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crypto platform, saying they operated as exchanges without registering with the agency.
(Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis)
This month the SEC sued Binance, the largest crypto platform, and Coinbase, the largest U.S.
NEW YORK, July 13 (Reuters) – Alex Mashinsky, founder and former CEO of bankrupt cryptocurrency lender Celsius Network, pleaded not guilty Thursday to U.S.
fraud charges that he misled customers and artificially inflated the value of his company’s propriety crypto token.
Bucking the trend, Coinbase’s U.S.
market share jumped in June to 55% from 48.4%, as the exchange was named as a surveillance partner by Fidelity and other asset managers in filing for a spot bitcoin ETF, Aubert said.
PARIS, June 16 (Reuters) – Binance is under preliminary investigation for illegal canvassing of clients and money-laundering, the Paris prosecutor’s office said on Friday, the latest in a series of setbacks for the world’s largest crypto exchange.
“Differentiating based on the breadth of your offerings has provided a lot of these exchanges with popular adoption,” said Wade Guenther, a partner at investment firm Wilshire Phoenix.
The industry, eager to join the financial establishment, has asked for clear regulation, but progress on that front has been thwarted by political gridlock in Washington.
“We wish to see from regulators a bit more proactive guidance and legislation rather than regulation by enforcement,” said Paolo Ardoino, chief technology officer at Bitfinex, a cryptocurrency trading company that was fined by another US regulator, the CFTC, in 2021.
Still, crypto investors have taken encouragement from the world’s biggest asset manager, BlackRock, filing to launch a bitcoin exchange traded fund last month.
Earlier in July exchange operator Cboe refreshed its filing for a similar fund to be run by asset manager Fidelity.
The SEC, along with other regulatory agencies which also filed lawsuits Thursday, accused Mashinsky and his company of touting Celsius as safe – akin to a traditional bank – even as they took increasingly risky steps to deliver promised returns of as much as 17%.
BlackRock, WisdomTree, Invesco and VanEck also submitted paperwork for spot bitcoin ETFs on Cboe BZX, Nasdaq and NYSE Arca, which is owned by Intercontinental Exchange Inc . Fidelity is one of several big asset managers that have applied to list bitcoin ETFs recent weeks.
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The decision to open an office in the UK comes as the firm seeks a more hospitable environment for crypto and the blockchain technology behind it amid a regulatory crackdown in the US.
The clampdown in the US has brought a dose of self doubt to a whole ecosystem behind cryptocurrency and the blockchain idea at its core, in which transactions do away with middlemen, including governments and banks.
BRUSSELS, June 23 (Reuters) – Belgium’s FSMA regulator on Friday ordered Binance to cease offering any virtual currency services in the country, adding to pressure on the world’s biggest cryptocurrency exchange.
A regulatory crackdown has also weighed on the crypto sector.
Binance and Coinbase Global, two of the biggest crypto exchanges, were sued this month by the SEC for allegedly violating its rules, which the pair deny.
The meeting comes as Coinbase and Binance – two of the world’s largest crypto exchanges – are grappling with lawsuits brought by the U.S.
Securities and Exchange Commission for allegedly failing to register their operations with the agency.
It unleashed a rally in smaller cryptocurrencies called “altcoins,” with tokens such as Solana, Matic and Stellar up between 15% and 50% and shares in exchange Coinbase up 24% to a year high.