The SEC filed a lawsuit against Coinbase, the largest crypto exchange in the US, for operating as an unregistered securities exchange, broker, and clearing agency. The SEC also accused Coinbase of offering and selling unregistered securities through its staking program.
Author: jose
The cryptocurrency market witnessed a remarkable recovery on Wednesday, with Bitcoin leading the way. The world’s largest cryptocurrency surged over 4% to trade at almost $27,000, despite the ongoing legal challenges faced by some of the major crypto exchanges. Bitcoin’s rally was accompanied by other popular cryptocurrencies such as Ethereum, XRP, and Dogecoin, which also posted significant gains.
Polygon (MATIC) is a blockchain platform that aims to provide scalability and interoperability solutions for the Ethereum network. It has recently attracted the attention of cryptocurrency investors and enthusiasts, as it witnessed a massive surge in large transactions on its network.
Louis Vuitton, the iconic French luxury fashion house, has announced that it will release 42,000 physical-backed non-fungible tokens (NFTs) on its own blockchain platform. The NFTs will be based on its signature handbags, shoes, and accessories, and will be sold exclusively through its online store and selected physical locations.
As Bitcoin dropped under $26,000, the crypto futures market experienced nearly $300 million in liquidations over the last 24 hours, according to data. A futures contract is a type of derivative security that allows two parties to agree on buying or selling an asset at a future date for a certain price. When a futures contract is “liquidated”, it means that the exchange where the contract was traded closes the position forcefully to prevent further losses.
The SEC has sued Binance, the biggest crypto exchange in the world in terms of trading volume, in its most recent legal action against the cryptocurrency industry. This brings the total number of cryptocurrencies that the US regulator considers to be securities to 61.
The cryptocurrency world was shaken by the news that the US Securities and Exchange Commission (SEC) has filed a lawsuit against Binance, the world’s largest crypto exchange by trading volume, and its CEO Changpeng Zhao (CZ) for allegedly violating securities laws.
Ethereum has been facing some selling pressure from its co-founders and the Ethereum Foundation in recent months. The latest move came from Jeffrey Wilcke, one of the original developers of Ethereum, who transferred 22,000 ETH (worth about $41 million) to the Kraken exchange on June 5. This was his second major sell-off this year after he moved 15,000 ETH to Kraken in January.
One of the latest developments in the ongoing trial of Terraform Labs co-founder is the reapproval of a $430,000 bail request for Do Kwon, by a Montenegrin court.
Arbitrum is one of the most promising scaling solutions for Ethereum, the second-largest blockchain platform by market capitalization. It was developed by Offchain Labs, a New York-based company founded by former Princeton University researchers with expertise in computer science, cryptography, and blockchain.