Binance, the world's biggest cryptocurrency exchange, has faced a string of setbacks recently, announcing plans to leave the Netherlands, Cyprus, Canada and Australia, and being charged by the U.S.
Securities and Exchange Commission (SEC).
It called it a "detailed and ongoing process" and said it was confident of having "the right team and measures in place to continue our discussions with regulators in Germany".
The SEC also said Celsius engaged in "risky trading practices" and made uncollateralized loans, despite telling investors it did not.
The company also falsely claimed to have raised $50 million from its initial token sale, and claimed to have 1 million active users when in fact it only ever had around 500,000 depositors, many of whom were no longer active, the SEC said.
Top token bitcoin last week hit $31,818, its highest for a year, and is up more than 80% in price so far in 2023. However, the asset remains less than half its all-time high of $69,000.
(Reporting by Tom Wilson in London; Editing by Sharon Singleton)
A spokesperson for Binance, which had been operating in the Netherlands without permission from regulators, said that the company had tried "many alternative avenues" to meet Dutch registration requirements.
In a letter filed just before midnight on Wednesday in Manhattan federal court, Coinbase said the SEC has no authority to pursue civil claims because
assets trading on its platform are not "investment contracts," and thus not securities.
Its counterparty information requests are "much more intense and more often," while the company also monitors Twitter for intelligence on which firms might be in trouble, said Hansen.
June 23 (Reuters) - Bitcoin, the world's largest cryptocurrency, hit a more than one-year high on Friday, capping a week of gains helped in part by BlackRock's plans to create a bitcoin exchange-traded fund (ETF) despite heightened U.S.
regulatory scrutiny on the digital asset sector.
Users can customize and set certain grid parameters, to determine the upper and lower limits along with the number of grids.
For Binance Futures contracts, grid trading bot automates the buying and selling process.
This feature is designed to place orders in the market at preset time intervals within a configured price range. Once the crypto bot Binance or the grid trading bot is created, the system will automatically start buying and selling of the orders.
ICOs
The most fundamental type of crowdfunding in the cryptocurrency sector is known as an initial coin offering, in which entrepreneurs offer investors tokens that, in principle, have some utility within the project.
ICOs played a significant role in the cryptocurrency market's spectacular expansion in 2017. Investors essentially earned nothing because many of the tokens released during ICOs haven't even made it to cryptocurrency exchanges.
ICOs are often used with caution nowadays due to the abundance of fraudulent projects and lack of investor interest protection; instead, alternative kinds of financing, like IEO or IDO, have taken their place. However, 80% of firms that acquired money using ICOs either ended up being total frauds or failing.
June 18 (Reuters) - Binance has issued a cease and desist order to "Binance Nigeria Limited", Binance CEO Changpeng Zhao said in a tweet on Sunday, calling the Nigerian company a "scammer entity".
In the meantime, all methods of depositing and withdrawing other fiat currencies as well as buying and selling crypto on
Binance.com will remain unaffected, the spokesperson added.
The SEC expressed concern that the exchange could move those funds offshore. A day later, the SEC asked a federal court to freeze Binance.US' assets, including more than $2.2 billion held in crypto and some $377 million in U.S.
dollar bank accounts.
BlackRock, the world's biggest asset manager, on Thursday filed for a bitcoin exchange-traded fund (ETF) that would allow investors to get exposure to the cryptocurrency, as the asset class comes under intense regulatory scrutiny.
At the meeting, Armstrong will also touch upon related issues, such as tax, national security, privacy, and climate, a New Democrat Coalition spokesperson said in an emailed statement.
Conversely, the Binance Futures trading platform makes it possible for traders to speculate on price moving lower and consequently generate profits.
Cryptocurrencies' prices do not always move up. Given the extreme levels of volatility, prices do experience severe downward price action.