Binance pushes back against SEC

🥊 Binance pushes back against SEC’s demands

The ongoing legal battle escalates as Binance.US counters the SEC's demands, terming them as "unreasonable" and "unduly burdensome."

The SEC had previously motioned for more details from Binance.US. BAM Trading Services, which operates Binance.US, recently submitted documents objecting to the SEC's extensive requests. The core of BAM's defense is that the SEC's demands are too broad and exceed the previously agreed consent order's parameters. Furthermore, BAM's lawyers argue that the SEC has not provided substantial evidence of their accusations, which the SEC disputes as misleading.

🐳 Significant whale activity observed in SHIB

Over the past 24-48 hours, there has been a significant rise in whale activity for Shiba Inu (SHIB), with whales moving around 23 billion SHIB tokens.

Despite this activity, SHIB's price experienced a loss within the same time frame. Concurrently, Shibarium, SHIB's layer-2 network, marked noteworthy milestones by hitting 2 million daily transactions and connecting over 1.1 million wallets. Arkham Intelligence highlighted the significant transactions in the SHIB market, indicating renewed interest in the meme coin. Notably, the price of SHIB hasn't risen in tandem with the increased trading volume, causing a disconnect between volume and price.

💡 New conclusions from rCBDC feasibility study

Hong Kong’s and Israel's central banks have cooperatively studied the potential for a retail central bank digital currency (rCBDC) with the aim of improving digital payments for public service.

Their report, named Project Sela, evaluated the feasibility of a cyber secure and user-friendly rCBDC. Preliminary findings suggest that a well-designed rCBDC system can maintain security without increasing cyber risks. The project also observed ongoing digital currency initiatives, including the digital shekel and the digital euro. Additionally, the study emphasized the importance of involving diverse participants in the rCBDC ecosystem.

🔥 HSBC and Fireblocks banking on crypto's future

London's HSBC is collaborating with cryptocurrency custody technology firm Fireblocks.

Fireblocks specializes in cryptocurrency safeguarding technologies and has previously collaborated with major financial entities like BNY Mellon and BNP Paribas. Regulatory uncertainties, especially in the U.S., have subdued large banks' interest in crypto. Despite this, HSBC, holding roughly $3 trillion in assets, permits its Hong Kong branch customers to trade in bitcoin and ether exchange-traded funds. HSBC-owned Hang Seng Bank, however, maintains a cautious public stance on cryptocurrency.

📣 COINPAPER RECOMMENDS

Thousands trust Masterworks' fine-art investing platform. Experience 13 proven exits with impressive returns. Achieve +10.4%, +27.3%, and +35.0% net gains. Thrive even when financial markets dive.

⛏ MINING FOR SMILES