SEC can’t find Binance CEO 👨💼, Nigeria to tax crypto 🇳🇬, Ooki DAO shut down 🔻
Daily Crypto, Blockchain & Web3 Update 2023-06-10
CRYPTOCURRENCY
SEC can’t find Binance CEO Changpeng Zhao, asks court for ‘alternative service’ (2 min read)
The Binance CEO is rumored to be in Dubai, but with no known base of operations, the SEC wants permission to serve his lawyers on his behalf.
The United States Securities and Exchange Commission (SEC) is seeking "alternative service” from the U.S. district court in Washington, D.C. to issue a legal summons to Changpeng Zhao, the CEO of cryptocurrency exchange Binance.
Zhao and Binance were recently sued by the SEC over alleged unregistered securities operations.
Crypto.com suspends US institutional exchange service (1 min read)
The global cryptocurrency exchange cites limited demand for institutional-grade services under current market conditions. Crypto.com will no longer serve institutional clients in the United States after announcing the suspension of the service on June 21.
The Singapore-based cryptocurrency exchange cited limited demand from institutional customers as a primary reason for the move, which has been exacerbated by testing prevailing market conditions.
Nigeria to tax crypto, digital assets 10% on capital gains — Experts react (3 min read)
The legislation aims to enhance fiscal transparency, boost revenue, and recognize cryptocurrencies as legitimate assets.
On the eve of his departure from office on May 28, former Nigerian President Muhammadu Buhari signed the Finance Act, 2023, into law.
The act introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the disposal of digital assets, including cryptocurrencies.
BUSINESS
Scammers steal nearly $1M after hijacking 8+ prominent Crypto Twitter accounts (2 min read)
The scammers have recently taken over accounts belonging to the founder of Pudgy Penguins, the chief technology officer of OpenAI and even crypto hater Peter Schiff.
Over the past few weeks, scammers have hijacked over eight Twitter accounts of prominent figures in the crypto space to promote phishing scams. The group has stolen almost $1 million worth of crypto so far, according to blockchain sleuth ZachXBT.
Robinhood will end support for 3 tokens named in SEC lawsuits (3 min read)
The company cited the SEC’s actions against Coinbase and Binance as reasons for the delisting, saying the lawsuits “introduced a cloud of uncertainty” around the tokens.
Cryptocurrency and stock trading app Robinhood announced it will be ending support for Cardano, Polygon and Solana — all tokens labeled as unregistered securities by the United States Securities and Exchange Commission (SEC) in its recent legal actions against crypto exchanges Binance and Coinbase.
Ooki DAO to shut down after ‘precedent setting’ court battle with CFTC (3 min read)
A United States district judge has entered a default judgment order requiring Ooki DAO to permanently shut down and pay a civil monetary penalty of $643,542.
The Commodity Futures Trading Commission (CFTC) initially filed a lawsuit against Ooki DAO in September 2022, accusing the decentralized autonomous organization (DAO) of illegally offering retail margin and leverage trading services, and “unlawfully acting” as a futures commission merchant.
BLOCKCHAIN
OpenAI CEO highlights South Korean chips sector for AI growth, investment (3 min read)
Sam Altman, the CEO of ChatGPT developer OpenAI, met with South Korean President Yoon Suk Yeol on June 9 and urged South Korea to play a leading role in manufacturing the chips needed for artificial intelligence (AI) technology. Altman also expressed an interest in investing in Korean startups and collaborating with bigger chipmakers like Samsung Electronics.
QUICK LINKS
US court rejects Fed’s motion to dismiss Custodia Bank case (2 min read)
Digital asset bank Custodia sued the Fed in June 2022, claiming an “unlawful delay” in processing an application for its master account.
Custodia Bank took a step forward in its legal battle against the Federal Reserve, as a Wyoming federal judge denied dismissal motions from both the Fed and the Federal Reserve Bank of Kansas City.