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US clampdown has crypto kings looking abroad

US clampdown has crypto kings looking abroad

But economic stresses could thwart hopes for a sustained rally, analysts say.

Bitcoin’s gains slowed towards the end of the week, and on Monday it was trading at $30,405.

A key issue was that the exchanges did not name the crypto-trading platforms with which it planned to enter into surveillance-sharing agreements to help detect fraud in the underlying bitcoin markets, the person said.

Binance tied up with Paysafe last year to allow its users to deposit sterling via Faster Payments, a network that oversees payments and bank account transfers in Britain.

James sued CoinEx in February, saying its failure to register before buying and selling tokens such as AMP, LBRY, LUNA and Rally violated the Martin Act, a powerful state law used to fight financial fraud.

Binance is alleged to have permitted US residents to trade, even though the platform is not registered in the United States as a securities exchange.

The case also alleges the firm misused customer funds.

Bitcoin and ether are still down about 4.5% and Recommended site 8% respectively since the first SEC lawsuit was filed a week ago, though, indicating investors are still jittery about crypto.

After years on the sidelines, financial regulators in the United States are throwing the book at the free-wheeling cryptocurrency industry, with angry entrepreneurs threatening to take their business overseas.

General Counsel Hon Ng has also quit, Fortune and Bloomberg News reported on Thursday, with both outlets citing a person familiar with his departure.

Yibo Ling, Binance’s U.S.-based chief business officer, has also left, Bloomberg reported.

(Reporting by Manya Saini in Bengaluru; Editing by Devika Syamnath)

Earlier this month, the regulator sued major exchanges Coinbase and Binance in high-profile lawsuits that reverberated through the digital assets industry.

The world’s largest cryptocurrency exchange closed its Australian derivatives business and relinquished a financial services license in April amid an ASIC probe into the business.

Earlier this month, the U.S.

Securities and Exchange Commission (SEC) sued Binance and Coinbase, another two of the largest crypto exchanges, for allegedly breaching its rules.

“Whether it’s old-school fraud or some new-school crypto scheme, it doesn’t matter one bit. It’s all fraud to us,” U.S.

Attorney Damian Williams said at a press conference detailing the charges.

June 28 (Reuters) – Bankrupt FTX is moving ahead with efforts to revive its flagship international cryptocurrency exchange, the Wall Street Journal reported on Wednesday citing CEO John Ray.

The Hong Kong Monetary Authority’s (HKMA) comments were in response to a Financial Times report which said lenders including HSBC and Standard Chartered were facing pressure from Hong Kong’s central bank to take on crypto exchanges as clients.

VARA was formed in March 2022 to regulate the emerging virtual asset sector in the emirate – excluding the Dubai International Financial Centre financial free zone – as the UAE pushes to become a global hub for the industry.

The Boston-based financial firm is also part of a consortium that includes market makers Citadel Securities and Virtu Financial, retail broker Charles Schwab, and venture capital firms Paradigm and Sequoia Capital, which recently launched a crypto exchange called EDX Markets.

Employees in Binance.US’ legal, compliance and risk departments were among those dismissed, the people told Reuters, requesting anonymity because the matter is private.

“Investors in this asset class have learned their lessons the hard way and now are being much much more picky about who to deal with,” said Samed Bouaynaya, a digital asset portfolio manager at London-based hedge fund Altana Wealth.

Since then, the digital asset market has seen a high-profile bankruptcy of crypto exchange FTX and lawsuits from the U.S.

securities regulator against Binance and Coinbase Global.

It is the most comprehensive of several crypto bills floated in recent years, with the greatest chance of becoming law, lobbyists say.

That is because of the close cooperation between the committees that oversee the CFTC and SEC, which are often accused of vying for crypto oversight. With Democrats’ support, the bill could have a shot in the Senate.

France is also probing Binance, which has decided to quit the Dutch market because it was unable to meet registration requirements to operate as a virtual asset service provider.

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