In a significant move, Nigeria’s market regulator has issued a directive to suspend the operations of Binance, the largest cryptocurrency exchange globally, within the country. The regulator stated that the exchange’s local unit, which had been attracting Nigerian investors through its website, was operating illegally. Binance and its affiliated companies continue to find themselves in increasingly troubled waters, as they grapple with a series of challenges following the recent lawsuit filed by the US Securities and Exchange Commission (SEC). The lawsuit has brought about significant legal and regulatory difficulties for the cryptocurrency exchange and its associated entities. This week, the SEC took legal action against both Binance and Coinbase, accusing them of violating its regulations. Nigeria’s Regulatory Stance Casts Doubt On Future Of Binance Last year, Nigeria’s SEC took a major step by publishing a comprehensive set of regulations specifically designed for digital assets. This move demonstrated that Africa’s most populous country was actively seeking a balanced approach between an outright ban on cryptocurrencies and their unregulated use. By implementing these regulations, Nigeria aimed to create a regulatory framework that would enable the responsible and secure utilization of crypto assets within the country while addressing potential risks and concerns. In light of recent developments, the SEC issued a warning to Nigerians, cautioning them against engaging with the mentioned entity. The exchange has emerged as a prominent cryptocurrency platform in Nigeria, establishing itself as a market leader following the collapse of FTX. In 2022, Binance was in talks with the Nigerian Export Processing Zones Authority (NEPZA) to establish a virtual free zone centered around blockchain and the digital economy. However, with the regulatory challenges faced by Binance and the SEC’s warning, the future of such initiatives remains uncertain. Furthermore, the agency has directed the crypto exchange to cease facilitating investments from Nigerian individuals on its platform. It has explicitly warned that regulatory action may be taken against cryptocurrency exchanges, including Binance. Binance Faces Ongoing Scrutiny From Multiple Regulatory Bodies In the midst of these challenges, the Binance.US platform has made a significant decision to transition into a “crypto-only exchange.” As part of this transition, Binance.US has announced its intention to delist all USD trading pairs from its platform by June 13. This move indicates a strategic shift in focus towards catering exclusively to cryptocurrency trading activities. The exchange made the decision to exit the Canadian market in May, citing an unfavorable regulatory environment as the reason behind this move. Prior to that, the company had also cancelled its derivatives license with the Australian Securities and Investments Commission (ASIC). The Australian financial regulator had raised concerns and initiated a review of Binance’s compliance with local laws.

Crypto.com, one of the world’s largest crypto exchanges, has halted its institutional trading platform for US clients. The release of this news comes in the wake the Securities and Exchange Commission’s (SEC) decision earlier this week to take legal action against two of the most well-known cryptocurrency exchanges; Coinbase and Binance. Shutting Down Institutional Service For American Clients Starting from June 21, Singapore-based cryptocurrency exchange Crypto.com, will no longer provide institutional exchange service for American customers. The company stated that the decision was made due to the present market climate, which features a low level of demand from institutions located in the United States. However, the decision can be related to an unfortunate consequence of the uncertain regulatory environment for cryptocurrencies in America. How The Suspension Impacts Crypto.com’s US Clients According to the company, this decision will only affect institutional traders. These are that can invest large amounts of money in cryptocurrencies compared to retail investors. For regular Crypto.com users, the platform remains fully operational. Users can still buy, sell, and trade dozens of cryptocurrencies as well as use the company’s popular crypto debit card and mobile application. Additionally, regulated derivatives trading and UpDown Options will continue to be accessible to retail users. Crypto.com is one of the many crypto companies trying to increase its clientele in the US, with the company even buying the naming rights to Los Angeles Lakers’ home arena in 2021 in a $700 million, 20-year arrangement. However, in recent years, the country has become increasingly difficult for crypto companies to do business in. At this point, it’s unclear if or when Crypto.com may resume exchange services for US institutional clients as regulations around crypto trading for big players like hedge funds and investment firms are still evolving in America. Nevertheless, the company is still taking steps to make crypto trading more accessible to its 80 million plus customers worldwide. This week, the company announced an integration with CoinRoutes to boost its liquidity. Customers of CoinRoutes include investment managers, OTC desks, and trading companies. As a result of its association with CoinRoutes, both companies will be able to provide improved access to liquidity and minimize friction for institutional investors in cryptocurrencies who are located outside of the United States. The SEC’s hardline stance is frustrating for many crypto enthusiasts and companies. But as the agency ramps up oversight of the crypto industry, exchanges like Crypto.com have to adapt to the changing regulatory landscape.

The Russian banking giant Sberbank is getting into the cryptocurrency trading business. According to a release, the bank will begin providing crypto asset services to its customers this month. This exciting new phase in the bank’s continuous foray into cryptocurrency is expected to take place in the coming weeks. In particular, the financial institution will soon permit customers to trade bitcoin and other cryptocurrencies. Sberbank’s deputy board chairman Anatoly Popov said the bank is prepared to launch cryptocurrency-related services. Customers can purchase, sell, and trade digital goods. Soon, the bank will begin issuing digital financial assets (DFA) transactions. Sberbank Makes Foray Into Digital Assets Trading To paraphrase what Popov wrote in his original post: Moscow-based Sberbank is Europe’s second-largest financial institution; it had hoped to release an Ethereum-compatible DeFi platform in April but has since pushed back its debut to June. Tokens would be issued, smart contracts would be developed, and the bank’s commercial and retail banking services would be integrated. Sberbank believes in and uses blockchain systems. The bank’s investment arm, Sber Asset Management, has announced plans to introduce Russia’s first exchange traded fund based on blockchain technology in December 2021. Alexander Vedyakhin, the bank’s vice chairman, outlined the positive effects of the change. More money could be brought into the bank by investors who are interested in the cryptocurrency market. On the flip side, the bank has also implemented new assessment features. The purpose of this change is to facilitate financial transactions involving digital assets. Russian Banking Giant Embraces Future Of Digital Currencies From Vedyakhin: Sberbank attempted to get the Russian government to greenlight the release of its stablecoin in 2021. The Russian central bank has been hesitant to allow the creation of private cryptocurrencies, but Sberbank is pushing ahead with the development of its platform anyhow. Sberbank was granted permission to issue and trade digital currency the following year. Meanwhile, Russian private bank Alfa Bank, in addition to state-owned Sberbank, is authorized to issue cryptocurrency. Lighthouse, a Fintech startup, and Atomyze, a tokenization platform supported by the Russian Federation, are two more recognized financial institutions. This is an exciting time for Sberbank and its customers as it enters the trading of digital currencies. Sberbank is clearly embracing the future of digital currencies and setting the pace in Russia as the bank continues to innovate and adapt to the ever-evolving financial landscape. Featured image from Sergei Fadeichev/TASS

Lummis has been collaborating with Senator Kirsten Gillibrand on a new bipartisan move. Senator Gillibrand had promised more specificity in the updated bill’s definition of tokens. Senator Cynthia Lummis of the United States made headlines when she turned to Twitter to promote her efforts to create a legislative framework. That would allow people and businesses to own and trade digital assets inside the United States. Lummis has been collaborating with Senator Kirsten Gillibrand on a new bipartisan push to implement extensive regulations for cryptocurrency. The momentum for this legislative effort to create a regulatory framework for the digital asset market is likely to grow on Capitol Hill later this year. Eliminating Regulatory Gray Areas Moreover, Lummis said that the opposition was successful in blocking a 30% tax on digital asset mining from being included in the latest debt limit accord. But underlined that the battle for a clear regulatory framework for the crypto industry is far from done. At a symposium on digital assets. Senator Gillibrand had promised more specificity in the updated bill’s definition of tokens and the procedures for acquiring them. Senators have often claimed that their action is motivated by a desire to clarify and eliminate regulatory gray areas. In this case, around cryptocurrencies. Recent sources suggest that the primary goal of the next measure is to define cryptocurrencies. With the added benefit of perhaps eliminating the “security” label. Further, the proposed law is said to enforce a global prohibition on algorithmic stablecoins. However further discussion is needed to establish the businesses permitted to create stablecoins. And the restrictions involved with maintaining their USD reserves. On the other hand, the Nigerian Securities and Exchange Commission said on Saturday that Binance, the largest cryptocurrency exchange in the world, was “illegal” to operate in Nigeria. Trouble for Binance has arisen since the US Securities and Exchange Commission (SEC) filed a lawsuit against it and numerous related entities. Binance has been labeled an “illegal” exchange by the Securities and Exchange Commission of Nigeria. It has issued an order for Binance to cease operations in the country.

The CFTC issued a statement on June 9 summarizing the extent of the default judgment. Ooki DAO has been issued permanent trading and registration bans. A district court in the United States has issued a default judgment ordering Ooki DAO to cease operations. Furthermore asked to pay a $643,542 civil penalty. In September 2022, the CFTC sued Ooki DAO for “unlawfully acting” as a futures commission merchant. And providing consumers margin and leverage trading services. Ooki DAO had until January 2023 to file an answer to the action, thus a default judgment has been looming for some time. The CFTC issued a statement on June 9 summarizing the entire extent of the default judgment and calling the ruling a “sweeping victory” in the litigation, which became final on June 9. Moreover, Ooki DAO has been issued “permanent trading and registration bans,” and its website and all associated data must be removed from the Internet. As reported by the commission: Operating Without Legal Accountability One of the first occasions a government body has gone after a DAO and its token holders was in this case involving Ooki DAO. Industry participants had previously assumed that the decentralized character of DAOs and decentralized financial platforms shielded them from regulatory oversight. However, the CFTC claimed that Ooki DAO’s forerunner bZeroX’s creators Tom Bean and Kyle Kistner tried to transfer control of the non-compliant trading platform to Ooki DAO in order to escape legal repercussions. CFTC Division of enforcement director Ian McGinley stated: The recent crackdown by U.S. SEC has hit the crypto sector hard and now all eyes are on the upcoming Fed interest rate hike.

SHIB experiences record-breaking burn rate surge, defying market trends. Price dips but SHIB’s burn rate skyrockets, hinting at scarcity-driven growth. SHIB’s massive token burn offers hope amid bearish market sentiment. In the volatile world of cryptocurrency, Shiba Inu (SHIB) bucks the trend with an astounding 4,181% surge in its burn rate. This indicates a massive reduction of 256,266,011 SHIB tokens from circulation within the last 24 hours. The tokens are gone, sent off to a ‘dead’ wallet, as Shibburn data reveals. Contrarily, a surprising 13.20% price dip has accompanied this unprecedented increase in burn rate. SHIB’s price fall even outstrips losses of altcoins, despite the token’s exclusion from recent SEC security classifications. Burn, Baby, Burn – The Path to Long-term Growth? In essence, the increased burn rate could trigger a scarcity phenomenon. This potential could rekindle buyer sentiment; even if recent developments like the impending launch of Shibarium, the Layer-2 protocol still need to bolster the price. Indeed, over the past day, the community has eradicated a significant 211,140,844 SHIB tokens from circulation. In particular, one transaction worth 207.71 million SHIB set a record, the largest event since June 4th. The resulting 3874.12% jump in the overall burn rate adds a remarkable twist to the tale. The eye-catching move came when the Binance 14 wallet dispatched a whopping 207,715,716 SHIB to a dead wallet. Despite the grim picture painted by the market’s current bearish trend, this monumental burn offers a glimmer of hope for SHIB investors. Moreover, another significant event has unfolded, with 4,000,379,151,023 SHIB (USD 31,709,005) transferred from Shiba Staking to Binance. This development, combined with the burn event, might add the required fuel to spark SHIB’s long-term price revival. In conclusion, the road ahead for SHIB remains uncertain. Yet, the escalating burn rate introduces a scarcity aspect that could propel the value upwards. Therefore, while immediate growth may stall, the Shiba Inu community is anything but pessimistic.

The overall number of deposits on the exchange increased by 208%. DefiLlama reports that Binance had a net outflow of $3.128 billion over the previous 7 days. U.S. authorities’ legal action against Binance and Coinbase, two of the most popular cryptocurrency exchanges, has driven users in Latin America to Bitget. Moreover, Bitget informed that from June 6 to 9, new users in the area grew 43% compared to daily norms, with Brazil and Argentina topping the market share rise. The overall number of deposits on the exchange also increased, by 208%, while the number of new customers in Brazil rose by 54%. The number of Argentine customers climbed by 33%, while the total amount deposited grew by 87%. The cryptocurrency exchange is available in Mexico, Colombia, and Venezuela. In the last few days, deposits to Bitget have increased by 134% in the area. More than 8 million people in 100 different nations use Bitget every month. The number of Latin American customers was not disclosed by the corporation. Losing Out on Key Region Furthermore, after recent regulatory developments in the US, we now have these numbers. The U.S SEC sued Binance, a cryptocurrency exchange, on June 5 on 13 allegations, including, among others, the alleged sale and offer of securities, failure to register as an exchange or broker, and commingling of client money. Moreover, DefiLlama reports that Binance has had a net outflow of $3.128 billion over the previous seven days, while Bitget has witnessed an inflow of $14.8 million. OKX, a cryptocurrency exchange, reported receiving $603 million in deposits last week, making it the largest recipient of new capital. After Binance was sued by the SEC on June 5 for purportedly providing unregistered securities and acting as an unregistered security broker since 2019, Coinbase was also sued by the SEC on June 6. Brazil is one of Binance’s top markets internationally, and the exchange’s local partner was recently granted a payment provider license there. Coinbase is also growing its regional presence here. Recommended For You: Binance Pay Partners With Credencial Payments in LATAM

Ethereum’s profitability declines, but market resilience persists. Investors remain confident as Ethereum withstands market challenges. Technical indicators suggest a potential market correction for ETH/USD. Ethereum (ETH) has established itself as a prominent player, captivating investors and enthusiasts alike. Glassnode Alerts, a leading data analytics platform, recently reported that the number of profitable ETH addresses had reached a one-month low. However, Ethereum’s price has experienced a modest 1.14% increase amidst this decline, currently trading at $1,745.82. This juxtaposition of diminishing profitability and a resilient market sets the stage for an intriguing analysis of Ethereum’s current state. Declining Profitability Signals Market Shift: Besides the encouraging price surge, the decline in profitable ETH addresses represents a notable shift in the market landscape. Glassnode Alerts’ data reveals that Ethereum holders face reduced profits compared to the previous month. While this may initially seem concerning, examining the broader context and underlying factors is essential. One possible explanation for the decline in profitable ETH addresses could be the recent stabilization of the cryptocurrency market. Ethereum, like other digital assets, experienced substantial volatility in the past months, with rapid price fluctuations. Consequently, the decreased number of profitable addresses indicates a more balanced market environment where extreme profit margins are less common. Moreover, it suggests a maturing market that promotes sustainable growth and stability. Price Resilience and Investor Confidence: Despite the reduced profitability, Ethereum’s price showcases promising resilience. The price increase to $1,745.82 demonstrates that investors and traders still perceive Ethereum as an asset with potential. This minor but significant surge reaffirms the confidence investors place in the long-term prospects of Ethereum, even during a period of lower profitability. Additionally, this price uptick highlights Ethereum’s ability to sustain its value amidst challenging market conditions. While profitability may ebb and flow, Ethereum’s price movements indicate that the underlying demand and utility of the cryptocurrency remain intact. Consequently, the slight increase further solidifies Ethereum’s reliable and potentially lucrative investment position. ETH/USD Technical Analysis During the bull run, trading volume fell 41.11% to $5,401,685,387, while market capitalization increased 0.32% to $209,728,187,783. This action indicates that investors are becoming more cautious and selective in their trading activity to minimize the hazards of a future market drop. However, the minor gain in market capitalization suggests that investors remain optimistic and confident that the general trend is still favorable. On the 4-hour price chart, the Bollinger bands on the ETHUSD are widening and moving south, with the upper and lower bands touching $1894.39 and $1703.89. This movement shows that the positive trend of the previous 24 hours is losing steam and that a market correction is possible. The price movement towards the lower band while generating a red candlestick pattern suggests that the bears are taking control. The stochastic RSI reading of 39.59 and movement below the signal line indicate that selling pressure is building. If the stochastic RSI reading continues to fall and falls below the oversold level of 20, it might indicate a further price drop. ETH/USD 4-hour price chart (source: TradingView) In conclusion, Ethereum’s declining profitability and resilient price demonstrate a maturing market, fostering sustainable growth and investor confidence in its long-term potential.

Services for minting and redeeming TUSD via alternative banking partners not interrupted. Prime Trust is being acquired by BitGo, a cryptocurrency custodian. After a brief interruption in minting activity via its technological partner Prime Trust, the stablecoin TrueUSD (TUSD) lost its dollar peg in the early hours of June 10. At its lowest in the last 24 hours, the market price of the fifth most valuable stablecoin by capitalization was $0.9958. Its current worth, as reported by CMC, is $0.9979. According to statistics provided by LedgerLens, the current supply of TUSD is $2.04 billion, while the collateral is valued at $2.08 billion. Following a statement from TrueUSD, which said that the minting of TUSD through Prime Trust has been suspended until further notice, a depeg was witnessed recently. Services for minting and redeeming TUSD via alternative banking partners have not been interrupted. The announcement read: BitGo to Acquire Prime Trust In the last year, the stablecoin has regularly devalued from its initial $1 USD peg. The latest rumors about Prime Trust’s bankruptcy may or may not be connected to the suspension of minting. A third of the workforce at the Nevada-based fintech infrastructure firm was let go in January. It also served as a go-between for Binance.US. Keeping its customers’ money in banks with whom it has partnered in light of the debanking of crypto firms there. Prime Trust is being acquired by BitGo, a cryptocurrency custodian. BitGo reportedly signed a nonbinding letter of intent to purchase the firm on June 8th, per an announcement. Moreover, BitGo will be able to broaden its wealth management offerings by acquiring Prime Trust’s payment rails and crypto IRA fund. The details of the deal were kept confidential. The possible purchase coincides with proposed regulatory changes by the U.S. Securities and Exchange Commission that would restrict the ability of crypto businesses to operate as a customer’s custodian.

Stark warns against unregulated, high-risk crypto trading platforms. Crypto exchanges’ disregard for standards exacerbates customer risks. Regulatory uncertainties drive investors towards decentralized options. In a bold warning, former Securities and Exchange Commission (SEC) chief, John Reed Stark, issued an urgent call to “get out of crypto platforms now.” In addition, he highlighted recent lawsuits against Binance Holdings Ltd. and Coinbase, citing these as critical reasons for his concern. Stark Backs SEC’s Crypto Pursuit Emphasizing the high-risk nature of crypto trading platforms, Stark asserted on Twitter that the SEC is spot-on with their crypto-related enforcement efforts. According to him, these platforms operate without proper registration with the SEC, leaving them devoid of operational supervision and customer protection. On the same note, Stark pointed out that the absence of regulatory oversight translates into significant gaps in customer protection and record-keeping. He further emphasized the platforms’ non-adherence to U.S. regulations on market manipulation, insider trading, and trading against customers. Consequently, he underscored the absence of pricing or order flow requirements on these platforms. Moreover, Stark argued that crypto exchanges have no obligation to adhere to cybersecurity or privacy protection standards, lack internal compliance requirements, and ignore the need to address customer complaints. Furthermore, he noted the absence of minimum financial standards for operation, painting a grim picture of the current state of these platforms. This warning comes when centralized exchanges are already experiencing declining trading volumes. Even before the recent legal actions, May witnessed a sharp decrease in trading volume on centralized exchanges, while decentralized exchange volume saw a modest increase. Stark’s advice aligns with a growing sentiment among investors becoming wary of the regulatory uncertainties surrounding crypto platforms. The combination of legal scrutiny, inadequate safeguards, and a lack of compliance measures has prompted many to seek alternative decentralized options.

The company expressed its disagreement with the market regulator in a recent post. The Solana Foundation’s attempt to reassure its members came somewhat late. After being silent for some time, the Solana Foundation has commented on the SEC’s recent decision to classify Solana (SOL) and other cryptocurrencies as securities. The company expressed its disagreement with the market regulator in a recent post it tweeted. The Solana Foundation issued a statement saying it appreciates lawmakers’ efforts to work together as “constructive partners.” On regulation to clarify the law for the thousands of American businesses working to develop the digital assets market. Moreover, the organization said that its developer’s community is the best in the digital currency sector, with a solid determination to create groundbreaking innovations. Calming Investors The Solana Foundation’s letter is meant to comfort its members. But it also emphasizes the organization’s commitment to helping “those building for the long-haul to continue to create the best blockchain for a decentralised future.” Furthermore, in its recent lawsuit against Binance and Coinbase, the SEC included SOL as a security. Along with Cardano (ADA), Polygon (MATIC), and Filecoin (FIL), among others. Although there seems to be no legal action taken against the Solana Foundation at this time. The accreditation may cause investors to lose faith in the SOL token. The Solana Foundation’s attempt to reassure its members came somewhat late, despite the message’s stated goal of calming tensions. The effects of the SEC’s crackdown are already being felt. Moreover, recently it was revealed that cryptocurrency exchange Robinhood Markets Inc. will stop supporting Solano, Cardano, and Polygon by the end of the month. This change has had a significant influence on SOL. And the bulk of other cryptocurrencies, contributing to the current negative trend.

Shiba Inu’s upcoming announcement promises a groundbreaking advancement. The ecosystem aims to combine governance, real-life applications, AI, and DAOs. The anticipation for the Shibarium update is growing within the community. Shytoshi Kusama, the enigmatic persona driving the Shiba Inu project, unveiled an exhilarating update on the progress of Shibarium. Consequently, the Shiba Inu community is eagerly bracing for new developments in the ecosystem. The upcoming “Something is Coming” trailer significantly highlights the ecosystem’s next breakthrough. Moreover, Kusama clarified that this revelation isn’t just an incremental step. Instead, it will represent a pioneering stride in decentralized technologies and protocols. However, he remained cryptic about the details, hinting at a rollout for early July. Hence, we expect a vibrant discussion around this exciting announcement in the coming weeks. Shiba Inu’s All-Encompassing Ecosystem: An Unrivalled Offering Envisioned by Kusama, the future Shiba Inu ecosystem aims to include elements like governance, real-life applications (IRL), and MV, Blockchain. Furthermore, the inclusion of Artificial Intelligence (AI) and Decentralized Autonomous Organizations (DAOs) will also be incorporated. Kusama further claims it’s a package unmatched by any other on the planet. This all-inclusive approach suggests the Shiba Inu project is creating a robust, multi-faceted platform. It would intertwine various aspects of the modern, decentralized world into a seamless experience. Besides, it reiterates the project’s commitment to developing a completely decentralized product. As the Shibarium update looms closer, the anticipation among the Shiba Inu community continues to grow. This announcement will undoubtedly drive new interest from the broader crypto sphere. To wrap it up, this intriguing reveal from Shytoshi Kusama reaffirms that Shiba Inu is not just a meme coin. Instead, it is a complex, developing ecosystem with an ambitious vision. Consequently, all eyes are now on early July when the “Something is Coming” trailer will blossom into reality.

Custodia Bank has gained ground in its legal struggle against the Fed. In October 2020, Custodia applied for a master account at the Federal Reserve. When a federal court in Wyoming rejected requests to dismiss filed by the Federal Reserve and the Federal Reserve Bank of Kansas City, Custodia Bank gained ground in its legal struggle against the Fed. In June of 2022, the digital asset bank filed a lawsuit against the Federal Reserve over what it called an “unlawful delay” in the approval of its master account. Caitlin Long, a former executive at Morgan Stanley and an early supporter of crypto, launched the bank in 2020 so that it could provide account services to cryptocurrency businesses and act as a conduit to the US dollar. Moreover, the court has again denied the Federal Reserve’s request to throw out Custodia Bank’s complaint. Nathan Miller, a spokesman for Custodia Bank, expressed his delight that the Fed’s effort to give itself a veto over state bank chartering decisions will finally be proven in federal court. Granting Itself Unique Jurisdiction In October 2020, Custodia applied for a master account at the Federal Reserve. If approved, the bank would have access to the Fedwire network, the Federal Reserve’s payment system that handled over 196 million transactions in 2022. The bank’s engagement in the cryptocurrency sector was cited as one of the reasons the Fed rejected the membership application in January 2023. Since firms that deal in crypto can’t get banking services backed by the Federal Deposit Insurance Corporation (FDIC), SPDIs were developed to fill that need. The state of Wyoming filed a request to intervene in the bank’s lawsuit with the Fed in April to defend its structure that permits certain cryptocurrency businesses to qualify as state-chartered banks. Miller claims that after decades of automatically issuing master accounts to licensed banks, the Fed is now reinterpreting federal statutes to give itself unique jurisdiction that it never got from Congress. Moreover, Miller proceeded by saying that the Wyoming Division of Banking turned down more than 150 other banks before awarding Custodia its bank charter.