TL;DR Breakdown CoinEx, a Hong Kong-based crypto trading platform, will pay $1.7 million and halt operations in New York. $1.1 million will be used for refunds to around 4,700 affected New Yorkers, while $600,000 will go towards state penalties. The New York Attorney General sued CoinEx for violating the Martin Act by not registering with the state. Attorney General James aims to bring law and order to the cryptocurrency industry amid concerns of fraud and dysfunction. CoinEx, a Hong Kong-based cryptocurrency trading platform, has reached an agreement with the New York Attorney General’s office to pay $1.7 million in restitution and penalties and cease its operations in New York. The settlement comes as a result of a lawsuit filed by the Attorney General’s office in February, which alleged that CoinEx violated the Martin Act by failing to register with the state. Under the terms of the agreement, $1.1 million will be allocated for refunds to nearly 4,700 New York residents who were affected by CoinEx’s activities. The remaining $600,000 will be paid as penalties to the state. CoinEx, which primarily…

TL;DR Breakdown Terraform Labs co-founder Do Kwon faces extradition custody in Montenegro as South Korea seeks his repatriation, with the court ordering a six-month custody period to decide on the extradition request. Kwon is implicated in allegations of financial fraud and securities law violations, resulting in international extradition requests from the United States as well. He is also under scrutiny for his alleged ties to a political figure in Montenegro, with the Special State Prosecutor’s Office planning to interrogate him regarding the matter. Terraform Labs co-founder, Do Kwon, is set to be taken into extradition custody in Montenegro as the court deliberates on South Korea’s request for his repatriation. The court has ordered a six-month custody period to assess the extradition proceedings. Kwon’s custody hearing is scheduled for June 16, shedding light on the legal battle ahead for the Terra executive. The allegations surrounding Kwon are multifaceted, encompassing financial fraud, securities law violations, and political ties. Radio Free Europe (RFE) reported on the issuance of an arrest warrant by a court in Seoul, South Korea, labeling the case as one…

TL;DR Breakdown Coinbase introduces 4% USDC rewards, doubling profit potential for users. SEC charges against Coinbase allege illegal securities offers. Amid regulatory scrutiny, Coinbase clarifies that users cannot stake USDC. In a move aimed at attracting more users and bolstering its position in the market, popular cryptocurrency exchange Coinbase announced on June 15th that it is now offering a special 4% incentive on USD Coin (USDC) holdings. This substantial reward increase comes as a significant upgrade from the previous rate of 2%, effectively doubling the profit potential for USDC users. Coinbase, known for its innovative services and products, has emphasized its ability to modify its rewards structure according to market conditions. While the new 4% incentive rate has been made available to users within their accounts, the latest edition of the company’s public USDC website has yet to reflect this change. However, Coinbase’s recent success with its USDC rewards program has been challenging. The Securities and Exchange Commission (SEC) recently filed charges against the company, accusing it of engaging in illegal securities offers across various areas of its operations. One…

TL;DR Breakdown Prometheum’s recent approval for the SPBD has raised suspicions within the blockchain community. The Blockchain Association has filed a FOIA request with the SEC concerning Prometheum and its Special Purpose Broker-Dealer (SPBD) for digital asset securities. The Blockchain Association has taken a significant step by filing a Freedom of Information Act (FOIA) request with the U.S. Securities and Exchange Commission (SEC), seeking crucial information regarding Prometheum and its Special Purpose Broker-Dealer (SPBD) for digital asset securities. The move comes as the SEC intensifies its enforcement efforts within the cryptocurrency industry. Prometheum, a prominent player in the digital assets space, recently made headlines for obtaining approval for its pioneering SPBD. However, this development has raised suspicions within the blockchain community and prompted the Blockchain Association to take action. Concerns of Blockchain Association Members The association’s concerns are further compounded by the revelation that Prometheum’s CEO secured a seat in front of Congress to advocate for the company as a compliant path for digital assets. Additionally, it has come to light that Prometheum has paid over $1.5 million in sales…

TL;DR Breakdown The Hinman documents cause a stir im  the crypto community and coffussion in the regulatory fronts. The Hinman documents cover the internal SEC correspondence relating to a speech given by former director William Hinman in 2018. Hinman documents recently made public have exposed internal tensions within the U.S. Securities and Exchange Commission (SEC), raising concerns about the agency’s intentions in the continuing legal battle with Ripple. The documents revealed the SEC’s position on crypto, which impacted investor safety. Stuart Alderoty, the chief legal officer of Ripple, claims that the SEC purposefully increased regulatory ambiguity.  Ripple’s claims: SEC purposefully increased regulatory ambiguity According to reports, recent revelations in the Hinman documents, which have become public amid the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC), have exposed internal conflicts within the SEC. This development has sparked inquiries into the SEC’s actions and decision-making processes surrounding cryptocurrencies. The Hinman documents cover the internal SEC correspondence relating to a speech given by former director William Hinman in 2018. Crypto analysts claims that the Hinman records present a…

TL;DR Breakdown OKX has obtained a minimal viable product preparation license from the Middle Eastern division to establish an office in Dubai’s World Trade Center. Tim Byun, OKX’s global head of government relations, stressed Dubai licensing’s importance to the exchange’s global regulatory compliance approach. OKX further ventures into France. Cryptocurrency exchange OKX has obtained a minimal viable product preparation license from the Middle Eastern division, enabling its expansion into the Middle East. The license allows OKX to establish an office in Dubai’s World Trade Center and increase its local workforce to 30 employees. The crypto exchange emphasizes the importance of regulatory compliance and security in the current market climate. OKX to offer spot, futures, and fiat services in Middle East expansion According to reports, cryptocurrency exchange OKX’s Middle Eastern division has obtained a minimal viable product preparation license as part of its expansion plans in the Middle East. In a notice dated June 15, the exchange stated that following the regulator’s licensing permission, the exchange expected to extend its employees in Dubai to 30 persons and had already established an…

TL;DR Breakdown Block (SQ), owned by Jack Dorsey, will integrate Bitkey, its new self-custody Bitcoin wallet, with Cashapp and Coinbase.  BitKey is a Bitcoin hardware wallet developed by Block, previously Square, and linked with Jack Dorsey. BitKey’s wallet has yet to be available, despite its introduction. The BitKey external beta testing requires a quick application. Grossman said Block plans to deploy the wallet later this year, although she did not specify a quarter. Two major companies in the crypto industry, Coinbase, and Cash App, have announced that they will be integrating Jack Dorsey’s Bitcoin self-custody wallet. This partnership is a monumental advance in the widespread use of decentralized finance, giving investors greater discretion over their digital possessions. The expanding use of self-custody wallets With more and more people desiring to take complete charge and ownership of their digital assets, self-custody wallets have become increasingly popular. To use a conventional crypto exchange, consumers must place their faith in the platform to safely store their funds. The risk of having one’s cash stolen or lost in the event of a platform failure…

TL;DR Breakdown Binance.US, the U.S. affiliate of cryptocurrency exchange Binance, has laid off employees as it prepares for a legal battle with the SEC. The layoffs come in response to the SEC’s allegations of offering unregistered securities, forcing Binance.US to become a crypto-only exchange. Around 50 positions have been cut, and the exchange aims to reduce costs as it anticipates a lengthy and costly litigation process. Binance.US, the United States affiliate of cryptocurrency exchange Binance, has reportedly laid off a portion of its workforce in response to the legal action taken by the U.S. Securities and Exchange Commission (SEC) against both entities. The SEC lawsuits alleging the offering of unregistered securities have compelled Binance.US to transition into a “crypto-only exchange,” leading to the decision to downsize its teams and reduce expenditures. The management of Binance.US described the SEC as a “politically motivated regulator” that necessitated the transition to a crypto-exclusive focus. While the exchange had aimed to avoid this scenario, it found itself compelled to take this step due to the circumstances arising from the lawsuits. Binance.US expressed regret over…

TL;DR Breakdown UN Secretary-General has called for the regulation of generative AI amid concerns over misuse. European Parliament passes AI technology legislation. Generative AI, the latest form of artificial intelligence, has ignited high-level discussions among world leaders, prompting the UN Secretary-General António Guterres, to join the growing chorus of voices advocating for the regulation of this technology. Guterres expressed deep concern over the potential dangers posed by generative AI, comparing it to the existential threat of nuclear war. UN Secretary-General proposes the regulation of AI technology In a press conference held on Monday, Guterres highlighted the alarming warnings from scientists and experts about the risks associated with AI. He emphasized the need for swift action and urged the international community to take these warnings seriously. To address this issue, Guterres announced his intention to establish an AI advisory board comprising experts and scientists from the International Telecommunication Union (ITU) and the Educational, Scientific, and Cultural Organization (UNESCO). Coinciding with Guterres’ statements, the United Nations released a report titled “Information Integrity on Digital Platforms,” which underscored the importance of responsible AI…

TL;DR Breakdown Crypto trading volumes have hit Q2 yearly lows amid the SEC industry crackdown, and investors fear the return of another bear market.  Bitcoin lost the most market share of trading volume in the second quarter of 2023. Tether’s USDT depegs to $0.9958, its largest one-day decline since November 2022. Ethereum price is down today as traders assess the Federal Reserve’s hawkish stance for the remainder of 2023. With the SEC breathing fire down on the DeFi industry, the crypto market has hit hard snugs on all fronts. According to data from Kaiko, crypto trading volumes reached an annual low in the second quarter as market makers reduced their activity. Furthermore, major cryptocurrencies were under further pressure Thursday as the industry faced new hurdles on multiple fronts. To top it all off, more than $1.2 million in Bitcoin that had not moved in over 13 years recently did. Contents hide 1 Crypto trading volumes hit new lows 2 How are major crypto coins performing? 3 Why is the Ethereum price down today? 4 BTC Whale moves $1.2M after 13…