees who are not a good fit for the company, adding that there is no set quota for how many employees Binance will fire. The CEO added that the cryptocurrency exchange was still adding staff.

Also, Binance’s chief communications officer Patrick Hillman clarified that the firm was not cutting down 20% of its staff to manage costs, contrary to reports.
The Binance executive did not reveal the number of employees that were recently laid off but said the figure could be lower than 20%. Hillman stated that the specific number will be known after all teams carry out the talent density audit.

The $31.4 trillion U.S. debt ceiling legislation that President Joe Biden and House Speaker Kevin McCarthy mediated overcame a significant obstacle late on Tuesday, moving on to the full House of Representatives for debate and an expected vote on passage on Wednesday.

The rules enabling debate by the entire chamber were approved by the House Rules Committee on a 7-6 vote. Representatives Chip Roy and Ralph Norman, two Republicans on the committee, defied their leadership by voting against the measure.

That vote highlighted the necessity for Democrats to support the legislation's passage in the House, which is now under Republican control with a slim 222-213 majority.

If the House passed it, the Senate would then consider it. Before June 5, when the Treasury Department would run out of money to pay its debts for the first time in American history, the legislation needs legislative approval.

If the Treasury Department is unable to make all of its payments or is required to make payments in a different order, the result could be economic catastrophe for both the American and worldwide economies.

Bitcoin (BTC) and other cryptocurrencies have seen significant withdrawals for the sixth week in a straight, according to digital asset manager CoinShares, and institutional investors are still feeling the market's negative mood.

According to CoinShares' most recent Digital Asset Fund Flows Weekly Report, institutional investors sold $39 million worth of cryptocurrency last week, with trade volumes remained low.

According to CoinShares, the $11 million in withdrawals were led mostly by the king of cryptocurrencies, BTC. However, there were also withdrawals from short Bitcoin products, which try to profit from falls in BTC.

Most altcoins experienced outflows last week on the cryptocurrency front. One exception is Litecoin (LTC), which witnessed inflows of $0.5 million, and Uniswap (UNI), which saw inflows of $0.2 million.

Algorand (ALGO) had the largest losses last week, according to CoinShares, while Ethereum (ETH) experienced $5.9 million in outflows.

According to reports from Chinese media, ThePaper, Beijing published a "Internet 3.0 Innovation and Development" white paper on May 27 highlighting improvements and support for Internet 3.0 (web3) and the metaverse.

However, the white paper's release comes just days before the forthcoming June 1 application opening for Hong Kong cryptocurrency exchanges, as Binance CEO Changpeng Zhao (CZ) noted on Twitter.

The release of this Web 3.0 white paper by the Beijing government tech committee comes at an interesting time given Hong Kong's anticipation of June 1

The "Beijing Internet 3.0 Innovation and Development White Paper (2023)" was published as a result of a collaboration between the Beijing Municipal Science and Technology Commission and the Zhongguancun Science Park Management Committee. It allegedly highlights a dedication to web3 and Metaverse advancements.

The government's framework for regulating cryptocurrency was finished earlier this year, according to Paul Chan, the financial secretary for Hong Kong. A fundamental shift in the region's approach to cryptocurrency regulation will occur on June 1 when the regulatory standards for providers of virtual assets are expected to resemble those for traditional financial institutions. Chan also emphasised Hong Kong's commitment to aiding the expansion of the Web3 sector there and its aspirations to develop into a centre for crypto innovation.

The crypto community will likely pay close attention to the developments that are taking place in Beijing and Hong Kong as they could influence the future of the digital asset industry in the region and beyond. Benefits could include increased innovation and a more open regulatory environment, while challenges could include complying with compliance requirements and adjusting to new regulations

Customers of Coinbase can now trade Osmosis (OSMO), an alternative coin for decentralised finance (DeFi) that runs on Cosmos (ATOM).

The most prominent US cryptocurrency exchange now supports the alternative coin under its "Experimental Label," which it created for riskier, lower liquidity coins.
The Osmosis software development kit (SDK) is an automated market maker (AMM) protocol. By utilising inter-blockchain communication (IBC), it seeks to make cross-chain transactions possible.

At the time of writing, the native governance token of Osmosis, OSMO, is trading for about $0.5986. The market cap-ranked 110th cryptocurrency asset has dropped more than 2.6% over the last week and 0.6% during the past 24 hours.

According to cryptocurrency tracker DeFi Llama, the protocol is ranked 12th among all decentralised exchanges (DEXs) with $147.9 million in total value locked (TVL).
A blockchain's TVL is a representation of the total amount of money held in its smart contracts. By dividing the amount of collateral locked into the network by the assets' current value, TVL is determined.

Last month, Coinbase included OSMO for the first time to its listing roadmap. It's not the first significant exchange to support the token: In October last year, Binance included the alternative coin in its "Innovation Zone," a special trading area for digital assets that might be more susceptible to sharp price fluctuations.

A new non-fungible token (NFT) loan option has been made available by Binance, the largest cryptocurrency exchange in the world by trading volume.

A recent Binance release states that the service will have no petrol fees and allow users to borrow Ethereum (ETH) without having to sell any assets.
With the loan option, folks who need money quickly but don't willing to give up their NFTs can get it. The amount of ETH that users can borrow is based on the floor price of their NFTs and works on what Binance refers to as a "Peer to Pool" method, with Binance NFT serving as a loan pool. The system receives its data from a variety of sources, including the NFT market OpenSea and the Oracle service Chainlink (LINK).

Only four well-known collections are supported by Binance's NFT Loan feature as of this writing, but more are anticipated to launch soon.
Declares Binance

"The novel feature provides the advantages of decentralised finance (DeFi) to the Binance NFT community and is initially made available with a small number of high-profile NFT projects, including Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club (MAYC), Azuki, and Doodles. In the near future, further collections are anticipated to be added.

In June 2021, Binance introduced its NFT platform, and since then, it has been gradually adding new capabilities. A beta version of "Bicasso," an artificial intelligence-based NFT picture generator, was released by the cryptocurrency exchange in March.

It is possible to concurrently delegate digital assets for trading on Bitget while keeping them safely in Copper's
According to a statement released by the business on Thursday, cryptocurrency exchange Bitget will collaborate with custody provider Copper and join the ClearLoop network.
By integrating Bitget and ClearLoop, institutional customers of both businesses will be able to hold digital assets within Copper's infrastructure while also giving those assets permission to trade on the exchange. Deposited client assets are connected to a Bitget account after being placed on Copper's platform.
According to Gracy Chen, general director of Bitget, "institutional crypto investors are primarily looking for ways to safeguard their assets and optimise trading."
"Bitget's partnership with Copper exemplifies our ongoing efforts to boost confidence among institutional cryptocurrency users," she continued.
The sixth exchange to join Copper's ClearLoop network this year is Bitget. Matrixport, a crypto service provider, also declared its intention to use the platform earlier this month.
The cryptocurrency exchange said last month that it has launched a $100 million fund with a specific focus on Web3 businesses as Asian nations construct a framework for Web3 development.

Sui Network (SUI), the token of a recently released layer-1 blockchain, is currently available for purchase and sale by Coinbase users.

Sui Network's mainnet launched in early May. There are 10 billion SUI tokens in total in the project's supply, but only 5.28% of those tokens are available for retail trading.
The Move coding language, which was initially created for Meta's attempt to construct a digital asset, is the same one that the Aptos (APT) rival utilises. Low latency and fast throughput are goals of the delegated proof-of-stake (dPOS) consensus process used by Sui Network.

The project's creators, Mysten Labs, raised $300 million at a $2 billion valuation late last year.

Coinbase announced support for the asset under its "Experimental Label," a classification the exchange devised for riskier, lower liquidity tokens, last week after adding SUI to its listing roadmap.

This month, rival exchange Binance enabled SUI support on its Launchpool platform. As a result, users of Binance can now stake True USD (TUSD) or Binance Coin (BNB) to get SUI tokens.

The crypto analytics company Glassnode believes that the Bitcoin (BTC) bear market may have ended as a result of on-chain data.

Eight different metrics are combined in Glassnode's "Recovering from a Bitcoin Bear" signal, which examines four main aspects: whether the market is trading above important price models, whether there have been any increases in on-chain activity, whether the market is making money, and the degree of long-term holder supply dominance.

The leading crypto asset by market size, according to all eight parameters of the signal, Bitcoin, may be in the early stages of a bull market.
One of the co-founders of Glassnode and pseudonymous crypto researcher Negentropic notes that memecoins are currently losing ground to layer-2 protocols and AI technologies.
At the time of writing, the price of one bitcoin is $27,012. BTC has lost more than 2% over the last seven days and 1.23% during the last 24 hours. However, it has increased by around 63% since the beginning of 2023.