Category: Cryptocurrency News

The SEC has accused Binance of mishandling funds and operating an unregistered securities exchange.

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In a social media post, Brian Armstrong said he thinks the SEC’s rules are unclear and that the courts need to make rulings to clarify them.

Bitcoin (BTC) has experienced a negative reaction following the SEC’s continued crackdown on the crypto industry. The regulatory body recently filed a complaint against the largest exchange in the industry, Binance, contributing to Bitcoin’s decline.  However, there may be a glimmer of hope for the cryptocurrency, as it has managed to recover the $26,000 level. This is an important threshold for Bitcoin, as it must maintain this level if it hopes to continue its uptrend. Despite visiting lower lows of $25,300, Bitcoin has managed to bounce back from the 200-day Moving Average (MA). This is significant because the 200-day MA has historically been a strong support level for Bitcoin. In other words, when BTC’s price has dropped to this level, it has often bounced back up. This suggests bullish sentiment in the market, as traders continue to see value in buying Bitcoin at this price point. Related Reading: KAVA Holds In Green Despite Bears Taking Control Of Crypto Market Expert Discuss Potential Bottoms At $24,000 And $23,000 However, renowned crypto analyst, Altcoin Sherpa, has weighed in on the current state of the Bitcoin market, sharing insights into where the bottom might be. According to Altcoin Sherpa, Bitcoin has been experiencing a lot of support at the $25,000 level, holding up well despite recent market fluctuations. However, he believes there could be even lower levels of liquidity in the market, which could impact Bitcoin’s price shortly. Altcoin Sherpa points out interesting support areas at the $23,000 and $24,000 levels, potentially serving as a bottom for Bitcoin. However, he advises investors to be patient and wait for the market to find some consolidation before making any investment decisions. The analyst notes that the ‘bottom’ should take time, and investors should look for signs of consolidation before making any moves. He also suggests that it may not be the right time to buy alts or BTC at the current level and that a more cautious approach may be warranted. Bitcoin Faces Critical Test Following the same line, crypto analyst Justin Bennet said the $26,500 level had become resistance after yesterday’s breakdown. The key support area for the week ahead is $25,200, a level that served as resistance for Bitcoin. Bennet expects this to be a significant test for the market, with the potential for ranging price action between $25,200 and $26,500. Bennet advises traders to wait for a confirmed deviation below the $25,200 support level, with channel support near $24,300 serving as a potential technical catalyst. If Bitcoin reclaims the $25,200 level, traders can consider longing BTC within the range. Alternatively, an immediate retest of $26,500 could offer a favorable short opportunity with targets of $25,200 and $24,000. Related Reading: Gateway Issues Cause Withdrawal And Deposit Delays For Kraken Exchange Furthermore, Bennet notes that the path for Bitcoin remains uncertain, but a reclaim of $26,500 would confirm a deviation and expose $27,500.  Featured image from iStock, chart from TradingView.com

On-chain data from Glassnode shows market participants averting risk and seeking shelter in stablecoins and BTC as the crypto market nears a decisive move.

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The SEC has accused the two largest crypto exchanges in the world of significantly distinct violations concerning securities regulations Let's break them down. First, BOTH Coinbase and Binance have been charged with: operating an unregistered exchange, broker, and clearing agency. unregistered offer and sale of securities in connection with staking-as-a-service program. Unlike Coinbase, Binance and…
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I have been a coinbase customer since 2016, using the platform only to buy cryptocurrency. I have done nothing illegal or against their T&C's yet they have decided to block my account, without reason, without appeal and without access to my funds. On May 10th I was initially alerted to a problem with my account…
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The US Securities and Exchange Commission (SEC) sued the world’s largest crypto exchange Binance and its founder for allegedly violating securities laws.  In light of this, Cardano founder Charles Hoskinson has expressed his concerns over the SEC’s complaints against Binance.  Cardano Founder Analyzes SEC’s Complaints Against Binance Charles Hoskinson to Twitter to disclose his belief regarding the recent SEC lawsuit against Binance and its CEO, Changpeng Zhao. The Cardano founder noted that such a situation depicts threats to financial freedom and the continuation of crypto in the United States. Related Reading: No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts In his lengthy post, Hoskinson thinks the SEC wants to implement ‘Chokepoint 2.0’ in the country based on the implications of its complaints.  He also pointed out the extensive nature of the complaint, which amounted to 136 pages stating that it could be an integral part of a plan to maintain strict control over the personal financial lives of people. Hoskinson further observed that the SEC’s lawsuit against Binance is not just centered on compliance issues with the exchange. He is concerned that the regulator may include the creation of a centrally-backed digital currency (CBDC) connected to a group of chosen and powerful banks.  Such a move could provide the government absolute control over every area of financial activities from the customers. And Hoskinson thinks that the SEC’s action displays a political and philosophical disagreement on the existence of crypto and its core principles. Additionally, he mentioned that a group of unappointed persons had streamlined some operations as inappropriate for the open market. These include wallet ownership, economic agency, and self-sovereign identity. So, the SEC intends to have just a few individuals enjoying these privileges. Hoskinson maintained that historically, the current play-out of events indicated the recurring battle between freedom and authoritarianism. According to him, it is not a completely new situation; rather, the clash is between different players and technology, with a change in wording. Related Reading: Tether: How Its $2 Billion USDT Minting Impacts Ethereum’s Success In The Bull Market As such, the Cardano founder noted that the situation demands that the crypto industry unite and create concrete rules to prevent the US from getting into an apocalyptic stage similar to George Orwell’s 1984. SEC’s Lawsuit Against Binance And Its CEO Zhao A June 5 report from Forbes revealed that the SEC had sued the largest global crypto exchange Binance and its CEO, Changpeng Zhao. In line with its operations, Binance functions internationally as Binance.com but runs a separate platform, Binance.US, for its US customers. The platform for US customers complies with the SEC’s regulatory demands. However, the SEC alleged US users have been trading on Binance.com, indicating that Binance and its CEO, Zhao violated securities laws. Also, the regulator accused the exchange of allowing the trading of crypto assets which are securities, amounting to $115 billion. Some of the assets include BNB, BUSD, Polygon (MATIC), Solana (SOL), and Cardano (ADA). Featured image from Pixabay and chart from TradingView.com