Binance US Crypto Traders Withdraw $78.48 Million Despite Assurances of Safe Funds Amid SEC Lawsuit
Crypto traders withdrew $78.48 million from Binance US on June 7, despite the platform's assurances that their funds were safe. The outflows amounted to around 24% of the current total value of tokens held by Binance.US, which is reportedly $321 million.
US Court Grants Request to Freeze Assets of Binance Subsidiaries in the Country
On June 7th, a US court granted the SEC's motion to freeze the assets of Binance subsidiaries, BAM Management and BAM Trading, in the country to prevent the dissipation or withdrawal of these assets from the court's jurisdiction. The court ordered Binance to return all fiat currencies and cryptocurrencies held in Binance. us accounts to its customers within ten days. The case against Binance's US subsidiaries is under review, and the broader implications for Binance are yet to be determined.
Binance.US Customers Remain Calm Despite SEC's Asset Freeze Request
Following the SEC's request to freeze Binance.US assets, on-chain data shows that customers are not overly concerned. Despite expectations of a large outpouring of assets such as Bitcoin from Binance.US and Binance.com, only around $100 million of Bitcoin was withdrawn yesterday, according to Glassnode.
Massive Ethereum Whales Hold Record $59.6 Billion Worth of ETH: Santiment
According to crypto analytics firm Santiment, the largest non-exchange Ethereum whales have been accumulating the second-largest crypto asset throughout 2021. The top 10 non-exchange Ethereum addresses now hold a record high of 31.8 million ETH, worth over $59.6 billion. Santiment attributes this to the increasing movement of Ethereum into self-custody and DeFi options.
SEC Classifies Binance's BUSD Stablecoin as Unregistered Security, Raising Questions About Other Stablecoins
Binance's BUSD stablecoin has been classified by the SEC as an unregistered security, leading to confusion and questions about the classification of other stablecoins. The SEC alleges that BUSD was marketed as an investment contract, with Binance offering various interest-earning or profit-generating schemes that required the purchase of BUSD.
Cardano Foundation Denies Security Charges Against Cardano
The Cardano Foundation has denied claims by the U.S. Securities and Exchange Commission (SEC) that Cardano (ADA) is among the securities hosted on the Binance platform. In response to the SEC's recent lawsuit against Binance, the foundation expressed disagreement with the classification of ADA as a security under U.S. law but expressed openness to dialogue with policymakers in seeking legal clarity.
US SEC Investigates Binance for at Least a Year, Alleging Unlawful Operation of Cryptocurrency Securities Exchange
According to court filings published on Tuesday, the US Securities and Exchange Commission (SEC) has been investigating Binance for at least a year, detailing evidence of hundreds of millions of dollars in unlawful profit by the cryptocurrency exchange. On Monday, the SEC sued Binance's US and global entities, including its CEO Changpeng "CZ" Zhao, alleging that they operated an unregistered securities exchange by allowing people to trade crypto.
Cumberland Buys Crypto at Dip After SEC Sues Binance and Coinbase
According to a tweet from blockchain data analytics firm LookOnChain, Cumberland seems to have bought cryptocurrencies at the market low after the US financial regulator SEC sued Binance and Coinbase. Cumberland withdrew 20,000 ETH ($37 million) from Coinbase and 4,850 ETH ($9 million) from Binance, as well as AXS, SHIB, COMP, LINK, CRV, AAVE, RNDR, and other cryptocurrencies.
SEC Lawsuits Cause Heavy Losses in Net Worth for Coinbase and Binance CEOs
The net worths of Coinbase CEO Brian Armstrong and Binance CEO Changpeng Zhao have taken a hit due to recent lawsuits by the US Securities Exchange Commission (SEC). Within 30 hours of the SEC suing Binance on June 5 and then Coinbase on June 6, Armstrong's net worth fell by $289m and Zhao's by $1.33bn.
Robinhood considers delisting tokens named in SEC lawsuits against Binance and Coinbase, says Chief Legal Compliance Officer
Robinhood, a fintech trading app, may delist tokens involved in lawsuits by the SEC against Binance and Coinbase. The company's Chief Legal Compliance Officer, Dan Gallagher, testified before a Congressional committee that they are reviewing the SEC analysis to determine what actions to take.
