According to a new filing made by the Securities and Exchange Commission (SEC), Binance’s US branch, Binance.US, lost as much as $181 million in 2022, despite receiving $132 million from its parent company BAM Management. The auditor hired by Binance.US, FGMK, attributed the loss to challenging market conditions in the crypto industry. The news of
Blockchain
US Bankruptcy Judge Sean Lane has ruled that FTX will not be allowed to participate in the mediation between Genesis Global, a now-bankrupt crypto lender, and its parent company, Digital Currency Group (DCG), owned by Barry Silbert. Genesis and its major creditors, along with DCG, aim to create a revised payout proposal that will serve
According to Bloomberg News, Cathie Wood’s Ark Investment Management LLC has increased its stake in Coinbase after the US Securities and Exchange Commission (SEC) accused the exchange of operating unlawfully. The Ark Innovation ETF and two other funds bought 419,324 shares of Coinbase on Tuesday. Ark Invest has been bullish on Coinbase, purchasing an additional
According to the Brazilian media outlet Livecoins, the adoption of crypto credit cards is on the rise in Brazil. It has been reported that more Latin Americans than ever before are buying and spending tokens, with Brazilians using coins to pay in stores instead of fiat. Binance’s Brazilian head, Guilherme Nazar, stated that cards such
Bitcoin (BTC) developers are in disagreement over the new “Ordinals” protocol, which has opened up a plethora of new applications for the cryptocurrency. While some celebrate the innovation, others believe it is clogging up the blockchain and causing problems for those using it as a peer-to-peer digital currency. Ali Sherief, a developer, has called for
The House Agriculture Committee met on Tuesday to discuss legislation concerning the regulation of cryptocurrencies. The hearing will provide clarity for digital asset spot markets and will hear from a range of individuals, including the Chair of the US Commodity Futures Trading Commission, Rostin Behnam, Coinbase’s Chief Legal Officer, Paul Grewal, and former CFTC Chair
Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao, also known as CZ, are facing a lawsuit filed by the US Securities and Exchange Commission (SEC) for their “blatant disregard of the federal securities laws”. The complaint, which includes 13 charges, accuses the exchange of operating an unregistered exchange and violating various US
Animoca Brands, a Hong Kong-based investor in blockchain gaming and Web3, has postponed its financial report since 2020. The company was spun out of Animoca in 2014 and was listed on the Australian Securities Exchange in 2015. Animoca Brands began rolling out massive game projects but struggled to publish its audited accounts in 2020. Reasons
The US Commodity Futures Trading Commission (CFTC) is considering revisiting its regulatory oversight on risk management requirements for swap dealers and futures commission merchants. The agency has issued an advanced notice of proposed rulemaking that welcomes public comments on the matter. The CFTC Commissioner Christy Goldsmith Romero has highlighted the need for closer examination of
A recent study commissioned by the European Parliament has suggested that all crypto assets should be considered as transferable securities by default. Proposed Exemption The study’s authors proposed that an intermediary associated with a crypto asset could receive an exemption from a national competent authority (NCA) to avoid being classified as a security. NCAs are