Crypto Chronicles: BitOK's Weekly Recap of Top Regulatory News

Get a quick and easy update on last week's top headlines with BitOK.

This comes shortly after the Securities and Exchange Commission (SEC) filed a lawsuit against Binance for allegedly conducting unregistered securities operations. The summons notifies CZ of the lawsuit and requires him to respond once served. Binance and CZ will have 21 days to respond once the summons is delivered. Binance has disputed the SEC's allegations and stated that they are different from previous exchange failures. The company denies wrongdoing such as misusing funds or making large donations or sponsorships.

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The framework was initially planned for late 2022 but has been postponed due to the need for further study and investor protection. The guidelines may still be released by the end of 2023. Despite pressure on the crypto industry, the Philippines remains an attractive destination for cryptocurrencies, with a significant number of Filipinos owning digital assets.

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The total daily trading volumes on top DEXs, such as Uniswap and PancakeSwap, increased by nearly $800 million. Curve, a DEX for stablecoin trading, also experienced a 328% spike in trading volume. During the memecoin frenzy in May, DEX volumes briefly surpassed those of Coinbase. At the same time, Binance saw significant net outflows totaling $778 million. The market frenzy coincides with the SEC's lawsuits against Coinbase and Binance for alleged violations of securities laws.

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US Senators have asked the Justice Department to investigate whether Binance made false statements in a letter sent earlier this year. The Securities and Exchange Commission (SEC) has also filed a lawsuit alleging that Binance's global entity and its American unit were mixed together. The independence of Binance's U.S. unit is important because it determines regulatory jurisdiction and liability in case of failure or bankruptcy. Binance has responded to the SEC lawsuit, stating that they have cooperated with investigations and intend to vigorously defend themselves. Binance.US has criticized the SEC's claims and called the lawsuit baseless.

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The decision comes in the wake of two global exchanges facing a lawsuit from the US securities regulator and another major Australian bank, Westpac, banning transactions with Binance. CBA did not provide specific details about the types of payments affected, citing concerns about scammers finding ways to bypass the restrictions. Additionally, the CBA plans to introduce a monthly limit of AUD 10,000 ($6,650) on customer payments to crypto exchanges for purchasing cryptocurrencies in the coming months. The decision marks a reversal for the bank, which had previously planned to launch crypto trading services but changed course due to concerns raised by financial regulators.

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MiCA aims to establish consistent regulations for crypto assets among EU member states. It requires registration and authorization for crypto issuers, exchanges, and wallet providers. The legislation also addresses security measures, market abuse prevention, and manipulative behavior in the crypto industry. Meanwhile, in the United States, the SEC has taken regulatory action against Binance and Coinbase, alleging unregistered securities and failure to register as licensed brokers.

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The regulator stated that Binance is not registered or regulated in Nigeria, making its operations illegal. This follows a lawsuit filed against Binance by the US SEC. Binance is popular in Nigeria, which is a prominent crypto hub in Africa. The country has recently introduced tax laws for digital assets and has restrictions on crypto transactions imposed by the Central Bank. Binance has not yet responded to the report.

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