SEC vs Gemini: Crypto Giant Strikes Back! What’s at Stake will Shock You!
The post SEC vs Gemini: Crypto Giant Strikes Back! What’s at Stake will Shock You! appeared first on Coinpedia Fintech News
Gemini has fired back at the U.S. Securities and Exchange Commission (SEC) in an electrifying legal tussle. The prestigious crypto exchange along with its embattled ally, the now-bankrupt lender Genesis, has set the stage for an exhilarating legal battle as it seeks to dismiss the SEC’s lawsuit lodged against its pioneering Earn Product.
“No more,” Gemini proclaimed, slamming the SEC’s allegations as “ill-conceived” and standing firm in its conviction that its innovative Earn product, which promises yields to its customers’ crypto deposits, is no security.
The Truth Behind the Gemini Earn Product: It’s Loans, Not Securities!
In an audacious move, Genesis chimed in, supporting its compatriot and shedding light on the true nature of these transactions. They are not securities, they are loans! The power duo pleaded with the court to scrap the complaint or, if that fails, at least to obliterate the SEC’s brazen requests for a permanent injunction and disgorgement.
To add fuel to the fire, the SEC’s complaint accused Gemini of operating the customer-centric arm of the Earn program, and not Genesis. Gemini fired back, claiming that it only acted as a transfer agent for the Earn product, while once again dubbing the SEC’s lawsuit as “ill-conceived”.
So, here’s some backstory: Genesis went bankrupt after another crypto exchange, FTX, collapsed. This left the users of the Earn program in a fix since they haven’t been able to take out their money since November 2022.
Gemini’s Got Your Back, Earn Users!
Now, Gemini’s stepping up and going after Genesis’ parent company, Digital Currency Group (DCG). They’ve filed a big claim to get back a whopping $1.1 billion for 232,000 Earn users. The tension is high, and Gemini and DCG are negotiating to settle things down. But things are rocky because DCG missed a huge $630 million loan payment to Genesis. Gemini’s warning everyone that DCG might not be able to pay its debts.
Also Read: Even Biden’s Re-election Can’t Threaten Bitcoin, Claims Pro-XRP Lawyer
Gemini is represented by JFB Legal Firm
Gemini is now being defended by JFBLegal in court. Their lawyer, Jack Baughman, is questioning the SEC’s lawsuit over Gemini’s Earn product. He said Gemini Earn Product wasn’t a security and there was no sale. He also pointed out that the SEC’s lawsuit is making it more difficult to solve the problems from Genesis’ bankruptcy and isn’t helping users get their money back. Gemini and their lawyers are ready to fight this lawsuit.
“Whatever the Earn contract might be, it was never sold. Who was the seller? Who was the buyer? How much did it cost? Could it be resold? Everyone knows what a sale is. It’s obvious there was not one here.” Jack Baughman.
1/ I and the @JFBLegal team are proud to represent @Gemini. Today we filed our motion to dismiss the @SEC’s ill-conceived lawsuit against Gemini and Genesis relating to the Earn program.
— Jack Baughman (@JackBaughman27) May 26, 2023
Gemini Eyes UK Amid Regulatory Uncertainty
Amidst the growing uncertainty in their home country’s regulatory environment, Gemini is considering setting up operations in the United Kingdom. This bold move comes as Gemini doubles down on its defense against the SEC’s lawsuit. Only time will tell how this riveting legal drama will unfold!
Payment Giant PayPal Responds to Shiba Inu Listing Request
With over 1.3 million holders, the Shiba Inu ecosystem is bound to attract institutional investors. Up over 22,981,223 percent from its ATL, according to the latest crypto price oracles, Shiba Inu has obtained favor from most crypto traders. Moreover, SHIB has recorded a 24-hour trading volume of about $440,201,885 despite the sustained year-long bear market.
The upcoming Shibarium layer 2 (L2) network, which is anticipated to be released on Valentine’s Day, will bring more on-chain activity on the second-largest meme coin. Moreover, more developers are reportedly working on decentralized applications to launch on the Shibarium network
Shiba Inu on PayPal?
Over the weekend, a Shiba Inu holder asked payment giant PayPal Holdings Inc. (NASDAQ: PYPL) whether it accepts SHIB for payment. The payment giant replied with the notion that such a payment can be organized. However, the company’s support updated its comments two days later that such a transaction is not available on its system.
The confusion has aroused the Shiba Inu community with the price down 7 percent in the past week. Exchanging around $0.00001297 on Tuesday, Shiba Inu takes pride in a market capitalization of approximately $7,643,722,502. The Shiba Inu ecosystem has a vibrant online community with its token system that includes $BONE and $LEASH.
A possible listing on PayPal could push the second-largest meme coin to mainstream adoption. Moreover, PayPal has over 200 million active accounts worldwide with thousands of merchants accepting it as a form of payment.
Why Crypto Market is Up Today? Is It a Precursor to a Giant Rally or a Smoke of Hopium?
The post Why Crypto Market is Up Today? Is It a Precursor to a Giant Rally or a Smoke of Hopium? appeared first on Coinpedia Fintech News
The crypto market is rising today as the global market capitalization gained more than 2% and attempting to reach $1.1 trillion at the earliest. The trading volume also spikes by 25% to mark levels close to $50 billion at the moment.
The total value locked in DeFi is also surging as they approach $50 billion with a jump of 1.49%. Moreover, Bitcoin’s dominance is also surging which stands at around 42.25% with a rise of 0.17%, for the first time in the past 6 months.
But What Changes the Market Sentiments? Why the Crypto Market Is Rising Today?
Bitcoin and the traditional markets have been impacted by external events and FOMC is at the top of the list. Each time, the agenda for the next meeting is discussed, markets react notably and with the announcement of the fresh rates, BTC prices jump, uplifting the entire crypto space. Presently, the crypto space is surging but may be impacted any moment-says a popular analyst Rager.
FOMC this week
Be open to understanding that things can change regardless of how good things look
Unfortunately, Bitcoin price movement can still be impacted by the Fed, hopefully it's good
— Rager
(@Rager) January 29, 2023
Meanwhile, the BTC price is expected to be impacted positively by the upcoming Fed announcement where-in the possibility of a massive upswing emerges. Along with this, the traditional markets are also believed to rise as both S&P 500 and Bitcoin are testing one of the crucial levels along the trend line.
Budblockz (BLUNT) To Outrun Fantom (FTM) As the Next Crypto Giant
In 2022 the crypto market lost over 60% of its total value, equating to around 2 trillion USD. During this market decline, it was estimated that at least 2500 cryptocurrency projects fell through, losing investor funds and destroying investor confidence in the market.
Budblockz (BLUNT) is helping rebuild this confidence after four successful presale stages. Growth is expected to continue as top analysts believe it could soon overtake popular projects like Fantom (FTM), which has been hit hard by the bear market.
Budblockz (BLUNT)
BudBlockz (BLUNT) is a digital eCommerce and NFT platform that seeks to facilitate the adoption and sensitization of the cannabis industry.
BudBlockz’s e-commerce platform plans to revolutionize the multi-billion-dollar cannabis industry using innovation and blockchain technology.
As it was built on decentralized technology, the e-commerce platform will ensure complete security and privacy for users buying and selling cannabis products under it.
Apart from buying and selling cannabis-related products, the project plans to launch its NFT collection named Ganja Guruz, which will enable users to trade 10,000 NFTs.
Also, BudBlockz’s NFT marketplace will give users access to fractional ownership of tangible real-life assets, cannabis dispensaries, and farms.
BudBlockz’s native token, BLUNT, will enable users and investors to transact on the BudBlockz ecosystem. The platform will also launch BudSwap, the decentralized finance platform of the network that will allow peer-to-peer lending and borrowing.
BudBlockz is a unique, promising project and is highly attractive to investors, and many crypto analysts expect it to grow faster than Fantom (FTM) in the coming year.
Fantom (FTM)
Fantom is a DAG-based smart contract platform for decentralized applications (dApps). So, is Fantom centralized or decentralized?
Fantom is a highly scalable, decentralized, permissionless, open-source platform used to build crypto dApps.
DAG is a data structuring and modeling technology whose networks comprise edges and vertices, unlike blockchains, which are made up of blocks. As a result, crypto transactions in the network are represented by vertices and are stacked on top of each other.
The Fantom Foundation was founded in 2018, and the project has since grown to become one of the most popular blockchains for DeFi transactions.
The platform’s creation addresses the shortcomings, including the lengthy transaction times of prior blockchain platforms like Ethereum and Bitcoin. FTM is the Fantom network’s native token, which can be used for governance activities, compensating validators, and providing network security.
The Fantom network is no longer experiencing the kind of adoption it was getting before. This is because of the availability of more competing products like the Bitgert BEC20 blockchain, a cheaper and faster chain that makes Fantom appear inferior. As Fantom has seen a decline, BudBlockz continues to strive, entering the fourth stage of its presale, making it one of the few projects to progress so efficiently since the bear market.
From our journey discussed, hopefully you can see both coins’ pros and cons, but there is one clear winner BLUNT. Get buying now and join others in creating a better future.
Use promo code: BUYBLUNT for a 20% bonus on your purchase. Valid until January 31st.
Binance Bold Move: Exchange Giant Aims to Attract Institutional Investors, Boost Market Stability
In response to concerns raised by the recent collapse of rival exchange FTX, the world’s largest cryptocurrency exchange, Binance, has announced a new strategy to attract institutional participation in the current market rally. The move comes as users have withdrawn billions of dollars from Binance and other cryptocurrency exchanges in the wake of the FTX incident.
Binance’s Move for Institutional Investors: Catherine Chen Remarks
In an effort to address concerns about the safety of assets on cryptocurrency exchanges and manage risks, Binance, the world’s largest cryptocurrency exchange, has announced a new strategy to attract institutional participation in the current market rally.
Catherine Chen, Binance’s Head of VIP & Institutional, stated that the company will now allow institutional investors to hold collateral for leveraged positions outside of the platform. This move is in response to pressure from clients to diversify on-exchange risks and to scale up further activities on Binance, as well as to the recent collapse of rival exchange FTX.
Binance Custody Marks An Entry
To further address concerns about the safety and security of assets on cryptocurrency exchanges, Binance has also launched Binance Custody, a separate legal entity registered in Lithuania. Through Binance Custody, institutional investors can post collateral in so-called cold storage, or wallets that are unconnected to the internet. This provides a secure and compliant way for institutional investors to trade on Binance.
With the recent surge in the value of cryptocurrencies, many experts believe that the market is on the verge of a new bull run, and Binance wants to ensure that institutional investors don’t miss out on this opportunity. To this end, the exchange is working closely with large financial institutions, offering services that meet their specific needs, such as secure cold storage and regulatory compliance. This will help to attract more professional and experienced investors to the market, ultimately leading to increased stability.
Binance is also launching new products and services that will appeal to institutional investors, such as new trading pairs and the introduction of new features like margin trading and short selling. These new products and services will make the cryptocurrency market more accessible to institutional investors and will help to increase liquidity in the market.
In addition, Binance is building strong partnerships with other companies in the industry, including other exchanges and companies that provide services such as custody solutions and trading platforms. By building these partnerships, Binance will be able to provide a more comprehensive service to institutional investors and will be better able to meet their needs.
Can Binance act as a catalyst for the next bull run?
Overall, Binance’s strategy to bring institutional participation to the current market rally is a smart move that could help to increase the stability of the market. By working closely with financial institutions, launching new products and services, and building strong partnerships, Binance will be able to attract more professional and experienced investors to the market. This will ultimately lead to a more stable market, which will benefit all investors, both institutional and retail.
While it is uncertain how the market rally will turn out, Binance’s strategy to bring more institutional investors to the market is a step in the right direction. It will not only increase the stability of the market but also increase the trust of the general public in the cryptocurrency market.
This could lead to more widespread adoption of cryptocurrencies and help to bring them into the mainstream. This move by Binance is also a clear indication that the exchange is taking steps to secure its client’s trust and assets. Furthermore, accounting firm Mazars halted work for Binance and other crypto firms on proof-of-reserves reports adding more pressure on Binance to secure its client’s trust and assets.
The Curious Case of CZ’s Binance – Crypto Giant Loses $12 Billion! Unfolding The Truth
Forbes has reported that despite the recovery in the cryptocurrency markets following the collapse of the FTX exchange, the situation with Binance withdrawals has not yet stabilized. The report shed light on the current situation of Binance and revealed that the crypto giant lost $12 billion in assets as a result of users continuing to withdraw money from the exchange. In the past, Binance has asserted that it has no debt and that user assets were always fully supported.
The market value of Binance’s stablecoin, BUSD, dropped from its November highs near the $23 billion mark to its current level of $16.4 billion.
Defillama data also revealed that BUSD holdings have been declining steadily, with significant losses (at least $1 billion) on November 25 and December 14. This second big decline in the BUSD resulted in a startling net loss of $3.46 billion in just one day. On January 4, the combined value of USDT and USDC coins on the centralized exchange doubled to $6.27 billion.
Nansen said on December 13 that Binance had lost $3 billion in assets over the previous week, which was equal to 4% of the firm’s total assets at the time. Binance has lost a total of 15% of its assets (or $12 billion) in the most recent weeks. Outflows have only increased despite CEO Changpeng Zhao’s continuous attempts to reassure the public that the situation has settled.
“While net assets dropped by 24% since November, the investors in well-known tokens like matic, ape, and gala pared their assets at the exchange by 40-50%.”
According to Forbes, among Binance’s 23 competitors, only one other cryptocurrency exchange, MaskEX, has suffered worse percentage losses over the past 30 days. Whether withdrawals from the Binance exchange will exert any drastic impact on the cryptocurrency market in the near future remains to be seen.
Fantom (FTM) Price Ignites a Giant Move, Poised for a 50% Upswing to Reach $0.5 in the Next 2 Weeks!
The crypto space had undergone a significant upswing in the past couple of weeks as Bitcoin price hailed over $17,000 for some time and dropped back below the levels very quickly. Meanwhile, the altcoins including Fantom(FTM) price followed the star crypto and jumped significantly.
While the BTC price has been consolidating heavily below the resistance, the FTM price is believed to rise significantly in the next few weeks.
A widely followed analyst, Micheal van de Poppe identifies the next course of action for the FTM price and foresees the asset to reach $0.5 very soon.
The analyst mentioned the strong upswing that slashed the pivotal levels between $0.2389 and $0.2393. The price pierced through these levels after a brief consolidation, marking the beginning of a fresh upswing. The surge may uplift the price to the interim highs at around $0.27 which may pave the way to reach the November high close to $0.3 by the mid of December 2022.
Collectively, the crypto space presently is pretty uncertain as the prices of the top cryptos have been trading within undetermined levels. While some of the cryptos like XRP, maintained an independent trend, the majority of the altcoins tend to follow the Bitcoin price trend. However, the Fantom (FTM) price, which is largely appearing to be bullish, is expected to undergo a “u-shaped” recovery to reach $0.3 in the next couple of weeks.
Mexico On The Way To Being Crypto Remittance Giant, Oryen Network Perfectly Placed To Gain Huge Market Share In The Country
Mexico Crypto Remittance Volume
According to the 2021 World Bank Statistics, Mexico was the world’s second biggest receiver of crypto remittances, with a total of $5.3 billion to the nation, an increase of 16.5% over the previous year.
This continual growth shows a strong opportunity for digital finance companies in the country, an opportunity being taken up by hundreds of companies looking to snag a share of the remittance market.
Even the biggest cryptocurrency companies are targeting Central America, with Coinbase also setting up in Mexico within the past year. In February, the exchange announced a service for US customers to send crypto remittances to Mexico, allowing receivers to withdraw in pesos.
Latin American exchange Bitso processed over $1 billion in remittances in the first half of 2022 between the USA and Mexico alone, representing four times the volume from the previous year. Bitso operates in Mexico, Brazil, Argentina, and Colombia, with a user base of over 5 million people.
This incredible adoption of cryptocurrency in the Americas is signaling a seismic shift that will no doubt benefit new launching platforms seeking to garner worldwide attention.
Oryen Network Launch
One such new-to-the-market protocol is Oryen Network. ORY is designed as a sustainable yield protocol that helps users to put their capital to work with an attractive rate that will benefit long-term holders.
Oryen features the OAT (Oryen Autostaking Technic) mechanic, which takes care of staking for you. Users can buy native token ORY and simply need to hold it in their wallet to receive gains, sidestepping the need to rely on staking into contracts. Rebase rewards are paid hourly, at a daily rate of 0.177% (90% compounded APY).
The APY is supported by the protocol’s signature Risk-Free Value (RFV) wallet, which will generate value over time and be deployed to support the price during periods of volatility. Currently, in the first round of presale, there is no doubt that Oryen is receiving attention from Mexico and other Central American countries.
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Lawsuit Against Ripple Pushes Investors Away From XRP While Market Crowns Chronoly As New Giant
Ripple (XRP) and Chronoly (CRNO) are two cryptocurrencies that have been in the news, but for different reasons. Ripple (XRP) has been in the news for negative reasons, such as the SEC’s lawsuit against the project and the falling price of its XRP token, while Chronoly (CRNO) has been making headlines for posting historical growth figures. Chronoly launched its CRNO tokens on the UniSwap exchange after ending its pre-sale phase with a record high. The pre-sale ended after all its CRNO tokens were subscribed before launch and appreciated in price by 690%.
Investors Losing Confidence in Ripple (XRP)
The ongoing SEC lawsuit against Ripple (XRP) has caused tremendous strain on the token’s price making it highly volatile in recent times. Ripple (XRP) has posted some massive gains on the price chart in the last month, but the uncertainty caused by the lawsuit has been making it hard for the token to ditch the price resistance of $0.50. Although Ripple (XRP) has grown by around 50% in the past month, its current trading price is still around $0.50, which is more than 86% below its all-time high (ATH) of $3.84. This stagnation, along with the uncertainty related to the lawsuit, has prompted investors to keep away from Ripple (XRP) for the time being.
Ripple (XRP) is a blockchain platform that aims to facilitate cross-border and cross-platform transactions for various cryptos and fiat currencies to simplify payments.
How Did Chronoly Become the New Big Thing In Crypto World
After ending its pre-sale round at the top of the growth chart, Chronoly (CRNO) has now gone public by entering the trading market. Notably, the price of Chronoly rose by 690% during its pre-sale phase after all CRNO tokens were sold out before launch. Chronoly’s CRNO hit the crypto exchange with the price tag of $0.079, growing by many multiples from a starting price of $0.01. Chronoly listed its CRNO tokens on the UniSwap exchange on October 6.
Chronoly.io (CRNO) is an Ethereum-powered decentralized marketplace enabling individual investors to invest fractionally in rare watches of high-end brands. Chronoly.io purchases luxury watches directly from these brands, mints their NFTs, and stores them in secured vaults. These NFTs can also represent fractional ownership of the watches allowing people to invest from as low as $10. Since Chronoly’s NFTs are backed by physical watches, the price of CRNO corresponds to these physical assets, which have continuously risen in the past.
In addition to trading NFTs, CRNO holders can also stake their tokens in the lending pool to generate a passive income. CRNO holders also receive discounts on transaction fees on the platform. Chronoly (CRNO) developers have also announced plans to draw a watch lottery every month, where the winner will receive a Rolex. Participation in the watch lottery does not entail any additional fee.
Chronoly (CRNO), since its launch in May 2022, has stirred the crypto market with its success. Crypto experts stress that Chronoly’s CRNO token can rise to $3 as it is now being traded on the UniSwap exchange. They also claim that the price of CRNO could reach as high as $8.
For more information about Chronoly.io
Website: https://chronoly.io/
Telegram: https://linktr.ee/chronolyio
Twitter: https://twitter.com/Chronolyio
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Crypto Giant Coinbase Receives Singapore’s Crypto Licence
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As announced by the company on Tuesday, Coinbase has obtained a digital payment token services licence from Singapore’s central bank. With the licence, Coinbase can now provide payment services to its Singapore users. This is in accordance with the Payment Services Act of Singapore, which permits individual users and institutions to utilise digital payment token services. Furthermore, the country’s central bank regulates the crypto companies.
Coinbase is one of the first exchanges in Singapore to get a cryptocurrency licence. Previously, DBSS Vickers and crypto.com were among others that gained regulatory approval. Overall, Singapore has been open to global corporations establishing a foothold and conducting business there. Several enterprises from South Asian nations, including India, have already been located in Singapore.