Bitcoin News and Finance: What You Need to Know

Binance US has informed its users that U.S. dollar deposits have been suspended and USD withdrawals will no longer be processed. The crypto exchange has asked customers to withdraw dollars by June 13 as it transitions into a crypto-only trading platform. The move followed a lawsuit against the crypto exchange and several other Binance entities by the U.S. Securities and Exchange Commission (SEC). Binance US Suspends Dollar Deposits, Withdrawals Binance US made an announcement Thursday regarding the suspension of U.S. dollar deposits and withdrawals following an “aggressive” enforcement action taken by the U.S. Securities and Exchange Commission (SEC). The securities watchdog filed charges against several entities on Monday, including Binance Holdings, which operates Binance.com; its U.S.-based affiliate BAM Trading Services, which operates Binance US; and Binance CEO Changpeng Zhao (CZ). The regulator followed up with an emergency action application the next day, seeking a tempora

Unlike in the United States where authorities are cracking down on the crypto industry, the regulations governing the industry are “more clearly defined and commercially viable in markets like Hong Kong, Singapore, and the UAE,” Stephan Lutz, the group CEO and CFO of the crypto exchange Bitmex, has said. U.S. Crackdown Driving Away Talent In his written answers to questions from Bitcoin.com News, Lutz hailed regulatory frameworks such as the one adopted by Hong Kong’s Securities and Futures Commission because it “provide[s] standards for digital assets that are crucial for this fast-growing asset class.” Concerning the likely impact on innovation of the United States government’s so-called Operation Choke Point 2.0, the Group CEO concurred with many crypto proponents who argue that such a clampdown will only drive away talent. The crackdown has and will indirectly benefit Hong Kong which according to Lutz is attempting to make itself “the epicenter of the crypto industry in Asia.”

In a recent development, Bitgo, the digital asset trust firm, disclosed that it has penned a letter of intent to acquire Prime Trust, a crypto custodian based in Nevada. Should the acquisition proceed, Prime Trust would become an integral part of Bitgo’s network of regulated trust companies. Bitgo Signs Letter of Intent to Acquire Crypto Custodian Prime Trust Amid Speculative Chatter Bitgo reports that they have signed a letter indicating their intent to acquire Prime Trust . The announcement follows speculative chatter and multiple rumors on social media that suggest Prime Trust was grappling with financial struggles and potential bankruptcy. Last year, Prime Trust found itself in a legal dispute with the now-defunct crypto lender Celsius after they accused the custodian of failing to return $17 million in crypto assets in August 2022. In October 2022, Prime Trust consented to return the $17 million and stated that it would transfer the funds to a wallet designated by Celsiu

PRESS RELEASE . FORT COLLINS, CO / June 9, 2023 – COZ, a pioneering community in the blockchain industry, is excited to announce its collaboration with Degenz.wtf, a leading advisory firm, to support Alden Ehrenreich’s directorial debut, Shadow Brother Sunday , with legendary filmmaker Francis Ford Coppola as executive producer. Produced by Vanishing Angle, the short film is set to make its debut at the prestigious Tribeca Film Festival on June 9, 2023. As part of this partnership, Neo Blockchain and Degenz.wtf will be featured in the sponsoring credits, marking their first endeavors into the entertainment industry to make Web 3.0 more accessible to the general public. Furthermore, an exclusive physical NFT collection featuring original 35mm film frames curated by Degenz.wtf and produced by COZ, will be presented during the festival. These NFTs will provide provenance, tamper-proof authenticity, and transferability to collectors and enthusiasts. The auction featuring the pieces will

Tennesse U.S. senator Bill Hagerty has warned about the consequences of the recent actions of the Securities and Exchange Commission (SEC) against cryptocurrency platforms in the country and the objectives that might be behind these. Hagerty stated that the true motivation behind the lawsuits against Coinbase and Binance is to remove the possible competitors of a federal government-issued central bank digital currency (CBDC). U.S. Senator Bill Hagerty Believes SEC Is Paving the Way for a CBDC U.S. senator Bill Hagerty has warned about what he thinks are the true objectives behind the recent legal actions against exchanges like Binance and Coinbase , which have been charged by the Securities and Exchange Commission (SEC) with violating securities laws. Hagerty, a long-time critic of the SEC’s stance against crypto, believes that the organization is purposefully leading platforms out of the U.S. with a single objective: to establish a single central bank digital currency (CBDC). Ha

African crypto exchange Mara has not only parted ways with a reported 85% of its staff but has cut the salaries of workers that have remained. Although Mara has cast the layoffs as an exercise which aims to remove redundant roles, former employees have said the startup’s ballooning marketing costs partly explain why it has decided to cut its workforce. Eliminating Redundant Roles The pan-African crypto exchange, Mara, has become the latest startup to trim its workforce, and one report suggests that as much as 85% of the firm’s employees have been laid off. In addition, the remaining employees have had their salaries cut. As has been reported by Bitcoin.com News, some Africa-based crypto and blockchain firms have similarly sent home a significant number of their respective employees. Many of these startups pointed to the so-called crypto winter as their reason for the reductions. Mara, which completed a $23 million seed equity round in May 2022, claimed that the layoffs are intend

Commonwealth Bank of Australia plans to restrict payments to crypto trading platforms, citing the threat of scams. The measure would deal another blow to digital asset exchanges operating in the country where it has been getting harder to deposit funds for cryptocurrency operations. Crypto Traders in Australia to Face Another Restriction on Fiat Deposits Australia’s largest lender intends to impose a monthly limit of 10,000 Australian dollars ($6,663) on payments made to crypto exchanges. In a statement quoted by Bloomberg, Commonwealth Bank of Australia (CBA) detailed that some of the transfers will be held for 24 hours or declined. Scams around the world are “masquerading as legitimate investment opportunities or diverting funds into cryptocurrency exchanges,” said General Manager of Group Fraud Management Services at CBA, James Roberts, providing reasons for the upcoming move. Australians have lost at least 3 billion Aussie dollars to scams in 2022, the report notes, which repr

Major Chinese state-owned banks have lowered interest rates on U.S. dollar deposits. However, they reportedly dismissed claims that the moves were influenced by the Chinese government, stating that the rate cuts were market-driven. Chinese Banks Reduce Dollar Deposit Rates Major Chinese state-owned banks reportedly cut the maximum interest rates they offer on U.S. dollar deposits this week. They explained that the moves were market-driven, dismissing recent reports by some news outlets that their decisions were influenced by the Chinese government. Reuters, for example, reported Tuesday that “In a rare attempt to bolster China’s yuan, a self-regulatory body overseen by the country’s central bank has told major state-owned banks to lower dollar deposit interest rates.” The publication cited four people with direct knowledge of the matter. According to a Wednesday report by the Global Times, “some bank insiders” described the reductions in dollar deposit rates as a self-regulatory

Several lawmakers have slammed the U.S. Securities and Exchange Commission (SEC) for regulating the crypto industry by enforcement. One lawmaker says the regulator’s latest action against crypto exchange Coinbase “demonstrates a complete contempt for Congress which is in the process of developing a framework.” Another lawmaker stated that if the regulatory framework were in place, “the SEC wouldn’t have to take the actions that they’ve taken.” Lawmakers Slam SEC and Chair Gary Gensler The U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler have been heavily criticized for regulating the crypto industry by enforcement after the regulatory agency took action against two leading cryptocurrency exchanges this week. The Nasdaq-listed crypto exchange Coinbase faced a lawsuit from the SEC on Tuesday, while and its CEO, Changpeng Zhao (CZ), were hit with 13 charges by the securities regulator a day earlier. The SEC labeled 12 crypto tokens as securities in the Binance l

U.S. Securities and Exchange Commission Chair Gary Gensler discussed crypto exchanges and digital currencies at the Piper Sandler Global Exchange & Fintech Conference. He insisted that there is “nothing about the crypto securities markets that suggests that investors and issuers are less deserving of the protections of our securities laws.” Gensler reasserted his belief that “the vast majority of crypto tokens meet the investment contract test.” Gensler Dismisses Claim of Exchanges and Crypto Token Issuers Lacking Fair Notice — ‘Don’t Believe It’ Gary Gensler , the current chair of the U.S. Securities and Exchange Commission (SEC), discussed digital currencies at the Piper Sandler Global Exchange & Fintech Conference in New York. Gensler pointed out that some promoters of crypto asset securities claim that their token’s utility exempts it from being classified as an investment contract. However, the SEC chair rejects this argument and insists that “crypto security issuers n

PRESS RELEASE. The highly anticipated $GORA token launch day Initial DEX Offering (IDO) for Goracle has finally arrived. This milestone marks a significant step forward in our journey to revolutionize the ecosystem through blockchain technology with our oracle innovative solution. At the core of our project lies a commitment to provide reliable and trustworthy data to the burgeoning decentralized ecosystem. Through our innovative oracle technology, we bridge the gap between blockchain networks and real-world data sources, empowering dApps to access and leverage accurate information securely. Our $GORA toke serves as a key component, facilitating seamless data exchange and incentivizing participants within our ecosystem. About Goracle Goracle is a decentralized blockchain oracle originally built on the Algorand blockchain. We empower developers and enterprises to create cutting-edge and reliable decentralized applications by bridging the divide between traditional systems and block

On June 7, 2023, Bitget, a Seychelles-based platform for crypto derivatives and copy trading, announced the launch of Martingale AI, an AI-infused trading tool. The new feature enables novice crypto traders to utilize strategies developed by AI. Bitget’s Martingale AI: A New AI-Centric Tool for Crypto Traders Artificial intelligence (AI) has been a significant topic this year. On Wednesday, crypto exchange Bitget announced the launch of a new AI-centric tool to assist traders. The Marting AI strategy aims to provide novice crypto traders with a convenient and advanced investment strategy enabled by AI. The strategy utilizes historical market patterns and comprehensive information on market behavior and can be leveraged in both bear and bull market situations. On Wednesday, Gracy Chen, the managing director of Bitget, stated that the company plans to integrate more AI into its products to empower users. “The launch of Martingale AI represents Bitget’s commitment to empowering user

The United States District Court in Washington, D.C., at the request of the Securities and Exchange Commission (SEC), summoned Binance CEO Changpeng Zhao (CZ) on Wednesday. Binance CEO CZ Challenged by SEC Summons as Legal Battles Escalate On Wednesday, several social media accounts shared a summons intended for the CEO of Binance, Changpeng Zhao, also known as CZ. The document states that CZ must respond upon being served, and at that time, he will have 21 days to address the court. “If you fail to respond, judgment by default will be entered against you for the relief demanded in the complaint,” the court filing details. I was told this is just part of the SEC compliant process. Nothing new. Also told I won't have to appear in person. No need to FUD. pic.twitter.com/NYUlBCIirG — CZ Binance (@cz_binance) June 7, 2023 The summons necessitates a response and bears the signature of the court clerk. CZ was served at his residence in Malta, and he shared a tweet about th

Robinhood is reviewing its crypto offerings after the U.S. Securities and Exchange Commission (SEC) went after major digital assets exchanges. In lawsuits against Binance and Coinbase, the regulator claims that a number of tokens listed by the trading platforms are unregistered securities. Robinhood Reviews Cryptocurrency Offerings Amid U.S. Crackdown on Leading Exchanges U.S.-based online broker Robinhood Markets is taking a look at its digital coin offerings following the SEC’s decision to crack down on Binance, the world’s largest crypto exchange, and Coinbase, the leading digital asset exchange in the United States. The financial services company is “actively reviewing” the regulator’s analysis “to determine what, if any, actions to take,” the firm’s Chief Legal Compliance and Corporate Affairs Officer Dan Gallagher said, quoted by Bloomberg. Gallagher, who is a former SEC commissioner, announced the move when he testified in Congress before the House Agriculture Committee in

Bitcoin rebounded from a near three-month low on Wednesday, as traders moved to buy the latest price dip. Yesterday’s decline came as the U.S. Securities and Exchange Commission sued both Binance and Coinbase. Ethereum moved closer to $1,900 in today’s session. Bitcoin Bitcoin ( BTC ) bounced back above the $27,000 level on Wednesday, as traders moved to buy the recent dip in price. Following a low of $25,434.87 on Tuesday, BTC /USD raced to an intraday high of $27,332.18 in today’s session. This move saw bitcoin climb away from its weakest point since March 17, when it was at a low of $24,946. Bitcoin chart by TradingView Overall, price has also risen back above a key support point at $26,300, with the relative strength index (RSI) hovering near a similar area. At the time of writing, price strength is tracking at 45.67, which is below a resistance level of 47.00. The 10-day (red) moving average also remains above its 25-day (blue) counterpart, which could be a positive s

My Applets Explore Developers Upgrade Create Bitcoin News-GA4 Activity Error Applet failed Jun 07 - 2:17 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 2:17 PM Blogger icon Blogger Create a post Action failed, 2:17 PM Error Applet failed Jun 07 - 1:17 PM RSS Feed Bitcoin News-GA4 Action failure message: This Applet has reached its daily rate limit and was skipped. RSS Feed icon RSS Feed New feed item Trigger ran, 1:17 PM Blogger icon Blogger Create a post Action failed, 1:17 PM Check Applet ran Jun 07 - 11:17 AM RSS Feed Bitcoin News-GA4 New entry from Bitcoin News: Russian Finance Minister Talks Dollar Attack on Russia, Importance of Developing Alternatives for Settlements RSS Feed icon RSS Feed New feed item Trigger ran, 11:17 AM Blogger icon Blogger Create a post Action ran, 11:17 AM Error Applet failed Jun 07 - 10:17 AM RSS Feed Bitcoin News-GA4 Action failure

A senior economist at financial services firm TD says the Chinese yuan, the euro, and digital currencies could erode the U.S. dollar’s dominance. “Several countries have shown frustration with the dominance of the dollar and are pursuing alternatives for conducting international trade and cross-border banking,” he said. Long-Term Trend Is Away From US Dollar, Says Economist Vikram Rai, a senior economist at financial services firm TD, discussed the global de-dollarization trend and currencies that have the potential to diminish the dominance of the U.S. dollar in a note published last week. He specifically mentioned the Chinese yuan, the euro, and central bank digital currencies (CBDCs) as noteworthy challengers. While stating that the U.S. dollar “remains the dominant and most-used currency,” the economist stressed that “the long-term trend is away from it.” He described: Several countries have shown frustration with the dominance of the dollar and are pursuing alternatives for co

Russian Finance Minister Anton Siluanov has given his opinion on the perceived attack the Russian economy has been receiving from the U.S. dollar, and how the country has moved to keep trade going. Siluanov also remarked on the importance of developing settlements in national currencies. Russian Finance Minister Anton Siluanov: ‘The Dollar Has Challenged Russia’ Anton Siluanov, the Russian finance minister, has referred to Russia’s situation after having most of its means for dollar-based exchange blocked. Siluanov noted that Russia was forced to find alternatives to the dollar due to the economic sanctions enacted by the U.S. government, due to the country’s involvement in the Russia-Ukraine conflict. In an interview with CGTV, Siluanov stated : We are not challenging the dollar, the dollar has challenged Russia, so we are looking for reliable alternative settlement mechanisms between our exporters and importers so that it is convenient, reliable and beneficial for participants