Legal Hurdles for Binance: Brazilian SEC Probe and EU Parliament's Crypto Licensing Decision

in binance •  2 years ago 

Hi,

How are you crypto fans! Here's the latest scoop on cryptocurrency prices :

The global market cap took a dip, landing at $1.20 trillion. Bitcoin (BTC) and Ethereum (ETH), the popular cryptocurrencies, saw further decline with selling pressures persisting.
Other well-known altcoins like Dogecoin (DOGE), Ripple (XRP), Solana (SOL), and Litecoin (LTC) were in the red across the board.
But hey, there were some bright spots! The Frax Share (FXS) token managed to be the top gainer, jumping just over 2% in the past 24 hours. Unfortunately, not everyone had a good day. Synthetix (SNX) was the top loser, dipping nearly 10% in the past 24 hours. Overall, the global crypto market cap registered a 24-hour dip of 1.19% at the time of writing.

Stay tuned for more updates on the ever-changing world of cryptocurrencies!

Clearing the Path for Crypto: Advocating Regulatory Clarity

Coinbase CEO Brian Armstrong recently met with members of Congress to emphasize the urgent need for regulatory clarity in the crypto industry. Coinbase believes that clear regulations are essential to protect consumers, ensure national security, and promote economic growth in the crypto space. The company is determined to fight for changes that fix the Securities and Exchange Commission's (SEC) regulation by enforcement policy, which has caused harm. Coinbase's advocacy efforts will focus on addressing regulatory challenges and promoting a balanced approach to crypto regulation that takes into consideration the best interests of consumers, national security, and economic development.

Questioning SEC's Policy: Paradigm's Criticism of "Brute Force" Crypto Regulation

Paradigm, a leading cryptocurrency firm, has criticized the SEC's approach to crypto regulation as "bad policy" for forcing crypto assets into a disclosure framework designed for securities. According to Paradigm, the SEC fails to provide sufficient information to crypto asset users and investors. The current SEC disclosure policy, developed in the 1930s, is not suitable for crypto markets, which operate on fundamentally different technologies. Paradigm highlights the fundamental differences between securities and crypto assets, including the lack of legal rights and different trading mechanisms, and calls for modifications to the SEC's disclosure regime to effectively regulate crypto asset markets.

Binance Under Investigation: Brazilian Authorities Probe Stop Order Allegations

Binance, one of the largest cryptocurrency exchanges, is currently under investigation in Brazil for allegedly helping clients evade a stop order on cryptocurrency derivatives. The Brazilian SEC has reported to the Attorney General that Binance may have continued offering derivatives to its clients after the SEC had issued a stop order in 2020. Screenshots presented by the SEC show instructions for Brazilian users to change their language setting to access Binance Futures section. In response, Binance has reiterated its compliance with local regulations and ongoing dialogue with authorities.

Metropolitan Commercial Bank Finalizes Withdrawal from Cryptocurrency Market

Metropolitan Commercial Bank has announced its complete withdrawal from the cryptocurrency market. Only $278.5 million in cryptocurrency-related deposits will remain, as stated in an SEC filing. The bank had previously announced its exit from the cryptocurrency-related vertical, and the process is nearly complete. The decision to terminate cryptocurrency-related services was made due to recent industry developments and regulatory pressure, including the collapse of FTX and fraud charges against its founder.

Game-Changer for Crypto: EU Lawmakers Green-Light MiCA Legislation

The EU Parliament has approved the Markets in Crypto-Assets (MiCA) legislation, which is seen as a significant development for the regulation of the crypto industry. The MiCA licensing policy aims to protect investors and prevent money laundering in the crypto space. The EU Parliament voted 517-38 in favor of MiCA, and it includes measures such as the "travel rule" to be applied to crypto transactions above €1,000. Industry leaders, including CZ and Brian Armstrong, have praised these regulations for their potential to enhance consumer protection and foster innovation in the crypto industry.

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