Last week the SEC sued Binance and Coinbase, launching a legal process that could determine the future of crypto in the United States.
On #TechWontSaveUs, I spoke to @molly0xfff to dig into why this is the “final boss fight” of the crypto industry and why it’s unlikely they could ever comply with US securities law. It’s a fascinating and very informative episode!
SEC’s one-two punch of Coinbase and Binance couldn’t have come at a better time for Asia, as crypto firms look to shift from the US to friendlier shores.
#CHINA, #RUSSIA AND SOME OTHER COUNTRIES ARE PLANING TO LEGALIZE CRYPTO #TRADING AND CRYPTO #BUSINESS SOON. MANY #BANKS OUTSIDE OF THE US HAVE ALREADY STARTED TO OPEN #BANK ACCOUNTS FOR #CRYPTO BUSINESSES AFTER US STARTED TO PUSH CRYPTO BUSINESSES OUT OF THE #COUNTRY. #RUMOUR
🚨 Binance.US halts dollar deposits, Robinhood delists tokens after SEC crackdown | @Reuters
⎧ The U.S. affiliate of Binance said it was halting dollar deposits, while trading platform Robinhood Markets (HOOD.O) said it was delisting some crypto tokens, after the U.S. securities regulator stepped up its crackdown on the crypto sector ⎭
It looks like #Binance is telling its US customers to withdraw their USD by June 13, 2023, because their banking partners aren't going to service them any more after that.
June 13th also happens to be the hearing date on the SEC's request for an asset freeze.
What they aren't telling their customers is to withdraw their #crypto even though the SEC is requesting that their crypto assets also be frozen.
If you have anything on #BinanceUS you should think really hard about getting it off ASAP
🚨 SEC asks for emergency order to freeze Binance US assets anywhere in the world
➥ CNBC
"The Securities and Exchange Commission filed an emergency motion in Washington, D.C. federal court Tuesday evening, asking a judge to freeze the assets of Binance's U.S. platform and repatriate both fiat currency and crypto held by the service's customers."
"The SEC filed suit against Binance and Zhao on Monday, alleging on thirteen separate counts that the exchange and Zhao had worked to defraud investors, improperly commingle funds, and operate as an unregistered broker, dealer, and clearing house.
The emergency restraining order was necessary, the regulator argued, to "prevent the dissipation of available assets for any judgment, given the Defendants' years of violative conduct, disregard of the laws of the United States." #Binance#SEC#Crypto
"The order also compels Binance's founder, Changpeng Zhao, to "show cause why a preliminary injunction" against Zhao and his two holding companies "should not be entered." The restraining order would also prevent all three entities from destroying evidence."
The #SEC has spoken: The future of #finance is not in #America, #crypto #bitcoin #coinbase #binance #cryptocurrency (forkast.news)
SEC’s one-two punch of Coinbase and Binance couldn’t have come at a better time for Asia, as crypto firms look to shift from the US to friendlier shores.