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As if news of Binance‘s former CEO Changpeng Zhao resigning and facing criminal charges wasn’t enough, football superstar Cristiano Ronaldo is being sued in Florida for advertising this platform. According to the lawsuit , Michael Sizemore, Mikey Vongdara, and Gordon Lewis allege they experienced financial losses due to Ronaldo’s promotion of the exchange. The platform is accused of failing to implement adequate anti-money laundering measures. Additionally, the exchange is currently facing a demand from US authorities to pay $4.3 billion in settlements. Charges consist of “ promotion , assisting, and/or actively participating in the offer and sale of unregistered securities in coordination with Binance.“ Partnership between Ronaldo and Binance In 2022, the football player established a long-term collaboration with the exchange. Under the partnership, Ronaldo was to endorse a set of his non-fungible tokens (NFT). Cryptocurrency Bybit reaches 20 million ac...

The U.S. Securities and Exchange Commission (SEC) said that Binance’s attempts to dismiss the lawsuit against it are invalid. The regulator called the company’s arguments “ absurd .” In its response, the Commission also reiterated that most crypto assets are securities under the Howey test. According to the department, “comparing tokens and, for example, oranges [as a product] is absurd .” “Binance’s Chief Compliance Officer crudely but succinctly summed up this case when he admitted that Binance was ‘operating as a fking unlicensed securities exchange in the USA bro.’ He was right.” SEC filing Binance previously stated that the regulator was violating the Fundamental Issues Doctrine. This is the principle of interpretation of regulations in administrative matters. It introduces strict limits for executive authorities in the interpretation of certain laws. You might also like: Binance and Changpeng Zhao ask court to dismiss SEC suit The conflict ...

The first increase in trading volume in months was driven by market volatility following the SEC's lawsuits against Binance and Coinbase, as well as improving sentiment via BlackRock's ETF filing. The combined spot and derivatives trading volume on centralized exchanges (CEXs) climbed 14.2% in June to $2.71 trillion, according to CCData's monthly exchange report. Binance, Binance.US, and Coinbase all saw their market share decline in the past month. As per the report, the first rise in trading volume in three months was backed by BlackRock's exchange-traded fund (ETF) filing and regulators' complaints against crypto exchanges Binance and Coinbase in the United States. Binance saw a surge in withdrawals following the Securities and Exchange Commission (SEC) lawsuit on June 5. As a result, its market share dropped the most among CEXs, by 1.40% to 41.6%, while Binance.US saw a marginal share decline of 0.86% to 0.36%. Coinbase's market share declined the least a...

Ripple CEO Brad Garlinghouse said the firm's XRP lawsuit could come to an end within "single-digit months." Ripple CEO Brad Garlinghouse expects the firm’s long-running dispute with the Securities Exchange Commission (SEC) will be finalized within “single-digit months” and remains confident in securing a favorable outcome. Speaking to CNBC on Jan. 18 at the World Economic Forum in Davos, Switzerland, Garlinghouse said the verdict could come as soon as June this year now that both parties have “fully filled and fully briefed” their arguments before the U.S. District Court: “We expect a decision from a judge certainly in 2023. You don’t really have control over when a judge makes their decisions. But I’m optimistic that sometime in the coming single digit months we’ll have closure there.” While Garlinghouse and investors believe the facts, law and the court will ultimately side with Ripple, the Ripple CEO also took the opportunity to ridicule the SEC’s “embarrassing” behav...