SEC Financial News

In a statement posted on Twitter, the crypto giant says it encourages customers to withdraw their USD via ACH by 13 June, when its banking partners are expected to close channels.Says Binance.US: "The SEC has taken to using extremely aggressive and intimidating tactics in its pursuit of an ideological campaign against the American digital asset industry."Binance.US and our business partners have not been spared in the use of these tactics, which has created challenges for the banks with whom we work."The firm says it is therefore becoming a crypto-only exchange until it can secure more stable banking partners.Earlier this week, the SEC sued Binance and its CEO Changpeng Zhao, alleging a host of securities law violations and accusing the world's largest crypto exchange of engaging in an "extensive web of deception".The regulator has also filed for a temporary restraining order to freeze certain assets tied to Binance.US.

Binance CEO Changpeng Zhao has condemned the move by the US Securities and Exchange Commission to leak employee chat records. 

Crypto exchange Kraken has announced that its nonfungible token (NFT) marketplace has exited its beta phase. Along with the launch, the NFT platform highlighted it had expanded its number of NFT collections from 70 to over 250. According to Kraken, it will continue adding more collections to its marketplace. 

Amid a turbulent week for crypto markets, which has seen the industry come under serial assault from SEC enforcement actions, all eyes are on Ripple and the upcoming June 13 Hinman-document release date.

The Ethereum price has slipped by 0.3% in the past 24 hours, while keeping to the $1,800 support level it has held for several months now.

The price of Terra Luna Classic (LUNC) has risen 3% in the past 24 hours, reaching $0.00009765 as the cryptocurrency market as a whole barely moves within the same timeframe.

As crypto markets come to the close of a tumultuous week, the meme coin vertical continues to skyrocket, as capital flees SEC enforcement actions, and in latest pump MOON coin has surged +1,000%.

Bitcoin and Ethereum, two of the leading cryptocurrencies, have been in the spotlight recently due to significant developments surrounding the US Securities and Exchange Commission (SEC) lawsuit, the bankruptcy of FTX exchange, and the acquisition deal involving BitGo. 

ARK Invest CEO Cathie Wood doesn’t appear to have been swayed by recent crypto regulatory action, after buying another $19.9 million shares of Block Inc. right after buying $21 million of shares in Coinbase.

Binance.US is halting USD deposits and has warned users to withdraw all US dollar funds by June 13th, although its dollar withdrawal service is currently not working. 

Crypto venture capital firm Paradigm has slammed the U.S. Securities and Exchange Commission’s attempt to redefine the term “exchange” — which would if accepted, bring decentralized exchanges under its purview. 

The judges presiding over Coinbase and Binance’s lawsuits will likely watch the results of the SEC v Ripple case closely, crypto lawyers told Cointelegraph.

Binance.US customers will no longer be able to use U.S. dollars to buy crypto on the platform as early as June 13, hobbling the exchange's ability to do business in the United States, after both payment and banking partners «signaled their intent to pause USD fiat channels,» the exchange said.

Credit ratings agency Moody's has downgraded its rating of Coinbase from “stable” to “negative” following the SEC’s legal action against the crypto exchange for allegedly operating as an unregistered securities broker.

Long-standing crypto skeptic Sen. Elizabeth Warren is asking US Department of Justice Attorney General Merrick Garland to investigate whether Binance lied to Congress.

Binance.US has announced the suspension of U.S. dollar deposits and has notified its customers of an incoming pause to fiat (USD) withdrawal channels as early as June 13.

Before becoming head of the US Securities and Exchange Commission, Gary Gensler offered to serve as an adviser for Binance, according the crypto exchange, which is now facing heat from the regulator.

Coinbase CEO and co-founder Brian Armstrong sold company shares the day before the United States Securities and Exchange Commission (SEC) filed a complaint against the exchange for securities law violations. The transaction caused a minor stir in the Twitter cryptoverse, as Armstrong avoided a sharp loss by doing so. 

In a June 8 speech at the Piper Sandler Global Exchange & Fintech Conference, United States Securities and Exchange Commission (SEC) Chair Gary Gensler compared the current crypto market to the 1920s U.S. stock market, saying that it is full of “hucksters,” “fraudsters,” and “Ponzi schemes.” Just as Congress cleaned up the stock market by enacting securities laws, the current SEC can also clean up the crypto market by applying these laws, he argued.

Bitcoin might have displayed strength by quickly recovering from the $25,500 support level on June 6, but that doesn’t mean that breaking above $27,500 will be an easy task. 

The US Department of Justice objected to a proposal by crypto exchange Bittrex to return money to customers as part of its liquidation plan.