Halts Binance Operations 🇳🇬, Revamps Crypto Regulations 🌟, FTX authorized to ‘permanently redact’ 📛
Daily Crypto, Blockchain & Web3 Update 2023-06-11
CRYPTOCURRENCY
US senator revamps efforts for crypto regulations amid SEC lawsuits (2 min read)
United States Senator Cynthia Lummis has said her efforts to push for a positive crypto regulatory framework are still in motion, with the rapid evolution and increasing adoption of cryptocurrencies adding to their urgency.
Lummis received praise from Crypto Twitter as she shared her commitment to developing a regulatory framework to facilitate digital asset ownership and trading within the United States.
The US will find the ‘right outcome’ for crypto, eventually — Coinbase CEO (3 min read)
In an interview, Coinbase CEO Brian Armstrong explained that crypto entrepreneurs would only return to the U.S. when the government finds the “right outcome” for regulations.
Brian Armstrong, the CEO of cryptocurrency exchange Coinbase, emphasized that regulating crypto isn’t “rocket science” and is confident that the United States will achieve regulatory clarity, “even if it takes a while.”
EU needs further efforts to implement crypto regulations — Btc.x CEO (2 min read)
The CEO of Btc.x mentioned the possibility of governments considering the MiCA framework inadequate, leading to a two-sided power dynamic.
Btc.x CEO Christian Anders believes that despite the Markets in Crypto-Assets (MiCA) regulations being signed into law, the European Union might need to do much more lobbying with different European regulators and governments.
Latam crypto holders flock to Bitget following Binance, Coinbase suits (3 min read)
Crypto exchange Bitget has seen a surge in new accounts in Latin America following lawsuits by United States regulators against major competitors Binance and Coinbase.
Compared to daily averages, new users in the region increased 43% from June 6 to 9, with Brazil and Argentina leading market share growth, a spokesperson from Bitget told Cointelegraph.
Nigeria regulator halts Binance operations: Report (2 min read)
It has been a tough week for cryptocurrency exchange Binance. Nigeria's securities regulator declared Binance's exchange illegal on June 9, shortly after the United States Securities and Exchange Commission (SEC) sued Binance.
“Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,“ Nigeria’s Securities and Exchange Commission said in a statement seen by Bloomberg.
BUSINESS
Hong Kong legislator invites Coinbase to the region despite SEC scrutiny (3 min read)
Hong Kong fosters a favorable environment for industry growth with its proactive regulation and dedication to becoming a digital hub.
Touting its progressive stance on cryptocurrencies, a Hong Kong legislator has invited Coinbase and other crypto exchanges to establish operations in the region.
Legislative Council member Johnny Ng took to Twitter to express support and assistance to “all global virtual asset trading operators,” like Coinbase. He also hinted at potential stock-listing opportunities.
TrueUSD stops minting via Prime Trust, loses dollar peg (2 min read)
Stablecoin TrueUSD (TUSD) lost its dollar peg in the early hours of June 10 after a pause in minting activities through its technology partner Prime Trust.
The fifth-largest stablecoin by market capitalization traded at $0.9964 at its lowest point. According to CoinMarketCap, its value is $0.9981 at the time of writing. The current supply of TUSD is $2.04 billion, while its collateral is $2.08 billion, data from LedgerLens shows.
FTX authorized to ‘permanently redact’ names of individual customers: Report (3 min read)
Bankrupt cryptocurrency exchange FTX has reportedly been granted permission to permanently remove individual customer names from all court filings, with the names of companies and institutional investors sealed on a “temporary basis.“
Recently, several mainstream media outlets have pushed for access to the list of FTX customers, arguing that the press and public have a “presumptive right of access to bankruptcy filings.”