Nigeria SEC Declares Binance's Operations in the Country "Illegal"
The Securities and Exchange Commission of Nigeria has declared Binance's operations in the country to be "illegal" and ordered the exchange to cease its activities. The agency warned Nigerians against investing in crypto assets and related financial products due to the high risks involved.
Ethereum Whales Increase Appetite Despite Market Uncertainty
The amount of ETH held on exchanges has reached a record low, while top non-exchange addresses have seen a significant increase in holdings. Despite market uncertainty, Ethereum whales have been increasing their holdings, with one whale withdrawing nearly 39,300 ETH from Binance over the past month. The withdrawals occurred after price drops, leading to speculation about whether the whale is accumulating ETH for a future bull market or due to eroding confidence in centralized entities. The majority of assets withdrawn from Binance.US were ETH, indicating that investors may be shifting funds to safer places.
Shiba Inu Whale Abruptly Moves Trillions of SHIB Tokens in Massive Transaction
A large amount of Shiba Inu (SHIB) tokens worth $31.7 million were moved from Shiba Staking to Binance by an unknown crypto whale as the memecoin experienced a dip. The value of SHIB was $0.00000792 during the transaction, which was lower than its seven-day high of $0.00000872. According to IntoTheBlock, 89% of SHIB holders are currently experiencing losses. Shibarium, a new layer-2 project built on top of Ethereum, is gaining popularity as more users experiment with its testnet and currently has 16.7 million wallet addresses using it.
Binance Troubles Continue as TrueUSD Minting via Prime Trust is Paused
Binance, the world's largest cryptocurrency exchange, experienced a significant liquidation following the SEC's charges against the exchange and its CEO earlier this week. In addition, TrueUSD (TUSD) minting through Prime Trust has been paused, which could cause further issues for Binance as it recently started supporting TUSD stablecoin. However, TUSD minting and redemption services remain unaffected and will continue to operate normally, with reserves held in Prime Trust, First Digital, Capital Union, Manual, and BitGo. The crypto market has also crashed due to the SEC's actions, with over $350 million in crypto liquidation recorded in the last 24 hours.
Massive Burn of Over 211 Million Shiba Inu (SHIB) Tokens in Past 24 Hours Causes Surge in Burn Rate and Decline in Price
In the past 24 hours, the Shiba Inu Community has burned over 211 million SHIB tokens through three separate transactions, with the largest transaction coming from Binance's wallet. This marks a significant event for the community as it is the biggest burn since June 4th. However, Shiba Inu has also witnessed a 1% increase in its circulating supply as a long-term holder transferred a large amount of SHIB to a Binance-linked wallet, causing a significant decline in its price. As of press time, SHIB is trading at $0.000006256, down -21.40% over the last day.
SEC Allegations Against Binance and Coinbase Could Hinder DeFi's Future
The SEC's allegations against Binance and Coinbase could have negative consequences for the decentralized finance (DeFi) industry, which aims to provide financial services in a decentralized manner. The charges against centralized exchanges raise doubts about the future of DeFi, and may discourage developers and entrepreneurs from pursuing new concepts. Furthermore, the regulatory approach towards DeFi exchanges appears biased, creating an unlevel playing field compared to traditional financial institutions. To unlock the full potential of DeFi and promote financial inclusiveness and empowerment, regulatory measures should strike a balance between regulation and decentralization.
SEC Chair Files Lawsuits Against Binance and Coinbase, Prompting Congressional Action on Crypto Regulation
SEC Chair Gary Gensler, known for his criticism of crypto, has filed lawsuits against Binance and Coinbase, potentially leading to a Supreme Court case and congressional action on crypto regulation. Legal experts have varying opinions on the outcome of the lawsuits, with some seeing Coinbase as better positioned due to its compliance efforts, while others question the SEC's regulatory approach. The lawsuits may encourage businesses to comply with regulations, but some crypto businesses are considering leaving the US for more welcoming jurisdictions. The SEC's actions highlight the need for comprehensive crypto legislation from Congress, as the agency's regulatory objectives remain unclear.
Robinhood to Delist Cardano, Polygon and Solana Following SEC Charges Against Crypto Exchanges
Robinhood, a brokerage firm, has announced that it will delist Cardano, Polygon, and Solana after the US Securities and Exchange Commission (SEC) classified them as securities in its charges against two major crypto exchanges. The firm will end support for the three cryptocurrencies on June 27, but investors can still buy, sell, and hold ADA, MATIC, and SOL until the deadline.
OKX's Strategic Token Burn and Manchester City Partnership Boosts Its Position in the Crypto Market
OKX, a top global cryptocurrency exchange, is taking advantage of the legal troubles faced by rival exchange Binance to attract new investors and traders. OKX's decision to burn over $258 million worth of its native tokens, OKB, between March and May has resulted in a surge in the token's value and raised its market cap to over $2.6 billion.
Binance to Suspend Services Such as Margin Trading and Earn Product for Scheduled System Upgrades
Binance, the world's largest cryptocurrency exchange, has announced that it will be performing scheduled system upgrades for its Margin and selected Earn products on June 13. As a result, services related to Margin and some Binance Earn products will be suspended during this time.
