Source: https://www.linkedin.com/feed/update/urn%3Ali%3Ashare%3A6942161035806093313
Investors Are Suing Binance and Its CEO Over Unstable ‘Stablecoin’: The class-action lawsuit claims Binance violated U.S. securities law and that the crypto trading platform’s ads about Terra were misleading and harmful: https://lnkd.in/duZ57N5z: Binance blocks bitcoin withdrawals as crypto prices crater: Move could heighten regulatory scrutiny of crypto exchanges: https://lnkd.in/dB74P6vU : IThe world’s largest #cryptocurrency #exchange, #Binance, instituted a #pause on #withdrawals of #bitcoin Monday morning, founder and CEO Changpeng Zao announced on Twitter. The news comes amid a steep decline in #cryptocurrency prices, with #bitcoin BTCUSD, -14.23% down more than 14% on the day, while #ether ETHUSD, -17.15% prices slumped more than 18%.
The pause in withdrawals comes amid heightened #regulatory #scrutiny of #cryptocurrency #exchanges by U.S. authorities. The U.S. Securities and Exchange Commission is reportedly investigating Binance Holdings Ltd. for potentially #violating #securities #laws when it issued its BNB token, which provides traders on the platform with lower fees.
#SEC Chairman #GaryGensler has also said that he sees cryptocurrency exchanges as a critical point of focus for U.S. #regulators who want to bring #transparency and #investor #protection to #crypto #markets.
“90% to 95% of the activity in the #lending and #trading of crypto happens on a #platform,” like Binance and other #crypto #exchanges, Gensler said in a Februrary interview with MarketWatch.
“That activity, #centralized on those #platforms, they need the #investor #protection, the #market #integrity and anti-#manipulation” #rules that govern markets for other #financial #assets, he added. “I think the problem is, right now, the public isn’t well protected and there’s a lot of folks who are going to get hurt.”
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Investors Are Suing Binance and Its CEO Over Unstable ‘Stablecoin’ claiming Binance violated U.S. securities law and its ads about Terra were misleading and harmful: https://lnkd.in/duZ57N5z: https://lnkd.in/dB74P6vU :