Coinbase CEO Brian Armstrong (CoinDesk)

Renowned exchange Kraken is battling issues with its crypto funding gateways, which include BTC, ETH, and ERC-20, as users experienced delays in deposits and withdrawals. 

On their status page, Kraken informed users that the Kraken Futures platform would not be available for approximately 10 minutes on June 6, 2023, at 10:30 UTC. As such, users cannot carry out financial transactions on the exchange within the specified period. 

Updates Users Of Payment Delays

Kraken informed users of site maintenance with a post-only period once the platform is back online and the necessary checks are complete. Notably, the Support Center with new features will be unavailable at intervals on June 7 between 11:00 and 13:00 UTC.

Related Reading: Bitcoin Current Position Is Sensitive, Glassnode Explains Why

Also, customers using chat and support will deal with a likely service disruption of 60 minutes during this maintenance period. However, despite the downtime, the Kraken exchange attained some notable milestones in the past few weeks. The recently announced upgrade on crypto gateways will bring additional features for users on the exchange. 

Kraken Attains Newsweek Top 100 Global Most Loved Workplace Milestone

In a blog post on May 31, 2023, Kraken announced it attained number 16 in Newsweeks Top 100 Global Most Loved Workplaces List.  Notably, they were the only crypto company to feature on the list, which the company claims align with their focus on pr...

COIN dropped as much as 20% on Tuesday following a suit by the SEC against Coinbase. (TradingView)

SEC Chief Gary Gensler (Photo by Alex Wong/Getty Images)

Sergey Nazarov (left) and Jonathan Ehrenfeld Sol (Chainlink Labs)

(Vlad Deep/Unsplash)

The SEC is suing the cryptocurrency exchange for alleged unregistered securities offerings.

Sale (Markus Spiske/Unsplash)

(Getty Images)

Coinbase CEO Brian Armstrong (CoinDesk archives)

Projects are racing to create legal coin mixers that preserve privacy while revealing just enough data to stay on the right side of the law.

Amid the continuous downward trend in the global crypto market, leading on-chain analytics firm Glassnode yesterday reported some significant movement recorded in the Bitcoin (BTC) and Stablecoin markets. According to Glassnode, the dominance of Bitcoin and stablecoin flows have seen dramatic shifts over the years.

Changes In Bitcoin Supply Ownership

In a series of tweets posted earlier today, Glassnode released a recent report shedding light on the evolving landscape of Bitcoin supply ownership and the dynamics surrounding stablecoins.

The findings reveal significant shifts in the dominance of Bitcoin supply and the distribution of stablecoin holdings, indicating changing investor behaviors and potential migration of liquidity towards lower-risk digital assets.

According to Glassnodes report, the dominance of BTC supply has witnessed a noteworthy transformation over the past two years. US entities now hold 11% less Bitcoin than in June 2022, while investors active during Asian trading hours have increased their holdings by 9.9%.

This reversal of fortunes represents a distinct departure from the trends observed during the 2020-2021 bull cycle, signifying a shift in market dynamics and investor preferences.

Stablecoin Dynamics And Changing Market Sentiment

Glassnodes report also highlights significant developments in the stablecoin space. The supply of USDT (Tether) has reached all-time highs, indicating a surge in demand for this popula...

(Shutterstock)

The Shanghai upgrade allows validators to withdraw the staked ether (ETH) that has been locked in the network.

An EU study has rekindled a debate over the treatment of crypto as securities (TiNo Heusinger/Pixabay)

Blockchain gaming executives believe the law has not yet caught up with the concept of earning a living through gaming.

The SEC lawsuit alleges that Coinbase operates as an unregistered securities exchange, broker and clearing agency.

Court Lawsuit Judge Legal (Shutterstock)

Crypto tokens deemed as securities by the SEC (Lyllah Ledesma/Messari)

(SpaceX/Unsplash)

This is an opinion editorial by Didar Bekbauov, the founder and CEO of group Bitcoin mining company Xive.

The financial industry as a whole is continually shifting toward the digital space, with the global digital payments market generating almost $100 billion in revenue last year, with projections to reach $303 billion by 2030. The penetration rate of digital payments among general consumers is also growing, as a McKinsey survey from 2022 found that nearly 90% of U.S. residents are using some form of digital payments.

And the Bitcoin market in particular is gaining greater attention, as the recent U.S. banking crisis and the negative outlook of the global economy serve to drive more individuals and businesses toward this sector. Bitcoin is seen by many as a sound store of value, independent from governments and banks, providing an attractive alternative to traditional financial investments.

But can it realistically replace fiat currencies to become the money of the future?

Bitcoin Attitudes: Progress To Date

Ten years ago, only a small niche community was interested in BTC. Now, it is estimated that 425 million people across the world own cryptocurrency, following a 39% growth in digital asset holders in 2022.

Up until the last few years, it was the norm for many to deride Bitcoin and call it a fraud. But after 2020, a drastic change in attitudes has taken place, with BTC's perception evolving from a speculative investment to a legitimate store of value and medium of exchange.

The main reason behind this shift is the increasing institutional adoption of Bitcoin. Since 2020, institutional investors have entered the market en masse, fueling a major bull run and accumulating more than 7.8% of the total BTC supply as of May 2023. Consequently, bitcoin has become a legitimate asset class that is taken more seriously by more people.

Moreover, a 2022 Deloitte survey revealed that 75% of polled retailers are planning to accept cryptocurrency payments within the next two years.

Besides that, bitcoin has become legal tender in multiple jurisdictions including, most notably, El Salvador.

Sustainable Bitcoin Mining Is Shifting The Narrative

Due to the fact that they require significant computational power, Bitcoin mining operations are often associated with high en......

Dogecoin has plunged more than 7% during the past day as data shows that whales have made some large movements.

Dogecoin Whales Move Large Amounts On The Chain

According to data from the cryptocurrency transaction tracker service Whale Alert, five large transactions have been spotted on the DOGE blockchain during the last 24 hours.

Three of these transfers all saw the movement of the same amount of the meme coin: 600,000,018 DOGE worth $42,946,921 at the time the transactions took place.

The other two transactions were smaller and saw the travel of 337,520,424 DOGE ($24,159,104) and 399,999,992 DOGE ($28,631,279), respectively, across the network.

As all of these transfers saw the movement of such a large amount of Dogecoin, its likely that whale entities were behind them. Whales are humongous holders who carry significant amounts in their wallets, which makes them powerful existences on the network.

Surprisingly, all of these transfers were executed at the same time. Such large whale transactions arent exactly an everyday occurrence, so five of them happening simultaneously is interesting, to say the least.

Based on this and the fact that three of the transactions saw the movement of the exact same number of coins, the natural conclusion would emerge to be that the same entity was behind these transfers.

Indeed, as the blockchain data would confirm, all of these transfers have involved not only the same sending addresses but also the same destinations. This would imply that the investor or group of investors behind these transactions may have made all of these moves with the same goal in mind.

Here are some additional details regarding one of these Dogecoin transactions, which may provide hints about the reason behind why the transfers may have been done:

Both the sending and the receiving addresses here seem to be unknown wallets, meaning that they are unattached to any known centralized platform (like an exchange). Generally, such wallets are investors personal wallets, which they may use...

Makoto Inoue highlighted that Web3 socials are not limited to online platforms but can also be applied offline, keeping records of peoples meetings on the blockchain.

The SEC lawsuit comes just months after the CFTC lawsuit against Binance, mounting its regulatory woes in the United States.

Coinbase CEO Brian Armstrong (CoinDesk screen grab, with permission of Coinbase)

The U.K. prime ministers AI task force adviser said large AI models would need regulation and control in the next two years to curb major existential risks.

Profit gauge (Shutterstock)

Shiba Inu (SHIB), the popular meme-inspired cryptocurrency, is experiencing a notable change in market dynamics as the tide seems to be turning in favor of bullish sentiment. 

Over the past week, there has been a remarkable surge in confidence among large-scale investors who have demonstrated their support for SHIB by acquiring billions more tokens than they have sold. 

But what has sparked this newfound optimism, and what does it mean for the future of Shiba Inu?

Large Investors Embrace Shiba Inu Tokens

Recent data reveals that large investors have shown immense confidence in SHIB by acquiring an astonishing 338.1 billion more tokens than they sold over the course of the past week. This surge in accumulation by influential participants in the crypto market has led to a remarkable weekly total of 9.34 trillion Shiba Inu tokens being amassed.

Expanding on this extraordinary statistic, it becomes clear that the interest of large investors in SHIB is far from waning. Their notable accumulation of SHIB tokens signals a belief in the cryptocurrencys potential for growth and indicates a positive outlook for its future prospects. 

Such a substantial increase in token acquisition suggests that these investors see SHIB as an asset with significant value and are willing to invest substantial resources to secure their position.

A Tale Of Consolidation Amidst Investor Interest

Despite the recent surge in confidence and substantial accumulation of Shiba Inu (SHIB) tokens by large investors, the price of SHIB has yet to exhibit a positive response. According to CoinGecko, the current price of SHIB stands at $0.00000804, representing a decline of 5.8% over the past 24 hours and a seven-day slump of 7.7%.

SHIB has since been trading within a narrow range, with minimal fluctuations exceeding 6%. Surprisingly, this phase of consolidation has piqued the interest of major investors who have...

The SEC lawsuit against Binance led to outflows of over $750 million on Ethereum in the past 24 hours, with outflows still exceeding inflows.

Discover a wealth of graphic design knowledge and unleash your creativity with these five YouTube channels.

Bitcoin is looking ripe for a trip to its lowest levels since March, say market participants, with BTC price action staying below $26,000.

Major crypto exchange Kraken investigated an issue with crypto funding gateways, including BTC, ETH, and ERC-20, with users experiencing delays in deposits and withdrawals.

Komainu are part-lions statues that are usually placed at the entrance of several Shinto temples. (Shutterstock)

Standard Chartered, majority owner of Zodia Custody. (Shutterstock)

(Danny Nelson/CoinDesk)

A front-bench member of the United Kingdoms opposition Labour Party says artificial intelligence should be licensed and regulated similarly to the pharmaceutical and nuclear industries.

In a letter addressed to Treasury Secretary Janet Yellen and IRS Commissioner Daniel Werfel, two members of Congress raised concerns about the tax compliance practices in crypto.

Stolen crypto from Atomic Wallet users are already on the move to mixers, according to Elliptic.

Amid regulatory uncertainty, the approval has been seen as a small win for the United States crypto market and institutional investors.

Total liquidations have topped $280 million in 12 hours on June 5 as crypto market sentiment has turned more fearful.

Pepecoin (PEPE), a once-promising meme token, has recently faced a significant setback, witnessing a staggering decline in both its price and market capitalization. The fervent frenzy that once surrounded this meme-inspired digital asset has faded, leaving investors questioning the future of Pepecoin.

Pepecoin initially captured the attention of crypto enthusiasts and meme lovers alike, leveraging the popularity of the iconic Pepe the Frog character. Riding the wave of meme-driven mania, the token experienced an exhilarating surge in value, captivating headlines and attracting a considerable influx of investors seeking quick profits. 

However, this euphoric ascent was short-lived, and Pepecoins once unstoppable rise abruptly came to a halt.

PEPE Suffers Sharp Decline In Value

In a sudden turn of events, Pepecoin (PEPE) has experienced a significant downturn, as evidenced by its price on CoinGecko plummeting to an astonishingly low value of $0.00000102. The token has suffered a substantial 14.4% slump within the past 24 hours, and its decline over the course of the last seven days has been even more alarming, reaching a staggering 28.4%.

At its peak, Pepecoin boasted a market capitalization exceeding a billion dollars. However, the recent downturn has seen the tokens market cap dwindle to below $500 million as of press time. This equates to a drastic erosion of over 50% of its value on the price charts.

Meme Coin Struggles To Recover: Possible Explanations

Pepecoins failure to reach a corrective bounce raises questions about the underlying factors contributing to its downfall. While numerous elements could be at play, one possible explanation lies in the shifting market sentiment towards meme tokens.

These tokens, which often gain popularity through viral memes and social media trends, have faced increased scrutiny and skept...

Coinbase Chief Legal Office Paul Grewal reiterated that the U.S. is falling behind and is at risk of driving jobs, innovation and investment overseas.

Ethereum price gained bearish momentum below $1,860 against the US Dollar. ETH is showing a lot of bearish signs and might drop to $1,720.

• Ethereum is down over 4% and trading well below $1,900.
• The price is trading below $1,840 and the 100-hourly Simple Moving Average.
• There was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair could continue to move down toward the $1,720 and $1,700 levels.

Ethereum Price Drops Over 4%

Ethereums price failed to clear the $1,920 resistance. ETH started a strong decline below the $1,900 and $1,880 levels to move into a bearish zone, similar to Bitcoin.

The bears were able to push the price below the key $1,840 support. Besides, there was a break below a connecting bullish trend line with support near $1,900 on the hourly chart of ETH/USD.  The price is down over 4% and it traded close to the $1,775 support.

A low is formed near $1,777 and the price is now consolidating losses. It is slowly moving higher above the 23.6% Fib retracement level of the downward move from the $1,912 swing high to the $1,777 low.

Ether is now trading below $1,840 and the 100-hourly Simple Moving Average. Immediate resistance is near the $1,840 zone. The next major resistance is near the $1,850 level or the 50% Fib retracement level of the downward move from the $1,912 swing high to the $1,777 low.

Source: ETHUSD on TradingView.com

A proper move above the $1,840 and $1,850 resistance levels might send Ether toward $1,900. The next resistance sits near $1,920, above which Ethereum could rise toward $1,965. Any more gains above the $1,965 resistance zone might send the price toward the $2,000 resistance.

0.00010 BTC = 2.60 USD
1.00 USD = 0.00004 BTC
Converter

Bitcoin price is down 5% and trading below the $26,000 level. BTC is now at risk of a move toward the $25,000 support in the near term.

• Bitcoin started a sharp decline below the $27,000 level.
• The price is trading below $26,500 and the 100 hourly Simple moving average.
• There is a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could correct higher but upsides might be limited above $26,200 and $26,400.

Bitcoin Price Takes Hit

Bitcoin price failed to start a fresh increase above the $27,000 resistance. BTC started a fresh decline below the $26,500 support and the 100 hourly Simple moving average.

The price is down 5% and there was a move below the $26,000 support. It even retested the $25,400 support zone. It is now consolidating below $26,500 and the 100 hourly Simple moving average. There is also a connecting bearish trend line forming with resistance near $26,100 on the hourly chart of the BTC/USD pair.

Bitcoin is now facing resistance near the $25,900 level. It is near the 23.6% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low.

The next major resistance is near the $26,100 level and the trend line. The main resistance sits near the $26,500 level or the 50% Fib retracement level of the recent drop from the $27,489 swing high to the $25,400 low, above which the price might start a decent increase.

Source: BTCUSD on TradingView.com

The next key resistance is near the $26,700 level. An upside break and close above $26,700 could start a decent increase toward $27,200. Any more gains above the $27,200 resistance zone might send the price toward the $27,500 resistance zone.

With its latest suit against Binance, the United States Securities and Exchange Commission has now labeled at least 61 cryptocurrencies as securities, affecting $100 billion worth of tokens on the market.

The tech giant finally dropped details of its new pricey mixed-reality headset during the Worldwide Developers Conference, though it made no mention of the word metaverse.

United States Attorney Damian Williams says the lies of the former Minnesota Vikings co-owner exposed the U.S. financial system to serious risk.

Optimism CEO Karl Floersch. (Optimism)

New details revealed in the SEC complaint could explain why Brian Brooks abruptly stepped down as CEO of Binance.US in 2021, a crypto lawyer suggests.

Bitcoin daily chart (CoinDesk)

In a significant development this week, Bitcoin price has crossed bearish on the weekly LMACD (Logarithmic Moving Average Convergence Divergence), marking the first time this has occurred in 2023.

Does this mean further decline for BTCUSD, or do bulls still have a chance to save the recent uptrend?

Bitcoin Momentum Takes A Turn For The Bears

Last night, the weekly candle in BTCUSD opened with a bearish crossover of the LMACD. Today, we saw a key support level fail at $27,000, prompting the cryptocurrencys value tumble to $25,000.

This bearish crossover and selloff interestingly coincides with an announcement from the SEC about enforcement action against the cryptocurrency giant, Binance.

The SEC claims that Binance allegedly provided trading of unregistered securities to US traders. The list of securities included several top altcoins.

The timing of the legal action, technical indicator crossover, and selloff, gives weight to Sir John Templetons axiom, show me the chart and Ill tell you the news. In other words, major news events often appear to be reflected in price movements and can be predicted by watching chart patterns.

Why The Crossover Might Not Crater Crypto

However, while the crypto market may be responding to immediate news, its essential to interpret these developments within a broader context. If momentum continues to descend from the zero line, we may witness a resumption of the prior bearish trend, which could pose challenges for Bitcoin investors.

Nevertheless, as seasoned traders will recall, the last time Bitcoin experienced a similar momentum downturn from this level on the LMACD was just before the 2020 bull run. Despite the initial bearish crossover, the downtrend proved to be short-lived, paving the way for significant upward price appreciation.

Looking at historical precedent, it&...

(Nikhilesh De/CoinDesk)

(Andriy Onufriyenko)

Apple Vision Pro headset (Apple)

In a shock move that has forced the cryptocurrency markets lower, the United States Securities and Exchange Commission (SEC) on June 5 sued Binance, the worlds largest cryptocurrency exchange, accusing them of 13 charges, one of which is allegedly enabling the trading of unregistered securities.

Top of the list, the regulator said, was that Binance allegedly allowed the trading of several crypto assets, including BNB, the platforms native currency; Cardanos ADA; and MATIC, the token priming the Polygon ecosystem.

XRP Not A Security?

The SEC didnt mention payment company Ripple, the native currency of the XRP Ledger, a platform through which the company bases its flagship products. The two entities have been entangled in a legal fight since late 2020, when the regulator accused the payment company of allegedly selling an unregistered security, XRP. 

It should be noted that despite the regulator mentioning XRP, the coins price is lower and weighed by the market-wide collapse that has so far wiped billions in value from the total crypto market capitalization, according to CoinMarketCap (CMC), a coin tracker.

When writing on June 5, the total cryptocurrency market cap had contracted by over 5% to $1.09 trillion. During this time, the XRP price has been down 7% in the past 24 hours. 

However, comparing the current performance to how XRP faired last week, the coin is the only one in the green territory, adding 3%. This means XRP has outperformed all the top-10 cryptocurrencies, including Ethereum and Bitcoin.

The failure of the SEC to mention XRP in their lawsuit could be a huge boost for the token and its ecosystem in the days and weeks ahead. This is especially considering the ongoing case. 

Ripple Supporters Remain Bullish Despite SECs Accusations

The case is ongoing, but there have been rulings in recent weeks that make XRP supporters optimistic. The presiding judge has denied SECs motion to seal the Hinman documents. 

Although the SEC vehemently campaigned for these documents to remain private, claiming they were deliberative and privileged, the judge said the public had the right to know since they are relevant to the case. 

These documents are critical in the case as they detail internal communication by the SEC on how they classified XRP as a security. 

Still, the judge is yet to make a rulin...

The worlds largest cryptocurrency exchange has been hit with an SEC suit that many saw coming, but the details will be studied closely.

Binance betrayed our interests with its decision to delist privacy coins. In the long run, it may mean that users leave Binance in the dust.

Bitcoins price dropped to $25,500 after the SEC announced a lawsuit against Binance and Changpeng Zhao, a move which also has BTC bulls wondering if the bottom is truly in.

Wallets (RitaE/Pixabay)

(Nikhilesh De/CoinDesk)

There is no shortage of regulatory efforts to mitigate the negative impacts of artificial intelligence.

BNB price daily (CoinDesk)

Bitcoin and several altcoins took a beating on reports that the SEC filed a suit against Binance in U.S. district court.

Binance CEO Changpeng Zhao (Antonio Masiello/Getty Images)

Disclaimer: BTC Inc. is the parent company of both Bitcoin Magazine and The Bitcoin Conference.

Bitcoin Magazine's Bitcoin 2023 conference in Miami Beach concluded as a resounding success, demonstrating the growing significance of Bitcoin in the financial world. The event witnessed notable participation from U.S. presidential candidates and generated enthusiasm, setting the stage for Bitcoin's mainstream adoption. Brandon Green, Head of Staff of Bitcoin Magazine, expressed his excitement, stating, "This year's Bitcoin Conference surpassed all my expectations, becoming a defining moment for the Bitcoin industry."

The conference also focused on fundraising efforts, with the organization Brink successfully raising $800,000 USD to support open-source Bitcoin protocol development. Samara Alpha Management and Bitcoin Magazine Pro announced a partnership for The Bitcoin Alpha Competition, offering a chance for startup managers and hedge funds to present their strategies to institutional allocators and potentially win $1 million in seed capital.

Art and commerce played a significant role at the conference. An art showcase and auction called Ordinal Alley sold 6.38 BTC worth of rare pieces, highlighting the growing interest in Bitcoin and the Ordinals protocol within the art world. The Bitcoin Bazaar facilitated transactions using Bitcoin, while the Bitcoin Magazine store reported that 21% of all transactions were made using Lightning bitcoin payments.

Keynotes and sessions addressed various aspects of Bitcoin. U.S. Presidential candidates Robert F. Kennedy Jr. (Democratic party) and Vivek Ramaswamy (Republican party) shared their visions for Bitcoin in their respective keynotes. Jack Mallers, CEO of Strike, announced the expansion of the global money app to over 65 countries, offering fast and secure payments to a huge audience.

The conference fostered collaboration between industry leaders through Industry Day, which featured discussions on Bitcoin's impact on various sectors. A startup contest called Pitch Day also took place, with winners announced in two categories: infrastructure and adoption.

Beyond knowledge sharing, the conference emphasized community building. Bitcoin meetups from across the country competed in...

El Salvadors plans to build a billion dollar renewable energy precinct has found a first-round investor in stablecoin issuer Tether.

"We only support blue chip NFTs to reduce the risks," said Paraspace developers.

The top of the City Hall of Santa Ana city, El Salvador. (Getty Images)

Richard Teng. (Binance)

The article below is an excerpt from a recent edition of Bitcoin Magazine PRO, Bitcoin Magazine's premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Who Holds The Bitcoin?

Bitcoins public ledger comes with a unique level of transparency that includes significant information detailing where the bitcoin supply lives. With the help of address tracking, public announcements and some estimation across data sources, we can get a sense of where nearly 47% of total bitcoin supply is today. A considerable portion of bitcoins 21-million supply is estimated to be lost, which includes Satoshi Nakamotos coins. Theres useful data from both Glassnode and Chainalysis to suggest that nearly 4 million bitcoin has been lost.

Other large amounts of bitcoin are on exchanges, in the Grayscale trust, or in bitcoin miners wallets. Swaths of bitcoin have been accumulated by the likes of MicroStrategy, and more recently Tether. Some 5,500 bitcoin are locked up on the Lightning Network, while other sums exist as wrapped bitcoin (WBTC) on blockchains besides Bitcoin.

Most bitcoin estimates can be tracked on a routine basis when looking at examples, like known U.S. government-associated on-chain addresses from various bitcoin seizures, or when analyzing monthly production updates from public bitcoin miners, while other holding details can be much harder to come by. A private institution may have indicated bitcoin holdings years ago, but isnt required to publicly announce updates of their stash. Other instances include uncertainty around government holdings. China may have 194,000 bitcoin from seizure, but its difficult to verify if this number is current.

All that said, the below chart is a rough cut of available data that can be expanded upon and improved for better accuracy across different groups. These figures come from on-chain forensics, public SEC filings and balance sheet attestations. 

Of the 2.3 million of bitcoin on exchanges, the majority resides on Binance and Coinbase. This wouldnt include bitcoin in investment custody products like Grayscale and Coinbase Custody,...

Arca CEO Rayne Steinberg (CoinDesk)

The crypto market is down today after the news of the SEC suing Binance and its CEO Changpeng Zhao scares off investors.

Coinbase share price (TradingView)

The U.S. Securities and Exchange Commission (SEC) has filed a complaint against cryptocurrency exchange Binance, accusing the company of violating federal securities laws.

The SEC alleges that Binance, the worlds largest cryptocurrency exchange platform, unlawfully solicited U.S. investors to trade crypto asset securities on its platforms, Binance.com and Binance.US. Per the complaint, Binance engaged in unregistered offers and sales of securities and made false representations to investors regarding surveillance and controls over manipulative trading.

According to the SECs claim, Binance and its subsidiary, BAM Trading, operated as an exchange, broker-dealer and clearing agency without registering with the SEC. The commission also alleges that Binance conducted unregistered offers and sales of its own cryptocurrency assets, as well as profit-generating programs and investment schemes. Specifically, the charges focus on the BNB and BUSD cryptocurrencies launched by Binance, as well as the BNB Vault and Simple Earn programs, and a so-called staking investment scheme available on the Binance.US Platform. The defendants are accused of depriving investors of material information about these securities and programs.

Furthermore, the complaint states that Binance and BAM Trading made misrepresentations about the controls implemented on the Binance.US platform, raising significant amounts of money from private investors. The SEC asserts that Binance evaded U.S. laws and regulation by implementing a plan to surreptitiously escape registration requirements. As Zhao himself acknowledgedBinance did not want to be held accountable for these actions, the filed charges explain. As the Binance CCO explained, [o]n the surface we cannot be seen to have US users[,] but in reality, we should get them through other creative means.

In a response to the SEC's complaint, Binance expressed disappointment and emphasized its active cooperation with the SEC's investigations. Binance stated that it had engaged in extensive discussions to reach a settlement but that the SEC chose to act unilaterally. The company said it intends to vigorously defend its platform and criticized the SEC's enforcement approach, calling for more clarity and guidance for the digital asset industry. Binance also refuted allegations that user assets on the Binance.US platform were at risk, assuring customers of the safety and security of their funds.

The SEC seeks various remedies and resolutions, including a permanent injunction, disgorgement of ill-gotten gains, civil money penalties and equitable relief. 

Pouch.ph, a bitcoin payment firm launched in 2021, has announced that it is enabling over 400 small businesses to accept and process Bitcoin payments in the Philippines. According to a press release shared with Bitcoin Magazine, the platform aims to tap into the vast pool of merchants in the country, ranging from mom-and-pop stores to boutique hotels.

Pouch.ph utilizes the Lightning Network built on top of Bitcoin to facilitate faster, more affordable and user-friendly digital payments. With this payment protocol, customers can pay by scanning a merchant's QR code with any Bitcoin wallet, and Pouch.ph converts the bitcoin to pesos, transferring the funds directly to the merchant's bank or mobile money account.

According to Ethan Rose, CEO of Pouch.ph, one of the significant challenges faced by small businesses is the limited availability of payment methods, with credit cards charging fees of up to three percent. With the increasing number of internet and smartphone users in the Philippines, accepting bitcoin as a payment method opens up opportunities for those without credit cards or local fiat currency to make online or in-store purchases.

Some local businesses in Boracay, a popular tourist destination, have already embraced bitcoin payments through Pouch.ph. In the press release, Erielyn Gaston, owner of Kasbar restaurant, highlighted the advantages of accepting Bitcoin, stating that it has allowed her to attract a wider customer base and increase sales. Meanwhile, TIB Market manager Marcel Selfer praised the convenience of a fast and easily available payment service, noting that it provides an alternative to high fees charged by non-bank ATMs for credit card users.

Expanding its services beyond Boracay, Pouch.ph noted that it has successfully onboarded merchants in cities such as Cebu City, Dumaguete, Iloilo and Bacolod City. Additionally, in Metro Manila, establishments like URBN QC, Draper Startup House and KosneyLand have started accepting bitcoin payments through Pouch.ph. The company also offers a Batch Pay feature, enabling business owners to send payments instantly to employees, suppliers and other recipients, simplifying payment processes.

To facilitate bitcoin transactions, individuals can utilize BTCMap.org to locate merchants that accept Bitcoin payments. Pouch.ph plans to extend its Batch Pay services for over-the-counter remittances through LBC, M Lhuillier and Palawan Pawnshop. By embracing bitcoin, small businesses in the Philippines are capitalizing on the increasing number of internet and smartphone users, while offering customers more diverse and convenient payment options.

(CryptoWatch)

Man staring out window at lightning storm (Grant Faint/Getty Images)

Consensus Executive Editor Marc Hochstein interviewed Nym Technologies security consultant and U.S. government whistleblower Chelsea Manning at CoinDesk's Consensus 2023 conference. (Shutterstock/CoinDesk)

Apple to release VR headset on Monday (Lauren Heymann/Unsplash)

Bitcoin week-long chart (CoinDesk)

The next bitcoin halving is likely to occur in April. (Shutterstock)

The latest price moves in bitcoin (BTC) and crypto markets in context for June 5, 2023. First Mover is CoinDesks daily newsletter that contextualizes the latest actions in the crypto markets.

A crucial BTC price support is coming back into the picture with Bitcoin bulls struggling below $27,000.

VELO/USDT chart (TradingView)

UK Parliament Building and Big Ben, London, England (Ugur Akdemir/Unsplash)

U.S. government whistleblower and Nym Technologies consultant Chelsea Manning discusses cryptography and cryptocurrency on stage at Consensus 2023 with CoinDesk Executive Editor Marc Hochstein. (Shutterstock/CoinDesk)

Binance (Danny Nelson/CoinDesk)

(Alfred Gescheidt/Getty Images)

Hong Kong is increasingly solidifying its status as a crypto hub in Asia despite most other countries taking a cautious approach.

The country of El Salvador is tapping into its abundant natural resources to create Volcano Energy. According to a press release sent to Bitcoin Magazine, the aim is to position the country as a major global player in the Bitcoin mining industry while promoting energy competitiveness, diversification and geographic expansion for the Bitcoin network. Adopting a debt-free approach, El Salvador plans to construct a 241 megawatt (MW) renewable power generation park in the Metapn region, combining solar and wind projects.

"This project is a transformative journey that will establish one of the world's largest Bitcoin mining farms," the release said. Located in the El Shiste hamlet, within the municipality of Metapn, Santa Ana, this chosen site boasts exceptional solar and wind energy yields in the country. The park will have a capacity of 169MW of photovoltaic solar energy and 72MW of wind energy. The initial computational power is expected to surpass 1.3 EH/s, marking a significant milestone for the country and industry.

The release stated that The total commitment for the project is $1 billion, beginning with a first investment of $250 million, bootstrapped by key Bitcoin industry leaders, with collaboration from top developers and manufacturers of renewable energy technology, as well as Bitcoin mining experts on a global scale. The government of El Salvador will play a crucial role in the planning and execution of the initiative, securing a preferred participation equivalent to 23% of the revenue. The remaining ownership will be divided among investors and reinvested in expanding energy production capacity and advancing Bitcoin mining.

Robert Warren of Distributed Hash explained on Twitter that the reasoning behind leveraging wind and solar is likely to monetize quicker to build upon a base set of geothermal expansion.

By leveraging Volcano Energy, El Salvador aims to create a prosperous future driven by sustainable energy and Bitcoin. As the countrys investment progresses volcanoes could serve as the backbone of this transformation, fostering economic growth and prosperity for future generations. The establishment of the renewable power generation park signifies a large step towards achieving these goals while cementing El Salvador's position in the global Bitcoin mining industry.

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