Former SEC official John Reed Stark has suggested that Binance, a cryptocurrency exchange, may face criminal charges for alleged money laundering, fraud, deception, and obstruction of justice. The charges could be related to disguising financial assets to avoid detection of illegal activity.

DFLunc Protocol, a Terra Classic project and ecosystem validator, has burned over 628 million LUNC tokens in less than six weeks, with a sustained rate of tens of millions of LUNC tokens burned daily. This has contributed to the massive burn threshold, with over 379 million Terra Classic burned this month alone.

The SEC's lawsuit against Binance and Coinbase has caused volatility in the crypto market, with 19 new cryptocurrencies being identified as securities.

US Securities and Exchange Commission (SEC) Chair Gary Gensler has restated his position on cryptocurrency regulation, following recent lawsuits against exchanges Coinbase and Binance. Speaking at the Piper Sandler Global Exchange & Fintech Conference, Gensler reiterated the link between the digital assets market and securities laws, and warned that non-compliance could lead to further enforcement actions.

On June 12, Tether's treasury sent Binance $750 million USDT in three batches of $250 million each, following a $10 test transaction. Tether's CTO announced that the stablecoin issuer would mint 1 billion USDT tokens to replenish its inventory on the Ethereum blockchain, which was confirmed by blockchain analytical firm Arkham Intelligence. Tether remains the dominant stablecoin in the crypto industry, with a market cap of $83.38 billion and a 24-hour volume of $20.89 billion, despite regulatory troubles faced by Binance over the past week. The exchange recorded over $3 billion in outflows during the past seven days, according to DeFillama data.

BNB Chain has reassured the community that it will take over the positions of a hacker who has a 924,830 BNB lending position on the Venus Protocol platform if the liquidity threshold is hit. The community is concerned about a potential sharp price drop due to liquidations.

The SEC has filed charges against Coinbase and Binance, two major global crypto exchanges, which will have significant implications for the future of cryptocurrencies. JPMorgan has released a research report examining the potential impact of this legal conflict on the formation of US crypto regulations.

Bitcoin and Ethereum prices are showing resilience due to positive macro factors, despite bleak market conditions caused by US SEC lawsuits against Binance and Coinbase and selling pressure on Cardano, Solana, and Polygon. Investors are preparing for key events this week, including US CPI and PPI data, the US Federal Reserve's monetary policy decision, and interest rate decisions by the European Central Bank and Bank of Japan.

Binance CEO Changpeng "CZ" Zhao spoke about various topics related to the crypto market on a recent podcast. He believes that while customers remain cautious, the crypto market seems to be recovering from the bear market of 2022.

The world's top crypto exchanges have experienced a significant drop in trading volumes over the past 24 hours, likely due to the fallout from the US Securities and Exchange Commission's crackdown on crypto exchanges.