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CoinEx Ordered to Stop Trading Securities in USA, As Binance Exits Netherlands

By
Paul Ugbede Godwin
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5

CoinEx, a popular cryptocurrency exchange platform, has been ordered by the US Securities and Exchange Commission (SEC) to cease its operations in the United States. The SEC alleges that CoinEx has been offering unregistered securities to US investors, violating the federal securities laws. According to the SEC’s complaint, CoinEx has been operating since 2017 and has attracted over 5 million users worldwide. The platform allows users to trade various cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and its own native token, CET. The SEC claims that CET is a security that should have been registered with the SEC or qualified for an exemption.

The SEC further alleges that CoinEx has failed to implement adequate anti-money laundering (AML) and know-your-customer (KYC) procedures, exposing its users to the risk of fraud and illicit activities. The SEC also accuses CoinEx of making false and misleading statements about its regulatory status and compliance. The SEC’s order requires CoinEx to immediately stop offering and selling any securities in the US, and to provide notice to its US customers that they must withdraw their funds from the platform within 30 days. The order also imposes a civil penalty of $10 million on CoinEx and its founder and CEO, Haipo Yang.

CoinEx has not yet issued a public response to the SEC’s order. However, some users have expressed their frustration and disappointment on social media, while others have expressed their support and loyalty to the platform. It is unclear how CoinEx will handle the legal challenge and what impact it will have on its global operations. According to the NYAG, CoinEx failed to disclose important information to investors, such as the risks, fees, and conflicts of interest associated with its platform. The NYAG also claimed that CoinEx engaged in market manipulation and fraud by artificially inflating the prices and volumes of some tokens.

In June 2023, CoinEx agreed to settle the lawsuit by paying $1.8 million and exiting the U.S. market. The settlement includes $1.17 millions of refunds to 4,691 investors, plus a $626,000 fine. CoinEx also agreed to be banned from offering, selling, or buying securities and commodities in New York, or making its platform available in the state. The settlement is a significant outcome for the NYAG’s efforts to crack down on illegal and unregulated crypto activities in the state. The NYAG has previously sued other crypto platforms, such as Bitfinex and Tether, for allegedly defrauding investors and manipulating the market.

The settlement also has implications for the broader crypto industry, as it shows that the SEC and other regulators are closely watching the activities of crypto exchanges and platforms. The SEC has recently sued Binance and Coinbase, two of the largest crypto platforms in the world, for operating as unregistered exchanges. The SEC’s chairman, Gary Gensler, has stated that many crypto tokens are securities and should comply with the federal securities laws. He has also called for more regulation and oversight of the crypto industry to protect investors and consumers.

The legal battle between CoinEx and the NYAG is an example of how crypto regulation is evolving and becoming more complex in the U.S. It also highlights the challenges and risks those crypto platforms face when operating in different jurisdictions. As the crypto industry grows and matures, it will likely face more scrutiny and enforcement actions from regulators around the world.

In a different twist, Binance exited the Netherlands. According to a notice posted on Binance’s website on June 16, 2023, no new users residing in the Netherlands will be accepted with immediate effect. Starting from July 17, 2023, existing Dutch resident users will only be able to withdraw assets from the Binance platform. No further purchases, trades or deposits will be possible. Binance said that it made this decision “in order to comply with local regulations and protect our users”. The exchange also thanked its Dutch customers for their support and understanding. Binance’s exit from the Netherlands is not an isolated case. The exchange has faced increasing regulatory scrutiny and pressure from various jurisdictions around the world, including the United States, Germany, Japan, Canada, Singapore and the United Kingdom.

The main issue that regulators have with Binance is its lack of compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) rules. As a VASP, Binance is required to implement adequate measures to prevent its platform from being used for illicit activities, such as money laundering, tax evasion, fraud and terrorism financing. However, Binance has been accused of operating without proper licenses and oversight, failing to conduct due diligence on its customers and transactions, and offering unregulated products and services, such as derivatives, leveraged tokens and stock tokens.

Binance has repeatedly denied any wrongdoing and claimed that it is committed to working with regulators and complying with local laws. The exchange has also taken some steps to improve its compliance standards, such as hiring former regulators and compliance experts, suspending some of its controversial products and services, and introducing mandatory identity verification for all users. However, these measures have not been enough to appease the regulators or prevent Binance from losing access to some of its key markets. The exchange’s future remains uncertain as it faces more legal challenges and regulatory hurdles.

For crypto users in the Netherlands, Binance’s exit means that they will have to find alternative platforms to buy, sell and trade cryptocurrencies. Fortunately, there are several other reputable and regulated crypto exchanges that operate in the Dutch market, such as Bitvavo, LiteBit, Kraken and Coinbase. These exchanges are registered with DNB as VASPs and comply with the Dutch AML/CTF Act. They also offer a variety of crypto products and services, such as spot trading, margin trading, staking, lending and custody.

However, crypto users should always do their own research before choosing an exchange and be aware of the risks involved in crypto trading. They should also follow the best practices for securing their crypto assets, such as using hardware wallets, enabling two-factor authentication and keeping backups of their recovery phrases.

Blackrock is Adding More Bitcoin to its Balance Sheet

By
Paul Ugbede Godwin
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0

BlackRock, the world’s largest asset manager, has announced that it is increasing its exposure to bitcoin by adding more of the cryptocurrency to its balance sheet. The move comes as bitcoin continues to soar in value, reaching new all-time highs in 2023.

According to a recent filing with the Securities and Exchange Commission (SEC), BlackRock has purchased an additional 1,000 bitcoins, worth about $100 million at current prices, for its Global Allocation Fund. The fund, which has over $100 billion in assets under management, now holds about 2,000 bitcoins, or 0.002% of its portfolio.

BlackRock is not the only institutional investor that is betting on bitcoin. In 2021, several prominent companies, such as Tesla, MicroStrategy, Square, and PayPal, announced that they had invested in or accepted bitcoin as a form of payment. These moves boosted the credibility and adoption of bitcoin as a store of value and a medium of exchange.

Bitcoin is a decentralized digital currency that operates on a peer-to-peer network without any intermediaries or central authority. It was created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. Bitcoin uses cryptography to secure transactions and create new units of currency. It has a limited supply of 21 million coins, which are expected to be mined by 2140.

Bitcoin has several advantages over traditional fiat currencies, such as low transaction fees, global accessibility, transparency, and resistance to inflation and censorship. However, it also faces several challenges, such as volatility, scalability, security, and regulatory uncertainty.

BlackRock’s decision to add more bitcoin to its balance sheet reflects its confidence in the long-term potential of the cryptocurrency. It also signals that more institutional investors are recognizing the value proposition of bitcoin and are willing to diversify their portfolios with this emerging asset class. This decision is a significant endorsement of bitcoin’s viability as an alternative asset class that can offer diversification and hedging benefits to investors.

Bitcoin has been gaining momentum in the past year, reaching new highs and attracting more institutional and retail interest. The cryptocurrency has also shown resilience in the face of regulatory and technical challenges, such as the crackdown in China and the network upgrade known as Taproot. Bitcoin’s supporters argue that it is a scarce and decentralized form of money that can serve as a hedge against inflation and currency devaluation.

BlackRock’s decision to add more bitcoin to its balance sheet reflects its confidence in the long-term potential of the cryptocurrency. By allocating a portion of its assets to bitcoin futures, BlackRock is signaling that it believes that bitcoin can provide attractive returns and risk-adjusted performance for its clients. BlackRock is also taking advantage of the growing liquidity and maturity of the bitcoin futures market, which offers lower costs and higher efficiency than buying and storing bitcoin directly.

BlackRock’s move is likely to have a positive impact on the broader adoption and acceptance of bitcoin as a legitimate asset class. As the leader in the asset management industry, BlackRock’s endorsement of bitcoin can influence other institutional investors to follow suit and allocate some of their funds to the cryptocurrency. This can increase the demand and value of bitcoin, as well as its stability and security. Moreover, BlackRock’s involvement in the bitcoin futures market can contribute to the development and innovation of the cryptocurrency ecosystem, fostering more transparency and regulation.

BlackRock’s decision to add more bitcoin to its balance sheet is a bold and forward-looking step that demonstrates its vision and leadership in the asset management industry. By embracing bitcoin as a viable alternative asset, BlackRock is not only enhancing its own portfolio, but also paving the way for more widespread adoption and recognition of the cryptocurrency among investors and regulators.

BlackRock has filed for an exchange-traded fund that tracks the price of Bitcoin, giving investors exposure to the cryptocurrency without having to directly buy it. In a Securities and Exchange Commission filing, the world’s largest asset manager said it would use Coinbase as its custodian. U.S. regulators have not yet approved any Bitcoin ETFs; proposals from Fidelity and other firms have been rejected on the basis that cryptocurrencies are vulnerable to fraud and market manipulation. The asset class is under increased regulatory scrutiny, with the SEC suing Coinbase and Binance earlier this month. (LinkedIn News)

How To Rebuild A Nation Via A Platform Strategy

By
Ndubuisi Ekekwe
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1

Construction workers build platforms. Those platforms can serve bricklayers, carpenters, painters and anyone working in the project. In internet business,  great companies engineer products with duality: products which are also platforms. Facebook is a product and also a platform. The most valued top 10 tech companies in the world have products with platform duality. With platforms, you have CUSTOMERS; products deliver consumers.

Interestingly, we can use the same construct we use in building companies to build and rebuild a nation. Platforms for economic growth include constant electricity, security, decent road networks, supply chain systems and those basic amenities you expect from governments. When you build them, you turn your citizens from Consumers to Producers because they will have platforms to operate on. If you do not, they remain mere consumers, feeding on imports because they have zero platform to tinker or do things.

The greatness of America comes from its platforms which include interstate roads, airports, good universities, etc. Upon those platforms, great companies are then built. Remove those platforms, everything fades.

Nigeria needs to build economic platforms to bring shared prosperity to its citizens. Nigeria does not need to build companies and join in free enterprises; it simply needs to provide platforms and We The People will then build and unlock opportunities on top of those platforms.

Because of Facebook platform, we see Like buttons and Comment sections to like, share and comment using Facebook on this blog. Just like we use construction platforms when building houses, when you mount them, you never know everyone who will use them. But you know that no matter who, the platform will help in the house construction. The platform supports the bricklayers, carpenters, painters and plumbers. Simply, it makes it possible for you to build on top of one project phase to another; from bricklaying to plastering to painting. Digital platforms do similar works: you begin with texts but over time, you have messaging, video, etc as products all integrated as one.

TMS Network (TMSN) Presale Surges in Popularity, Outshining Solana (SOL) and Polkadot (DOT)

By
TI Partners
-
0

TMS Network (TMSN) has recently taken center stage with its presale, captivating the crypto community. While established tokens like Solana (SOL) and Polkadot (DOT) have held their ground, TMS Network’s (TMSN) remarkable ascent is capturing the spotlight. Let’s delve into the latest developments surrounding Solana (SOL) and Polkadot (DOT), and explore the reasons behind TMSN’s rising popularity.

Solana (SOL) – Fading Glory Amidst Regulatory Turmoil

The once-promising Solana (SOL) has experienced a tumultuous journey recently, leaving investors disheartened and skeptical about its future. The Securities and Exchange Commission’s (SEC) classification of Solana (SOL) as a security has cast a dark cloud over the token’s prospects. While the Solana (SOL) Foundation expressed its disagreement with the SEC’s decision, the damage had already been done. In an attempt to alleviate concerns, the Solana (SOL) Foundation reassured its members, and emphasized its commitment to creating the best blockchain for a decentralized future. However, the effects of the SEC’s crackdown were immediate, with investors losing faith in Solana (SOL). The recent announcement by cryptocurrency exchange, Robinhood, to stop supporting Solana (SOL), Cardano, and Polygon only added fuel to the fire, exacerbating the downward trend. Currently priced at $15.47, Solana (SOL) stands 94.05% below its all-time high.

Polkadot’s (DOT) Stumbling Blocks: Struggling for Relevance

While Polkadot (DOT) once held promise as a revolutionary cross-chain integration platform, it now finds itself grappling to keep up with the pace. Despite its cutting-edge technology and collaborations with Moonbeam and Hydra DX, Polkadot (DOT) is facing challenges that have led to a decline in its market standing. One notable collaboration involves the integration of Web2 services, and the Web3 universe through Phala Network’s Phat Contract, leveraging Polkadot’s (DOT) technological prowess. This integration of Polkadot (DOT) aims to bridge the gap between Ethereum Virtual Machine (EVM) and Substrate blockchains, facilitating seamless transitions and communications across different blockchains. Currently, Polkadot (DOT) is priced at $4.53. Polkadot (DOT) faces an uphill battle in reclaiming its position in the market. Polkadot’s (DOT) value stands 91.76% below its all-time high, signaling the need for a reevaluation of its strategies and offerings.

TMS Network (TMSN): The Rising Star of the Crypto Universe

In stark contrast to the struggles of Solana (SOL) and Polkadot (DOT), TMS Network (TMSN) has emerged as a beacon of hope and innovation in the crypto space. One of the standout features of TMS Network (TMSN) is its commitment to providing traders with a wealth of resources to enhance their trading experience. Unlike other platforms like Solana (SOL) and Polkadot (DOT), TMS Network (TMSN) offers a range of educational materials, empowering users to refine their trading strategies and stay ahead of the game. Whether it’s on-chain analytics, trading bots, or portfolio management tools, TMS Network (TMSN) ensures that traders have access to the latest cutting-edge technology. What truly sets TMS Network (TMSN) apart is its unique social trading feature. Investing in TMS Network (TMSN) also comes with a range of enticing incentives. Token holders not only gain voting rights within the network but also enjoy a share of commission revenue, and access to premium services provided by TMS Network (TMSN). The project has seen a staggering 4,300% increase in its token value, sending shockwaves through the market. While the token has reached $0.104, market analysts predict an even brighter future, with projections of TMS Network (TMSN) crossing $2 after the presale event.

 

Join the Presale:

Presale: https://presale.tmsnetwork.io

Website: https://tmsnetwork.io

Telegram: https://t.me/TMSNetworkIO

Twitter: https://twitter.com/@tmsnetwork_io

US Prosecutors Withdraw New Charges Brought Against SBF, FTX Founder

By
Paul Ugbede Godwin
-
0

In a surprising turn of events, the US prosecutors have decided to withdraw all charges against Sam Bankman-Fried, the founder and CEO of FTX, one of the largest cryptocurrency exchanges in the world. The charges were related to alleged violations of anti-money laundering and securities laws by FTX and its affiliates.

The prosecutors did not provide any explanation for the sudden withdrawal of the charges, which were filed in September 2022. The charges had accused Bankman-Fried and his associates of operating an unregistered securities exchange, facilitating illegal transactions, and failing to comply with KYC and AML requirements.

Bankman-Fried, who is also the founder of Alameda Research, a quantitative trading firm, has denied any wrongdoing and maintained that FTX operates in compliance with all applicable laws and regulations. He has also expressed his willingness to cooperate with the authorities and provide any information they may need.

The withdrawal of the charges is a major victory for Bankman-Fried and FTX, which have been facing increased scrutiny and pressure from regulators around the world. FTX is one of the most popular and innovative platforms in the crypto space, offering a wide range of products and services, such as futures, options, leveraged tokens, prediction markets, NFTs, and more.

The crypto community has reacted positively to the news, with many praising Bankman-Fried for his vision and leadership. Some have also speculated that the withdrawal of the charges may indicate a shift in the US government’s stance on crypto regulation, which has been largely unclear and inconsistent so far.

However, some experts have cautioned that the withdrawal of the charges does not mean that FTX is free from regulatory risks. They have advised FTX and other crypto platforms to continue to adhere to best practices and standards in order to avoid potential legal troubles in the future. This situation might signal a relaunch of FTX.

The crypto world has been shaken by the recent events surrounding FTX, one of the largest and most innovative exchanges in the industry. FTX was founded by Sam Bankman-Fried (SBF), a former Wall Street trader who became a crypto billionaire and philanthropist. FTX offered a variety of products and services, such as futures, options, leveraged tokens, prediction markets, and even NFTs.

However, things took a turn for the worse when FTX faced a liquidity crisis and a withdrawal freeze in November 2022. SBF announced that he had reached an agreement with Binance, the world’s largest crypto exchange, to sell FTX.com to them for an undisclosed amount. He also said that he would work with Binance to clear out the withdrawal backlog and ensure that all customers’ funds were covered 1:1.

This announcement sparked a lot of controversy and speculation in the crypto community. Some praised SBF for his honesty and transparency, while others accused him of mismanagement and fraud. Some wondered what would happen to FTX’s innovative products and services, while others questioned Binance’s motives and intentions.

One of the most intriguing possibilities that emerged from this saga was the idea of FTX 2.0, a reboot of FTX under a new name and a new leadership. A group of FTX creditors and supporters formed a coalition to advocate for this idea, claiming that it would benefit both the customers and the industry. They argued that FTX 2.0 would give customers a chance to recover their funds, challenge Binance’s dominance, and create a better and safer exchange for everyone.

The coalition was inspired by other successful stories of crypto exchanges that recovered from major setbacks, such as Bitfinex, which repaid its customers after a $72 million hack in 2016. They also pointed out that John Ray III, the newly appointed CEO of FTX, was billing for work related to FTX 2.0.

However, there are many challenges and uncertainties facing this idea. For one thing, FTX is facing multiple lawsuits and investigations from regulators and creditors, who are demanding their money back. The IRS alone has filed 45 claims worth $44 billion against FTX. For another thing, it is unclear whether Binance would agree to let FTX 2.0 operate independently or compete with them. Moreover, it is uncertain whether FTX 2.0 would be able to retain its original vision and innovation under new management.

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