TL;DR Breakdown Binance, the world’s largest cryptocurrency exchange, has requested the deregistration of its Cyprus unit as a crypto service provider to prioritize compliance with the forthcoming EU MiCA legislation. The move comes shortly after Binance was sued by the U.S. SEC for alleged violations, including operating without registration and offering unregistered securities. Binance aims to concentrate on larger European markets and comply with MiCA regulations, while emphasizing its commitment to defending against the SEC charges and maintaining compliance with applicable laws. Binance, the world’s leading cryptocurrency exchange, has filed a request to rescind the registration of its Cyprus unit as a crypto service provider. The move aims to redirect the company’s focus towards fulfilling the requirements of the European Union’s forthcoming Markets in Crypto Assets (MiCA) legislation. This decision comes in the wake of Binance facing a lawsuit from the U.S. Securities and Exchange Commission (SEC), which alleged violations including operating without registration and offering unregistered securities. In response, Binance is proactively taking steps to ensure regulatory compliance and align with evolving industry standards. Binance’s Cyprus unit, which obtained…

TL;DR Breakdown Despite the SEC indictment, Binance continues to use the Ethereum account, accused of commingling client funds. Recent transactions show funds swiftly transferred from the contentious Ethereum account to Binance US accounts. Binance’s CEO, CZ, admitted to being a shareholder in a non-profit market maker serving Binance during a Twitter Space session. Binance, the prominent cryptocurrency exchange, continues to employ the Ethereum (ETH) account it was accused of using to commingle clients’ funds as the Securities and Exchange Commission (SEC) indictment against them lingers. The allegations against Binance involve the mingling of funds into accounts controlled by Changpeng Zhao (CZ), the CEO of Binance, namely Sigma Chain and Merit Peak. The Ethereum account, initially brought to public attention by journalist Mike Burgersburg, alias “Dirty Bubble Media,” remains in use despite the ongoing controversy. Recent transaction data on Etherscan reveals that the account received approximately $7 million in Tether and 299,999 Uniswap tokens, with a combined value of around $1.3 million, from two separate Binance.com accounts. Intriguingly, they were swiftly transferred to Binance US accounts shortly after the funds arrived….

TL;DR Breakdown BTC Markets, Australia’s leading crypto exchange, has added a new XRP/USDT trading pair to its platform. The introduction of this USDT pair marks a significant shift from the traditional AUD and BTC pairs offered by BTC Markets since its 2013 inception. XRP, with a dominant position in BTC Markets, contributes to over half of the exchange’s trade volumes. Australia’s leading cryptocurrency exchange, BTC Markets, has recently expanded its trading offerings. This expansion came as a new XRP/USDT trading pair. This development will likely increase XRP’s visibility in the Australian crypto landscape. Additionally, it offers a new trading option for BTC Markets’ users. Since its establishment in 2013, BTC Markets has traditionally offered AUD and BTC trading pairs. However, this addition of a USDT pair represents a significant shift. Notably, XRP is among the few cryptocurrencies to have a USDT pairing. This could be because XRP claims a dominant position in BTC Markets. XRP contributes to more than half of the trade volumes in BTC Markets. Specifically, the XRP/AUD pair accounts for 56.39% of all trade volumes. This percentage…

TL;DR Breakdown Bittrex US, the American branch of the cryptocurrency exchange, has received court approval to allow customer withdrawals following its recent bankruptcy filing. The court ruling authorizes customers with undisputed, noncontingent, and liquidated claims to withdraw their cryptocurrency assets and fiat currency from the platform. Ownership disputes and the potential for clawbacks remain unresolved, as the ruling does not clarify the legal ownership of frozen assets or determine the priority of customer claims over those of the U.S. government. Bittrex US, the American branch of the cryptocurrency exchange Bittrex, has been granted permission by a Delaware bankruptcy court to initiate customer withdrawals following its recent bankruptcy filing. The court ruling comes amidst opposition from the U.S. government, which claims that the exchange owes millions of dollars for sanctions violations. Delaware court authorizes Bittrex US to facilitate withdrawals for customers In a recent ruling, Judge Brendan Shannon of the Delaware bankruptcy court authorized Bittrex US and its affiliates to enable customer withdrawals. The ruling allows customers with undisputed, noncontingent, and liquidated claims to withdraw their cryptocurrency assets and fiat currency…

TL;DR Breakdown Adidas, the global apparel giant, has joined forces with renowned digital artist Fewocious on an exciting collaboration that combines physical sneakers with NFT technology.  The release of the Trefoil Flower NFT will follow a three-tier pre-sale, followed by a public mint. Fewocious, also known as Victor Langlois, is a 20-year-old transgender artist who has gained significant recognition in the NFT space. Adidas, the global apparel giant, has joined forces with renowned digital artist Fewocious on an exciting collaboration that combines physical sneakers with NFT technology. The collaboration aims to explore the “art of play” and will feature 4,500 editions of an NFT mint pass named “Trefoil Flower.” These passes will be exclusively available for purchase on the OpenSea marketplace starting from June 22. Step into The Art of Play with @FEWOCiOUS as we explore the possibilities of a world where art imitates life and life imitates art, blurring the physical and virtual landscape of the Campus 00s.​​Coming June 22 👉 https://t.co/ZPnRLB2Mmh pic.twitter.com/QS9TkKy9Hd — adidas Originals (@adidasoriginals) June 13, 2023 The Trefoil Flower NFT mint pass serves as a unique…

TL;DR Breakdown United States District Judge Amy Berman Jackson has instructed the SEC and Binance.US to negotiate a compromise to prevent a total asset freeze. Judge Jackson emphasized the potential consequences of a complete shutdown and expressed optimism about reaching an agreement. In a bid to prevent a potential asset freeze that could have far-reaching consequences for both Binance.US and the digital asset markets, United States District Judge Amy Berman Jackson has ordered the cryptocurrency exchange and the United States Securities and Exchange Commission (SEC) to engage in negotiations. This development follows the SEC’s emergency motion for a temporary restraining order against Binance.US, accusing its CEO, Changpeng “CZ” Zhao, of accessing customer funds.  As the two parties work towards a compromise, Judge Jackson’s involvement offers hope for a resolution that safeguards customer assets while allowing the exchange to continue its operations. With an update on the negotiations scheduled, the outcome of these discussions carries significant implications for the future of Binance.US and the wider crypto industry. Contents hide 1 U.S District Judge Facilitates Negotiations for Compromise Agreement 2 Progress toward…

TL;DR Breakdown Bahamian court temporarily blocks consent for extra charges in the US indictment against Sam Bankman-Fried, co-founder of FTX. The decision introduces potential trial delays and adds uncertainty to the legal proceedings, creating a twist in the high-profile case. In a recent twist to the ongoing legal battle surrounding cryptocurrency entrepreneur Sam Bankman-Fried, a Bahamian court has issued a temporary order blocking the government from granting consent to additional charges added to Bankman-Fried’s US indictment. The FTX co-founder had sought the dismissal of these charges, arguing that they were not part of his agreement to return from the Bahamas to face US prosecution.  Contents hide 1 Bahamian Court Grants Sam Bankman-Fried Review of US Charges 2 Uncertain Impact on US Prosecution as Bahamian Decision Raises Possibility of Delay 3 Bankman-Fried’s Legal Strategy and Background on the Case 4 Conclusion Bahamian Court Grants Sam Bankman-Fried Review of US Charges In a recent development in the legal saga surrounding cryptocurrency entrepreneur Sam Bankman-Fried, a Bahamian court has issued a temporary order blocking the nation’s government from consenting to charges added to…

TL;DR Breakdown Binance CEO, CZ, refutes allegations of secret Bitcoin sales and market manipulation aimed at inflating the value of BNB. Binance.US faces a lawsuit by the SEC, but Binance and CZ maintain their innocence and are prepared to vigorously defend themselves in court. Binance CEO Changpeng Zhao, commonly known as CZ, has refuted recent accusations that the leading cryptocurrency exchange, Binance, has been involved in secret Bitcoin sales to artificially stabilize the price of its native token, BNB. Market commentators and analysts, including Dylan LeClair and Cory Klippsten, raised concerns over alleged market manipulation by Binance to inflate the value of BNB. However, CZ took to Twitter to deny these claims, stating that Binance has not sold any Bitcoin or BNB and still holds a reserve of FTX Tokens. Accusations of Market Manipulation and Wash Trading The rumors surrounding Binance’s alleged market manipulation emerged from a post by technical analysis platform Skew, which accused the exchange of manipulating the market through trades involving Bitcoin, BNB, and Tether. Dylan LeClair, a prominent Bitcoin analyst, referred to BNB as a “fake…

TL;DR Breakdown U.S. Treasury Secretary Janet Yellen believes the dollar’s global reserve share will gradually decline, but no alternatives can fully replace it due to unique strengths like deep financial markets and strong rule of law. Yellen acknowledged that U.S. sanctions have prompted countries to explore currency alternatives, but no meaningful workaround to the dollar as a reserve currency exists. While diversification in reserve assets is expected over time, the dollar remains the dominant reserve currency, and meaningful alternatives are unlikely despite de-dollarization efforts. US Treasury Secretary Janet Yellen, during a House Financial Services Committee hearing, stated that while the US should expect a gradual decline in the dollar’s share of global reserves, there are no viable alternatives that can completely replace the greenback. Yellen highlighted the fundamental reasons behind the dollar’s prominent role in the global financial system, such as deep and liquid financial markets, a strong rule of law, and the absence of capital controls. She acknowledged that the use of US sanctions has prompted some countries to seek currency alternatives but stressed the difficulty of finding a…

TL;DR Breakdown Egypt has joined the BRICS economic bloc in shifting away from the US dollar for trade settlements, opting to use local currencies such as the rupee, ruble, and yuan. The move reflects ongoing de-dollarization efforts within the BRICS countries, which aim to challenge the dominance of the US dollar in international trade. The upcoming BRICS Summit in August is expected to explore the implementation of a new currency for trade settlements, further challenging the position of the US dollar in global finance. Egypt has made a significant move in its trade practices by abandoning the US dollar in transactions with the BRICS economic bloc. The country aims to utilize local currencies, such as the Indian rupee, Russian ruble, and Chinese yuan, to pay imports from these key BRICS members. Egypt’s Supply Minister, Ali Moselhy, emphasized ongoing discussions about trading in local currencies, highlighting the potential shift away from the dominant role of the US dollar. BRICS’ de-dollarization efforts gain momentum The rise of the BRICS economic bloc continues to shape the global power dynamics, with member countries taking…