🔴 SEC declares war on cryptocurrencies
https://www.youtube.com/watch?v=D_91CJBEAwBinance warns of stablecoin delisting in EU, cryptocurrency exchange backed by influencers arrested in Hong Kong, you’ll never guess what you’ll find in a Venezuelan jail! This week we bring you these stories and more in cryptocurrency.
Bitcoin surpasses August mark.
Bitcoin continued its upward trend, surpassing $27,000 for the first time since August. The altcoin market also showed an upward trend with Solana, Bitcoin Cash, and Litecoin rising by 8% in two days. Buying pressure comes with the announcement that the Federal Reserve will stop raising interest rates, encouraging investors’ risk appetite.
Binance may delist stablecoins in the EU
Binance is warning that all stablecoins could be delisted in Europe next year unless uncertainty surrounding the EU’s regulation of the cryptocurrency asset market is resolved. Marina Parthuisot, head of legal affairs at Binance France, expressed concern during an online hearing hosted by the European Banking Authority, saying that if no projects receive approval by the time MiCA comes into effect, Binance could potentially lock up all stablecoins in Europe on June 30. It was suggested that it could be delisted. next year.
Hong Kong investigates cryptocurrency exchange fraud
Hong Kong police are investigating cryptocurrency trading platform JPEX over an alleged $166 million fraud. Eleven people, including cryptocurrency influencers who backed the exchange, were arrested after 2,000 investors complained. The case is a critical test for Hong Kong, which aspires to become a digital asset hub, especially after financial regulators last week revealed that JPEX was operating without a license.
SEC: Cryptocurrency Isn’t Over Yet
David Hirsch, head of the SEC’s cryptocurrency enforcement agency, said more legal action will be taken against cryptocurrencies. The SEC is already pursuing complex cryptocurrency-related litigation in federal court, although it admits it lacks the resources to handle everything. Hirsch is not content with only focusing on Coinbase and Binance, and plans to prosecute other exchanges and DeFi platforms that violate the regulations.
Galaxy Digital is targeting Europe.
Mike Novogratz’s US-based crypto company Galaxy Digital is aiming to expand its presence in Europe, calling it a “very important” market. ​​The company has appointed a new regional CEO, Leon Marshall, from London to lead Galaxy Digital’s European expansion. Marshall said the European Union’s progress on cryptocurrency regulation was a key factor in the decision to expand.
FTX founder’s parents sued
The parents of FTX founder Sam Bankman-Fried were sued for allegedly receiving improper funds before the cryptocurrency company collapsed. The Bankman-Fried parents received a $10 million cash gift from Alameda Research and $16 million worth of real estate in the Bahamas. Managers of the bankrupt company claim the couple fraudulently transferred millions of dollars and ignored the company’s misconduct.
Former banker committed cryptocurrency fraud.
Rashawn Russell, a former Deutsche Bank investment banker, pleaded guilty to misappropriation of funds and was sentenced to 30 years in prison and ordered to pay $1.5 million in restitution. Russell falsely claimed he was a licensed broker, and he promised high returns from a cryptocurrency fund he purportedly managed. But in reality, he used the funds for gambling and personal expenses while sending fake updates to investors.
Bitcoin miners arrested in prison raid
Venezuelan authorities seized bullets, grenades, rocket launchers and a Bitcoin miner during a prison raid this week. 11,000 troops have been deployed to storm the Tocoron prison in the state of Aragua in an operation to take down the South American country’s most powerful organized crime group. The prison was equipped with amenities set up by gangs, including a zoo, swimming pool, gambling hall, disco, baseball field, and restaurant.
This is what happened in the cryptocurrency market this week. I will see you next week.
