Binance.US suspends USD deposits and other relevant news.
Keeping up with the latest trends and understanding the risks and rewards of any investment, including cryptocurrencies, is essential to making informed and responsible decisions. This week’s top news includes:
- Temporary suspension of USD deposits by Binance.US.
- Gary Gensler accuses crypto exchanges of breaking the law.
- SEC lawsuit against Coinbase.
- Theft of $35 million from Atomic Wallet.
- Delisting of cryptocurrencies affected by the SEC lawsuit by Robinhood.
Binance.US Temporarily Suspends USD Deposits
United States-based cryptocurrency exchange Binance.US has temporarily suspended US dollar (USD) deposits. According to Binance.US, the suspension applies to all USD deposits, including ACH deposits, wire transfers, and debit card transfers.
On June 9, Binance.US tweeted a lengthy announcement, warning, among other things, that any downtime in processing withdrawals going forward “may be the result of high volumes and weekend bank closures.” On a high note, it is confirmed that operations, bets, deposits and withdrawals of cryptocurrencies continue to be fully operational.
Gary Gensler Accuses Crypto Exchanges of Legal Violations
During the virtual conference “Global Exchange and Fintech”, the president of the United States Securities and Exchange Commission (SEC), Gary Gensler, has expressed his opinion that cryptocurrency exchanges are fully aware that they are breaching the law.
Furthermore, he has asserted that cryptocurrency exchanges offer products and services that fit the definition of securities, so they should be subject to regulations similar to those of the traditional stock market. However, many exchanges have not registered with the SEC or have complied with applicable regulations.
Gensler has noted that exchanges are operating in a regulatory gray area and that a clear regulatory framework needs to be established to protect investors and promote innovation in the cryptocurrency market. Additionally, he has highlighted the need to address the issue of market manipulation in the cryptocurrency space.
SEC Files Lawsuit Against Coinbase
The SEC accuses Coinbase of illegally operating without being registered with the regulator. The lawsuit itself, filed in the United States District Court for the Northern District of California, alleges that Coinbase has been planning to offer a lending program dubbed “Lend” that would offer investors a fixed 4% rate of return. for lending their cryptocurrency through the platform.
Coinbase, for its part, has claimed that the Lend product is not a security and has accused the SEC of failing to provide a clear reason for its stance. The company has said it has proactively worked with the SEC to get clarity on the regulatory status of “Lend”, but the SEC has chosen to file a lawsuit instead.
$35 Million Atomic Wallet Theft
Last Saturday the developers of the project admitted that the data of their users had been exposed. In total, it is estimated that cybercriminals could have stolen cryptocurrencies worth more than $35 million.
In this sense, Atomic claims that it is collaborating with leading security firms to identify possible attack vectors and learn the full dimension of what happened.
Robinhood Delists Cryptocurrencies Affected by SEC Lawsuit
Robinhood, the well-known cryptocurrency trading platform, has announced that it will delist three cryptocurrencies from its platform as of June 27. Which were considered as securities by the United States Securities and Exchange Commission (SEC). The affected cryptocurrencies are Polygon (MATIC), Cardano (ADA), and Solana (SOL).
According to the announcement, all other cryptocurrencies available on Robinhood will not be affected, so users will be able to continue trading them, depending on where they live.
By Audy Castaneda
