According to a research report by CryptoQuant, United States-based crypto exchanges have seen a decline in their bitcoin and ether reserves, falling below 50%. This is due to an ongoing regulatory crackdown in the country, which has prompted international exchanges to gain traction.

More than half of the bitcoin held by crypto firms for their customers has moved to offshore and international exchanges due to unclear regulations in the United States.

Crypto.com has announced that it will suspend its institutional service in the United States from June 21 due to limited demand and testing market conditions. The platform's retail mobile application and platform will remain operational in the US, and American retail users will still have access to CFTC-regulated cryptocurrency derivatives trading. While Crypto.com remains open to a potential relaunch of its institutional exchange in the US, it recently received an official major payment institution license for digital payment token services in Singapore. The SEC's legal proceedings against Binance.US and Coinbase have caused criticism from the wider cryptocurrency ecosystem.

Cryptocurrency exchanges are seeking better business environments as the regulatory environment in the United States becomes more challenging. The United Arab Emirates (UAE) is one such region, and Bybit, one of the world's most popular exchanges, has recognized its potential.

Money transfers within the United States have historically been slow compared to other countries, but the US Federal Reserve is introducing a new system called FedNow that promises to revolutionize the banking industry.

Swedish crypto tax firm Divly has released a new report that estimates that only 0.53% of crypto investors globally paid tax on their crypto in 2022 — however tax experts have cast doubt on the figures and methodology. 

Larry Fink, CEO of investment management company BlackRock, recently expressed concern that the United States is falling behind in the innovation of cryptocurrencies compared to other countries.

United States authorities are reportedly deliberating on extending an emergency credit line for banks, “in ways” which may provide First Republic Bank with a time buffer to address its balance sheet concerns, according to people with knowledge of the situation.

In the documents of the trial with Dapper Labs, the court ruled that the emojis “rocket ship”, “stock chart” and “money bags” can be considered as financial advise.

United States federal prosecutors have charged a former executive of the fraudulent cryptocurrency scheme OneCoin for her role in the operation, who now faces up to 40 years in prison after being extradited from Bulgaria. On March 21 the Department of Justice (DOJ) charged OneCoin’s former head of legal and compliance Irina Dilkinska with one count of wire fraud and one count of conspiracy to commit money laundering, each carrying a maximum potential sentence of 20 years in prison. (Cointelegraph)