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Peter Davis

An writer at FOMOdrive

  • Jun 30, 2023
  • 3 min read

Binance hit by EU authorities

BTC laying on coins with price chart on background

Crypto traders will be required to pay taxes under the Biden administration.

The South Korean Supreme Court has declared that Bitcoin is not considered money.

The SEC was accused by Coinbase of going beyond its jurisdiction.

For the first time in almost two months, the difficulty of Bitcoin mining has decreased.

The price of Solana (SOL) rose by 10% after the launch of its EVM-compatible cross-chain protocol on the network.

The complexity of bitcoin mining decreased by 3.26% as a result of the next recalculation, the first time since the beginning of May. The indicator stopped at 50.65 T. The 7-day moving average hashrate is still correcting after reaching a peak of 393.9 EH/s on June 12.

On August 13, 2023, the U.S. Securities and Exchange Commission (SEC) will review the proposal from 21Shares, ARK and CBOE for the launch of the ARK 21Shares Bitcoin ETF. The CBOE has modified its application to include a joint oversight agreement, which is taken from a statement from BlackRock, to prevent fraud and market manipulation.

Ledger, a hardware wallet manufacturer, has announced the launch of Tradelink, a trading platform specifically designed for institutional clients. The company highlighted the increasing demand for secure and compliant cryptocurrency trading solutions, in light of security and regulatory concerns.

The launch of a new platform for trading crypto derivatives in Bermuda by the Coinbase exchange was met with a positive reaction from the crypto market. The alternative exchange Coinbase saw its weekly trading volume exceed $800 million.

Joe Biden, the US President, has presented a thorough economic plan known as "Bidenomics" that is set to be a major part of his campaign. Biden has promised to close the tax avoidance loopholes used by crypto traders and hedge fund managers.

Lawyers for Coinbase are challenging the SEC's lawsuit, claiming that the agency has overstepped its authority. They are requesting that the court dismiss the case, asserting that Coinbase does not deal in assets that could be classified as investment contracts or stocks or bonds.

Jay Clayton, the former Chairman of the Securities and Exchange Commission (SEC), has stated that Gary Gensler, the current head of the SEC, is exceeding his authority and that the regulator's actions may be politically motivated.

The Supreme Court of South Korea has declared that bitcoins are not considered money, and thus, interest rate regulations do not apply to cases involving cryptocurrency assets.

The Solana (SOL) blockchain saw a 10% jump in value after the deBridge team announced the deployment of an EVM-compatible cross-chain protocol. This protocol enables users to transfer assets between the Ethereum and Solana networks with ease.

Authorities in the EU have raised suspicions that the subsidiaries of the Binance crypto exchange in Ireland and Malta may be engaging in illegal activities such as falsifying accounts and transactions, as well as blending income from different countries to avoid scrutiny from regulatory and tax authorities. Additionally, the exchange is suspected of money laundering and tax evasion.

Nomo, a British digital bank, has declared that it will no longer allow its customers to transfer funds to accounts associated with Binance starting September 25th. This follows the announcement from Paysafe Payment Solutions, a banking partner of Binance in Europe, that it will be ceasing its support of the site.

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