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Peter Davis

An writer at FOMOdrive

  • Jun 19, 2023
  • 3 min read

Soros Foundation optimistic about cryptocurrencies

The SEC will not be lenient in its approach towards crypto companies.

Lawsuits against the biggest exchanges can take a long time to resolve.

Lawyers from the cryptocurrency exchange Binance are calling for the resignation of the U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler.

Ten trading pairs have been removed from Binance.US and its Over-the-Counter (OTC) service has been put on hold.

Australia's biggest bank has implemented limits on dealings involving cryptocurrencies.

Gary Gensler, the head of the Securities and Exchange Commission (SEC), has stated that his department has no plans to relax its policy towards crypto market participants. He believes that digital assets should be registered as securities and regulated in accordance with the existing laws in the United States.

Mike Novogratz, CEO of Galaxy Digital, believes that the lawsuit against the two biggest exchanges, Binance and Coinbase, could take a while to resolve. However, the SEC has not yet classified Bitcoin and Ethereum as securities. Novogratz is optimistic that the crypto market will soon recover due to the increasing interest in Artificial Intelligence-related projects.

In light of the SEC lawsuit against Binance, Binance.US has removed ten trading pairs from its US division and has also suspended its Over-the-Counter (OTC) trading service.

Brian Armstrong, CEO of Coinbase, stated that the exchange has no intention of discontinuing its staking services or making any changes to its listings in response to the SEC's allegations. He also pointed out that Coinbase Earn's staking program contributes approximately 3% of the exchange's total net revenue.

The Securities and Exchange Commission (SEC) has unveiled details of its lawsuit against the Binance exchange. The regulator alleges that Binance and Binance.US moved over $12 billion into accounts owned by Changpeng Zhao, and that the exchange aided in the evasion of US sanctions.

Lawyers representing Binance have called for Gary Gensler to recuse himself from the case against the exchange. This is due to the fact that in 2019, Gensler applied to be an adviser to Binance, prior to his appointment as Chairman of the SEC.

Despite the SEC's recent lawsuits against Binance and Coinbase, Don Fitzpatrick, CEO of Soros Fund Management, is still optimistic about digital assets.

An arbitration court rejected an offer by U.S.-blocked crypto exchange Bittrex to return money and cryptocurrencies to local customers before the exchange's bankruptcy plan was approved.

The European Consumer Organization (BEUC) has filed a complaint with the European Commission, demanding stricter regulations for advertising cryptocurrencies on social media. BEUC believes that users are not fully aware of the potential risks associated with digital assets, and thus is calling for the European Union to take control of the promotion of crypto products.

On October 8, the UK Financial Conduct Authority (FCA) will be implementing new rules concerning the promotion and advertising of cryptocurrencies in the country. The development of these regulations has been completed.

The Commonwealth Bank of Australia (CBA), the largest bank in Australia, has implemented restrictions on transactions involving cryptocurrencies. The bank will be declining or suspending certain payments to crypto exchanges for a period of 24 hours. This decision was made due to the increasing cases of fraud associated with digital assets, as well as to protect consumers.

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