Binance

The Nigerian Securities and Exchange Commission declares the activities of Binance Nigeria Limited as unlawful within the nation.

Following SEC accusations claiming violations of securities laws, the US-based Binance affiliate fired staff and froze dollar deposits and withdrawals, increasing the turbulence in the cryptocurrency sector.

Crypto.com suspends its U.S. cryptocurrency exchange operations from June 21 due to low demand and a regulatory crackdown on Binance and Coinbase.

Since the Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase and Binance, Brian Armstrong and CZ have both experienced a decline in their net worth, with Armstrong’s decreasing by 11.8% and CZ’s by 5.1%.

The SEC has filed a lawsuit against Binance, accusing the world’s largest cryptocurrency exchange of violating U.S. securities laws, but some experts believe that this legal action could bring much-needed regulatory clarity and benefit U.S. investors and innovation in the industry, while others express concern over the lack of regulatory clarity causing digital asset ventures to leave the United States for more favorable jurisdictions.

Crypto Biz’s latest edition highlights the impact of the FTX collapse on the cryptocurrency industry, causing a significant drain on liquidity and prolonging the “crypto winter,” with notable financial institutions such as Silvergate Bank, BlockFi, and Genesis Global Capital among those affected.