Monat: Juni 2023

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Binance on SEC’s lawsuit on Monday: ‘we will vigorously defend’

  • SEC sued Binance for violating securities laws on Monday.
  • Here’s what Binance said in its response to the regulator.
  • Coinbase Global ended 10% down on today’s development.

Binance is in focus on Monday after the U.S. Securities and Exchange Commission (SEC) sued the world’s leading crypto exchange.

Here’s what Binance said in its response to SEC

In its lawsuit, the regulator accused Binance as well as its CEO Changpeng Zhao for failing to comply with the U.S. securities laws. The CFTC had previously filed such charges against the crypto company as well.

SEC also alleged that Binance commingled user funds worth billions of dollars with Merit Peak Limited – a CZ-controlled European company. Only hours later, though, Binance declined claims of wrongdoing and said in its official response to the regulator:

Any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong. We will vigorously defend against any allegations to the contrary.

Crypto community stood with Binance on Twitter

On Twitter, the crypto community demonstrated support for Binance and CEO Changpeng Zhao. Many found the SEC unfair in the way it was dealing with crypto assets in the United States.

In its response, Binance also said that the regulator’s overreach was hurting the U.S. reputation as a global hub for financial innovation. Still, it added:

We’ll continue to cooperate with regulators and policymakers across the globe. We remain committed to productive engagement to ensure next-gen of crypto regulation fosters innovation.

SEC’s lawsuit against Binance saw shares of peer Coinbase Global Inc lose about 10% today.

The post Binance on SEC’s lawsuit on Monday: ‘we will vigorously defend’ appeared first on CoinJournal.

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JPMorgan teams up with six Indian banks to build a blockchain-based platform

  • The blockchain-based platform is aimed at settling interbank dollar transactions.
  • The move is part of the Indian government’s strategy to elevate GIFT City to the League of Cities like Singapore.
  • The parties will launch a pilot project over the next few months in order to analyze the banks’ experience.

American multinational financial behemoth JPMorgan Chase & Co. has partnered with Indian banks to build a blockchain-based platform to settle interbank dollar transactions.

The Indian banks involved are based in the Gujarat International Finance Tec-City (GIFT) City and include HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Yes Bank Ltd., and IndusInd Bank Ltd.

Elevating GIFT City status

Although it is a partnership within the private sector, the move is part of the Indian government’s strategy of elevating GIFT City to a level where it can compete with the likes of Hong Kong, Singapore, the International Financial Centre (IFC) in Dubai, and the Abu Dhabi Global Market (ADGM).

Kaustubh Kulkarni, a senior Indian officer, and vice chairman of Asia Pacific, at JPMorgan, have stated that the institution would be launching a pilot project in the coming months to examine banks’ experience.

JPMorgan and blockchain technology

JPMorgan also plans to use blockchain technology to restructure dollar transactions between financial institutions so that the transactions can be completed in a matter of seconds.

According to Kulkarni, GIFT City banks would be able to maintain their own time zone and business hours once JPMorgan creates the blockchain infrastructure enabling instant transactions around the clock.

JPMorgan’s pilot project using the Onyx blockchain technology is already expected to start on Monday after receiving clearance from the International Financial Services Centre Authority. Onyx, which is a blockchain-based platform for wholesale payment transactions was launched by JPMorgan in 2020.

The post JPMorgan teams up with six Indian banks to build a blockchain-based platform appeared first on CoinJournal.

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SEC sues Binance and CZ for breaking US Securities Rules

Key takeaways

  • The US SEC has sued Binance for breaking securities rules.

  • The regulatory agency has also sued Changpeng Zhao (CZ), the CEO of the cryptocurrency exchange.

SEC sues Binance and CZ

The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, the world’s leading cryptocurrency exchange, and Changpeng Zhao, the CEO of the company.

This is according to a report by The Wall Street Journal a few minutes ago. According to the Wall Street Journal, the regulatory agency has sued Binance and its CEO for breaking US securities rules.

This latest cryptocurrency news doesn’t come as a surprise to some experts in the industry, as the regulatory agency has been going after cryptocurrency exchanges in recent months. 

Binance faces 13 charges from the SEC

The regulatory agency alleges that Binance secretly allow[ed] high-value U.S. customers” to trade on the platform in violation of U.S. securities laws which prohibits unregistered exchanges from servicing U.S. customers.

The lawsuit also alleges that CZ exercised control over customer assets, adding that he commingled them with personal and company holdings. SEC Chairman Gary Gensler stated that;

“Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law. As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied.”

This latest development comes two weeks after the SEC sued Bittrex, one of the world’s largest and oldest cryptocurrency exchanges, and co-founder and ex-CEO William Shihara for violating securities laws. 

The regulatory agency had also come after several other crypto exchanges in recent months, including Kraken and Coinbase.

Bitcoin has lost more than 2% of its value so far today and could fall below the $26k level soon following this latest development. At press time, the price of Bitcoin stands at $26,682 per coin. 

The post SEC sues Binance and CZ for breaking US Securities Rules appeared first on CoinJournal.

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Here’s why the MANA, SAND, Enjin, AXS token prices are soaring

  • Most metaverse tokens rose sharply on Monday as cryptocurrencies retreated.

  • The jump happened ahead of Apple’s WWDC event on Monday.

Metaverse tokens like Decentraland MANA, Sandbox’s SAND, and Axie Infinity’s AXS were among the best-performing coins on Monday. Other metaverse tokens like Enjin Coin and ApeCoin were also in the green. Most of these coins rose by more than 1.5%, which is a better performer than other coins like Bitcoin and Ethereum.

Apple WWDC event

The main reason why metaverse tokens jumped on Monday is the upcoming WWDC event by Apple. Historically, this has been the biggest event in the tech calendar since the company usually unveils its key upgrades. 

Apple is seen as the benchmark for key products. It made key products like iPhones, Apple Watch, and iPads cool. Today, other companies in the technology industry have come up with similar products.

Analysts believe that the WWDC event will see the company unveil its virtual reality set, which is its first major product in a decade. The company has been working on this product in the past seven years. In this period, the company has long believed that its product was not ready yet. According to the WSJ, the device will retail at $3,000, making it one of the company’s most premium products.

Experts believe that Apple’s entry in the industry will take the virtual reality industry mainstream. In the past, attempts by companies like Facebook and Microsoft to take them mainstream have failed. Today, only a handful of people use these products.

Therefore, metaverse tokens like MANA, SAND, Enjin Coin, and AXS token have risen because of the ongoing hype. There is a belief that this hype could rival that of artificial intelligence.

Will the metaverse tokens rally continue?

Decentraland MANA price jumped by more than 6% while Sandbox and Axie Infinity price soared by more than 5%. Similarly, Enjin and ApeCoin rose by over 4%. 

However, I believe that these gains will not hold because of a concept known as buying the rumor and selling the news. This is a situation where an asset price jumps ahead of a major news release and then declines when the news happens.

In this case, these tokens will retreat possibly because Apple’s device will not have anything to do with these tokens and their ecosystem.

How to buy Decentraland

Skilling

Skilling is a Scandinavian based cryptocurrency broker which has a desktop website as well as apps for iOS and Android devices. It supports over 50 cryptocurrencies and it has a demo account to allow users to gain familiarity with the platform. Skilling has no hidden fees, it is an officially regulated broker and it supports a wide range of payment methods.

Buy MANA with Skilling today

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy MANA with eToro today

The post Here’s why the MANA, SAND, Enjin, AXS token prices are soaring appeared first on CoinJournal.