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| Hey Insider! The release of the long-awaited Hinman documents to the public hit the headlines today as it caused a jump in XRP’s price. Today’s issue covers some of the biggest stories from the crypto industry, including the current situation of the Binance saga, eToro’s decision to delist four tokens, Thailand’s retail CBDC pilot, and more. Enjoy your reading! Doğa
p/dogayurduneri | |
| 1 | | Binance.US, the U.S. arm of the largest crypto exchange by trading volume, has asked the court to reject the U.S. Securities and Exchange Commission's (SEC) request to freeze its assets. The firm said such a move would harm both its business and customers. More: - The company stated that its operations would quickly come to a stopping point when it could not pay employees, vendors, suppliers, and professionals and maintain the trading platform.
- The exchange also pointed out that banking partners would probably deny transferring the funds when its assets are frozen.
- Binance.US' request came nearly one week after the SEC filed an emergency action application for a temporary restraining order, asking the court to freeze the assets of Binance.US.
- At the time, Binance said user assets remain safe, adding that the platform continues to be fully operational, with deposits and withdrawals functioning as usual.
- However, the platform then had to suspend U.S. dollar (USD) deposits as of June 9 and said the customers would have time until June 13 to withdraw their funds in USD since banking partners would close USD withdrawal channels on this date.
Zoom Out: - Earlier in June, the SEC also filed a 136-page complaint against Binance and its CEO Changpeng Zhao (CZ) over U.S. law violations with 13 charges.
- The allegations in the complaint include mishandling customer funds, misleading investors and regulators, violating securities laws, creating an extensive web of deception, conflicts of interest, lack of disclosure, wash trading, and calculated evasion of the law.
- Rival crypto exchange Coinbase was also sued by the SEC over alleged U.S. securities law violations, one day after the complaint against Binance.
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What the numbers say: Popular payment protocol Ripple's native token XRP recently saw the peak of 2023 in price, reaching $0.56. The popular cryptocurrency jumped to the 2023 peak, up from $0.51, the lowest level of the last 24 hours. Shortly after hitting the peak, the token retreated to $0.53 again. XRP is currently the sixth-largest cryptocurrency by market cap after Bitcoin (BTC), Ether (ETH), Tether (USDT), BNB Coin (BNB), and USD Coin (USDC). Relevance: The jump in the XRP's price came right after long-awaited Hinman documents were released to the public as part of the U.S. Securities and Exchange Commission's (SEC) lawsuit against Ripple Labs. In December 2020, the SEC sued Ripple and some of its executives over the unregistered sale of nearly $1.3B of XRP tokens. The documents, which Ripple requested to unveil, involve the agency's former director of corporate finance division Bill Hinman's 2018 speech on crypto securities and were believed to strengthen Ripple's legal arguments. Details: In the speech, Hinman stated that ETH is not a security, contradicting SEC chair Gary Gensler's argument that all crypto assets other than BTC are securities. Hinman's view supported Ripple's legal position claiming that XRP should not be considered a security. In May, U.S. Judge Analisa Torres denied the SEC's request to seal documents, paving the way for the documents to be unsealed on June 13. Brands that should care: Ahead of the release of the long-awaited documents, many crypto exchanges, including Binance, Coinbase, Kraken, OKX, and Gemini, saw an XRP inflow since the investors expected a strong price increase in the token. | | | |
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| 3 | | Israeli social investing and trading platform eToro has announced that it would delist Algorand (ALGO), Decentraland (MANA), Dash (DASH), and Polygon (MATIC) for U.S. customers as of July 12. The move came shortly after the U.S. Securities and Exchange Commission (SEC) labeled these tokens and others as unregistered securities in two consecutive lawsuits against major crypto exchanges, Binance and Coinbase. More: - eToro customers in the U.S. will not be able to open new positions in ALGO, MANA, DASH, and MATIC as of July 12.
- However, they will still be able to continue to hold and sell their existing positions in these tokens.
- The firm cited its internal review of its crypto listings following the recent developments around the SEC while explaining the decision.
- The trading platform added that they are committed to working closely with regulators around the world to shape the future of the crypto industry.
- Trading app Robinhood also recently decided to delist Solana (SOL), Polygon (MATIC), and Cardano (ADA) by the end of June after it reviewed its crypto offerings and listed tokens due to the SEC's increased crackdown on crypto trading platforms.
- eToro underlined that its delisting does not include SOL since the token is not among its offerings in the U.S.
Zoom Out: - Earlier in June, the SEC consecutively filed two separate lawsuits against Binance, the largest crypto exchange by trading volume, and Coinbase, the largest U.S. crypto exchange, over alleged U.S. securities law violations.
- eToro also delisted Ripple (XRP) in December 2020 when the SEC filed a lawsuit against Ripple Labs.
- The platform hit the headlines in April following its partnership with Twitter.
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| 4 | | European crypto exchange Bitstamp has obtained regulatory approval in the U.K. from the Financial Conduct Authority (FCA), the country's financial regulator. The approval will allow the firm to operate in the U.K. in compliance with local regulations. More: - With the move, Bitstamp has joined several other crypto-related firms registering with the FCA, such as Revolut, Gemini, Kraken, and eToro.
- To obtain the registration, Bitstamp needed to pass FCA's strict checks regarding anti-money laundering.
- The popular crypto exchange said the FCA's decision confirmed its commitment to offering compliant and secure access to cryptocurrencies in the U.K. under the strict requirements determined by the regulator.
- The license became the first approval granted by the FCA to a crypto firm in the last six months.
Zoom Out: - The FCA has seen crypto as a high-risk asset class for several years despite Prime Minister Rishi Sunak's push to make the country a global crypto hub since his finance ministry.
- Only 42 crypto-related firms have managed to register with the FCA so far.
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| 5 | | The Bank of Thailand, the Thailander central bank, has announced its plans to launch a pilot project for its retail central bank digital currency (CBDC) in June. The project will include three payment providers and up to 10,000 users. More: - Bank of Ayudhya (Krungsri), Siam Commercial Bank, and Singapore-based payments service provider 2C2P will all be participants in the project.
- Krungsri will also expand the project to its Ploenchit branch.
- Each payment provider has made a mobile app with a wallet and a QR code scanner for the project, making them available to select users.
- The pilot will run through August.
- The Bank of Thailand defines the project as a pilot to learn instead of a pilot to launch since the central bank currently has no official plans to launch a CBDC.
Zoom Out: - The pilot project for a retail CBDC was originally scheduled to launch in 2022, but it was postponed.
- In 2018, the Thailander central bank also announced the development of a wholesale CBDC.
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| 6 | | The worldwide-known rapper Snoop Dogg has launched a new NFT collection dubbed the Snoop Dogg Passport Series that will evolve with his tour this summer to give his fans a chance to travel the world with him. The collection will ultimately transform into a tour poster shaped with each place Snoop Dogg stops by during the tour. More: - The NFTs will also give holders access to behind-the-scenes content alongside exclusive merch, art, and experiences from the famous rapper.
- Each passport in the form of an NFT in the collection was put up for sale for about $42.
- Users can purchase the NFTs through various crypto wallets or the NFT payment processor Crossmint.
- The collection was developed in partnership with the Web3 platform Transient Labs and talent agency WME.
- Snoop Dogg will also simultaneously release a curated NFT artwork collection, Snoop Selects, that will be airdropped to all passport holders.
- The rap icon's summer tour will start on July 7 in Vancouver.
Zoom Out: - Snoop Dogg launched his first NFT collection, dubbed A Journey with the Dogg, which involves a song called NFT, in March 2021.
- In December 2021, the famous rapper also started developing the Snoopverse as a virtual community in the metaverse platform The Sandbox.
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- Crypto exchange Binance's U.S. arm, Binance.US, has hired the former co-director of the U.S. Securities and Exchange Commission's (SEC) enforcement division, George Canellos, amid the heightened regulatory tension against the platform.
- Popular sportswear brand Adidas has partnered with NFT artist FEWOCiOUS for a new NFT collection that features physical sneakers.
- Apple has issued a warning letter against a decentralized social media app called Damus, saying that the app could be removed from the App Store due to a feature allowing users to tip in Bitcoin (BTC).
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INSIDE CRYPTOCURRENCY LEADERBOARD (7 DAYS) |
 | Staff Writer | | Doga is a tech and science editor who has been writing news for nearly 10 years. She worked for leading tech platforms and mainstrem media channels as an editor and presenter throughout his career. Then, she carried her know-how to more than one platform. She is a part-time cat lover and binge-watcher, and also fond of science, space, and emerging tech. She always has a story to tell. She is a bit addict to the laughter and -unfortunately- the '90s culture. | | This newsletter was edited by Aaron Crutchfield | |
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