Nigerijský svědek říká, že uživatelé Binance pracují pod falešnými identitami

Svědek v probíhajícím nigerijském procesu proti praní špinavých peněz proti Binance tvrdil, že mnoho místních uživatelů platformy pro výměnu kryptoměn pracuje pod falešnými identitami. Svědek dále tvrdil, že Binance tím, že umožňuje uživatelům stáhnout nigerijskou nairu (NGN), regulovanou činnost, porušuje místní zákony.
Poplatky za praní špinavých peněz
Zástupce ředitele centrální banky Nigérie (CBN) u místního soudu vypověděl, že mnoho Nigerijců používajících kryptoměnovou burzu Binance používá falešné identity. Olubukola Akinwumi, vedoucí Platební politiky a regulace, poskytl své svědectví během probíhajícího soudního procesu proti praní špinavých peněz proti Binance a Tigranu Gambaryanovi. Akinwumi, který je v případu svědkem Komise pro hospodářské a finanční zločiny (EFCC), také tvrdil, že Binance postrádá potřebnou provozní licenci, takže její aktivity jsou v Nigérii nezákonné.

Venezuelané v roce 2023 poslali přes kryptoměny přes 460 milionů dolarů

Populace venezuelských migrantů, která nyní přesahuje 7 milionů, použila kryptoměny k odeslání více než 460 milionů dolarů v remitencích těm, kteří zůstali v zemi. Podle Chainalysis obdrželo v roce 2023 nějakou formu převodu 30 % venezuelských domácností, přičemž 9 % používá kryptoměny jako kolejnice, aby se efektivně dostaly ke svým přijímačům.
Venezuelští migranti poslali téměř 10 % svých remitencí pomocí kryptoměn
Remitence se staly záchranou pro Venezuelany, kteří zůstali v zemi, protože migranti soustavně posílali peníze těm, kteří tu zůstali. Podle údajů Meziagenturní koordinační platformy pro uprchlíky a migranty z Venezuely, které nedávno zhodnotila agentura Bloomberg, více než 7,7 milionu Venezuelanů migrovalo do jiných zeměpisných šířek za lepšími ekonomickými podmínkami.

Minulost vs. současnost — Zkoumání historie bitcoinových korekcí býčího trhu


Od nynějška se cena bitcoinu snížila o 23,4 % ze svého vrcholu 73 737 USD, kterého dosáhla 14. března 2024, tedy zhruba před čtyřmi měsíci. Metriky naznačují, že toto je nejdelší období v historii bitcoinu bez 25% poklesu během býčího trhu. Naproti tomu býčí trhy v roce 2017 i 2021 zaznamenaly několik významných cenových poklesů, než dosáhly svých historických maxim.
Od roku 2017 do roku 2024: Trendy korekce bitcoinu na býčích trzích

Robert Kiyosaki předpovídá 10 milionů dolarů bitcoinů a 15 000 dolarů zlata po velkém krachu trhu

Autor filmu Bohatý táta, chudý táta Robert Kiyosaki předpovídá bezprostřední ekonomický krach následovaný výrazným býčím trhem, kde by bitcoin mohl snadno dosáhnout 10 milionů dolarů za coin, zlato by mohlo dosáhnout 15 000 dolarů za unci a stříbro možná 110 dolarů za unci. Kiyosaki naznačuje, že tento cyklus je nevyhnutelný kvůli klesající důvěře ve fiat měny a historickým precedentům.
Robert Kiyosaki předpovídá ekonomický krach následovaný býčím trhem: „Dobrý čas na nákup“

Binance USA je přesvědčena o právní bitvě proti SEC a případ se posouvá vpřed

Binance US reagovala na rozhodnutí soudu povolit pokračování soudního sporu SEC, vyjádřila důvěru ve svůj postoj a kritizovala regulační přístup SEC. „Zůstáváme přesvědčeni o svém postoji, že případ SEC není podepřen fakty ani zákonem a že Komise postrádá samotnou autoritu, kterou se snaží využít při podání žaloby proti nám,“ uvedla Binance US.
Binance US reaguje na rozhodnutí soudu o žalobě SEC

Nigerian Central Bank Warns Financial Institutions Against Rejecting Old or Lower Denomination US Dollars

The Central Bank of Nigeria warned local financial institutions against rejecting older or lower-denomination U.S. dollar banknotes. The apex bank said it will take strong action against financial institutions that refuse to accept mutilated or overcirculated local currency banknotes.
Older U.S. Dollar Banknotes Still Legal Tender
The Central Bank of Nigeria (CBN) has informed registered financial institutions that rejecting older or lower-denomination U.S. dollar banknotes is still discouraged. In a circular released on June 27, the apex bank emphasized that deposit money banks (DMBs) and authorized foreign exchange dealers must continue accepting older and lower-denomination U.S. dollar bills as legal tender for customer deposits.
This warning comes approximately two years after the CBN issued a similar circular in response to customer complaints about the rejection of older or lower-denomination banknotes. At that time, the CBN pledged to sanction entities involved in this practice.
Additionally, the CBN has cautioned forex dealers about unspecified sanctions if they refuse to accept such U.S. banknotes.
“In addition, all authorized forex dealers are advised to desist from the defacing/stamping U.S. banknotes as such notes will always fail authentication test during processing/sorting,” the CBN said.
In a separate warning, the CBN announced that it will take strong action against financial institutions that refuse to accept mutilated or overcirculated local currency banknotes. A July 2, 2019 circular explicitly warned against this practice and remains in effect.
The CBN said it intends to enforce strict sanctions against DMBs that reject naira banknotes, regardless of the pretext.
What are your thoughts on this story? Share your opinions in the comments section below. #Write2Earn

Ministerstvo dopravy si vybralo Coinbase, aby poskytovala krypto služby US Marshals Service

US Marshals Service ministerstva spravedlnosti (DOJ) vybrala kryptoburzu Coinbase, aby poskytovala služby úschovy a obchodování kryptoměn. Kontrakt s vládou USA v hodnotě více než 32 milionů dolarů má za cíl zefektivnit správu a likvidaci zabavených kryptoměn a zajistit profesionální a zákonné zacházení.
Coinbase získává kontrakt v hodnotě 32 milionů USD s US Marshals Service
Kryptoburza Coinbase (Nasdaq: COIN) v pondělí oznámila, že US Marshals Service, agentura v rámci amerického ministerstva spravedlnosti (DOJ) odpovědná za propadnutí majetku, si vybrala Coinbase Prime, aby poskytovala úschovu a pokročilé obchodní služby pro svá digitální aktiva. Coinbase podrobně:

Russian Central Bank Suggests Using Crypto to Counter Western Sanctions

Russia’s central bank has urged businesses to consider various payment solutions, including cryptocurrencies and digital assets, to manage transactions with foreign partners and counter Western sanctions. Bank of Russia Governor Elvira Nabiullina highlighted that the central bank has softened its stance on the use of cryptocurrencies in international payments. She also mentioned ongoing efforts to establish alternative global payment systems, such as the BRICS Bridge.
Bank of Russia Has Softened Stance on Crypto Use in International Payments
Russia’s central bank, the Bank of Russia, has advised businesses to implement “multiple choice solutions,” including the use of cryptocurrencies and other digital assets, to manage payments with foreign partners and mitigate the impact of Western sanctions following the Ukraine conflict.
Elvira Nabiullina, the Russian central bank governor, acknowledged that payment issues are a critical challenge for the Russian economy. At a financial conference in St. Petersburg, she emphasized that new financial technologies offer previously unavailable solutions. The central bank governor explained:
New financial technology creates opportunities for schemes which did not exist before. This is why we softened our stance on the use of cryptocurrencies in international payments, allowing the use of digital assets in such payments.
Nabiullina highlighted the adaptability and resourcefulness of businesses, saying: “Different alternatives are being discussed. Businesses have become very flexible, very enterprising. They find ways to solve this and often don’t even share them with us.”
In recent weeks, Russia’s robust trade relationships with countries such as China, India, the United Arab Emirates (UAE), and Turkey, which have not imposed sanctions, have encountered significant difficulties. New Western sanctions have particularly targeted major Russian financial entities, including the Moscow Stock Exchange and the nation’s alternative to the SWIFT global payments system.
The Russian central banker also pointed out that Russia’s trade partners are experiencing “tremendous pressure” but expressed optimism that a new global payments system, independent of Western institutions, would eventually develop, as many countries feel vulnerable relying on a single international payment system without alternatives.
Nabiullina additionally discussed international cooperation, noting that BRICS countries are in talks to establish the BRICS Bridge payments system. This multilateral digital settlement and payment platform aims to connect the financial systems of BRICS member countries and boost mutual trade. However, she cautioned that these discussions are complex and that developing such a system will take time. The BRICS group has recently expanded to include ten countries. The original members — Brazil, Russia, India, China, and South Africa — have been joined by Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates.
What are your thoughts on Russia’s strategy to use cryptocurrencies to counter Western sanctions? Let us know in the comments section below. #Write2Earn

IMF Advises US to Keep Interest Rates Steady Through Late 2024
The International Monetary Fund (IMF) has advised the U.S. to improve its fiscal position by reducing spending and increasing revenues. The IMF emphasizes addressing rising debt through policy adjustments and recommends maintaining current interest rates until late 2024. “Given those risks, we agreed that the Fed should keep policy rates at the current level until at least late 2024,” said the IMF chief.
IMF Urges US to Strengthen Fiscal Position
The International Monetary Fund (IMF) has advised the U.S. to bolster its fiscal position by reducing spending and raising revenues. Projecting a 2.6% growth for 2024, the IMF stressed the need to address rising debt through policy adjustments, including tax reforms and spending cuts.
IMF Managing Director Kristalina Georgieva stated last week in Washington, D.C., after the IMF published the results of the annual Article IV “health check” report on the U.S. economy, that the Federal Reserve should maintain current interest rates. She explained:
We expect core PCE inflation to end this year around 2.5%, and be back to target by mid-2025. This being said, we do recognize there are important upside risks to this path. Given those risks, we agreed that the Fed should keep policy rates at current level until at least late 2024.
The IMF managing director recently met with Federal Reserve Chair Jerome Powell and U.S. Treasury Secretary Janet Yellen to discuss the findings of the annual report. Georgieva emphasized the U.S.’ economic resilience, noting: “The U.S. is the only G20 economy whose GDP level now exceeds the pre-pandemic level. This is good for the U.S. and it is good for the global economy. We expect growth to be a healthy 2% this year on a four quarter over four quarter basis, and sustain a similar pace over the medium term.”
What are your thoughts on the IMF’s advice for the Fed to maintain steady interest rates until late 2024? Let us know in the comments section below. #Write2Earn

Bitcoin trades in ‘enthusiastic’ phase as data hints at upcoming range expansion
Bitcoin’s volatility is compressing, which is a sign that a sharp range expansion is brewing.
Bitcoin price continued to slump on June 3 and now trades 20% below itsall-time high of $73,835. The current price action reflects the “apathy and boredom” that dominate the market, but onchain metrics hint that Bitcoin is prepping for a “larger move” in the near future, according to a Glassnodereport. 
Bitcoin investor profitability remains “remarkably robust”
Bitcoin price has had an impressive run so far in 2024, with the flagship cryptocurrency breaching its all-time high on March 5. Bitcoin has since corrected, dropping below the $60,000 level thrice over the last ten days, leading to “fear and bearish” sentiments as apathy took over.
Despite this, the Market Value Realized Value (MVRV) metric reveals that a significant proportion of Bitcoin investors remain in profit, as noted by market intelligence firm Glassnode.
The chart below shows that the aggregate investor profitability remains remarkably high, with the average coin still holding a two-time profit multiple.
Glassnode analysts wrote,
“This is a level that often delineates the 'Enthusiastic' and the 'Euphoric' bull market phases.”

Glassnode explained that Bitcoin’s accumulation between the $60,000 and $70,000 range since March has led to widespread indecision and a market that has failed to establish a robust trend in either direction.
According to the data aggregator, when the spot price oscillates between the all-time high and the True Market Mean, it suggests an “enthusiastic bull market.” According to the chart below, the True Market Mean is valued at $50,000, representing the average cost basis per active investor.
“At the moment, prices remain within the Enthusiastic bull regime after a few very brief excursions into the Euphoric zone.”

Glassnode says that $50,000 is a key pricing level for Bitcoin’s price to remain above “if the macro bull market is expected to continue.”
A new report by 10X Research suggests that if Bitcoin fails to remain above $60,000, it will rapidly descend to lower support levels, potentially reaching as low as $50,000.
“Psychologically, breaking the 60,000 Bitcoin price would be damaging, as prices could drop quickly to the nearest support level, which might be $55,000 or even $50,000.”
Compressing volatility signals ‘large market moves ahead’
After several months of range-bound price action, Glassnode analysts noted a decline in volatility across multiple time frames. Bitcoin’s Realized Volatility across 1-week, 2-week, 1-month, 3-month, 6-month and 1-year timeframes exhibits negative 30-day change.
The report says that when this happens, “a signal is triggered, inferring that volatility is compressing, and so are investor expectations of lower volatility ahead.”

Volatility compression is a period that marks a decline in historical volatility or fluctuation in Bitcoin price performance. It is often followed by a significant market movement, whether upward or downward.
Gassnode also assessed the percent range between the highest and lowest price ticks over the last 60 days and found that Bitcoin’s market volatility continues to “compress to levels rarely seen.”
If this compression happens after such lengthy consolidations, it usually means that the price is readying for “large market moves.”
Regarding the Sell-Side Risk Ratio, the analysts assessed the absolute sum of realized profit and loss locked in by investors relative to the asset size – the Realised Cap– and found that this metric has contracted to historic lows.
“This suggests that a degree of equilibrium has been established during this price consolidation and alludes to heightened volatility expectations in the near future.”

This means that the current trading range is in the “later stages of developing toward the next range expansion.” #Write2Earn

Did Bitcoin Runes already peak?
Tokens on the Runes Protocol are down from their peak, but don't count them out yet. The protocol is less than three months old — and it's just getting started.
Block 840,000, mined on April 19, 2024, was special for Bitcoin. In addition to marking the fourth halving of the world's largest blockchain, it also signaled the launch of the Runes Protocol, currently the most popular for creating fungible tokens on Bitcoin.
While token creation is common on blockchains such as Ethereum or Solana, this practice is relatively new for Bitcoin, only becoming popular in 2023. Tokens on the Runes Protocol —launched in April— are even more recent.

Over the last 15 years, traditional media declared Bitcoin dead numerous times. Similarly, tokens created on the Runes Protocol are already considered dead by some critics.
Looking at the daily trading volume of these assets, as well as the number of new entrants, you could get the impression that Runes have indeed already peaked. But considering the history of premature declarations about the end of Web3 assets, it's worth questioning whether that is true.

The first thing to consider is macro context. Since the Runes Protocol launched, Bitcoin has remained in a channel between roughly $60,000 and $70,000.
During this period, its dominance over all other crypto market assets — altcoins — has practically remained sovereign, showing a certain market caution in taking more risks.
This directly impacts interest in Runes standard tokens. Although they live within Bitcoin, they fall under the "altcoins" classification, which is not attracting wide interest from the market at the moment.
However, as the Roman emperor (and Stoic philosopher) Marcus Aurelius said, "Focus on what you can control, not what you cannot control." It is essential to analyze exclusively how the Runes ecosystem is evolving.
Quality of Runes tokens
Nearly all of the tokens created on the Runes Protocol to date are meme coins. Besides memes being one of the major narratives of 2024, they are also easy and simple to create. Therefore, it was expected that Bitcoin's blockchain would initially be flooded with meme coins rather than tokens with robust tokenomics or tied to large applications, as there has not yet been time for the market to create such things.
Among all the memes created, the highlight is the DOG token. The success of the DOG token is due to a fair launch and a strong, simple narrative: Bitcoin's dog token
For years, dog-themed tokens ruled the meme coin market across all networks, and now Bitcoin has a dog to call its own.

DOG currently represents around 40% of the entire market capitalization of Runes tokens — with a value of around $600 million — and is held by more than 70,000 on-chain holders. Its dominance highlights the growth potential of the sector.
The value of Dogecoin, the world's largest meme coin, still surpasses Bitcoin's top dog token by 28 times and exceeds the value of the entire Runes token ecosystem by more than 10 times.
Evolution of the infrastructure
Since asset issuance within Bitcoin began to become popular in 2023, the infrastructure to engage with them has been a significant friction.
Besides the wallets that support these types of assets not being the most popular in the Ethereum or Solana ecosystems, Bitcoin lacks smart contracts — making it difficult to create decentralized exchanges (DEXs) and marketplaces, for example. That makes it significantly less pleasant to trade Bitcoin assets compared to assets on other networks.
Some major players see this as a good challenge and opportunity. By betting on these emerging Bitcoin assets, Magic Eden — for example — has taken on new life after losing relevance to Solana.
Another player dedicating good energy to the space is OKX, which has an on-chain marketplace dedicated solely to Runes assets.
Now the next major market speculation is the creation of a journey similar to a decentralized exchange like Uniswap or Jupiter. There are no clear predictions for this to happen, but it can be said that the infrastructure is being developed at an accelerated pace for a type of asset that did not exist three months ago.
Others embracing the narrative
In addition to native players and on-chain developments, centralized exchanges are also gradually embracing Runes standard assets. Leading these listings is the DOG token, which already has spot listings on Gate.io and MEX and perpetual listings on Bybit and KuCoin.
It is worth reinforcing that the Runes Protocol is less than three months old, and listing Runes tokens on an exchange requires that exchange to update its infrastructure. That is why small exchanges have moved the most quickly — and larger exchanges will follow.
That said, even in an apathetic market, the Runes ecosystem has had extremely interesting advances that show it is far from its developmental peak.
Even if an "alt season" never comes, the Runes ecosystem has a strong narrative — and it is going to stand out in the market.
Lugui Tillier is a guest author for Cointelegraph and the business development director of Lumx, a Web3 startup in Rio de Janeiro that counts BTG Pactual Bank, the largest investment bank in Latin America, among its investors.
#Write2Earn

From Louisiana to New Hampshire, crypto advocates are winning
It might come as a surprise if you only follow Congress, but a raft of state measures have shown legislators moving in the right direction on crypto.
As many states settle in for their summer recess, the momentum behind digital asset legislation shows no signs of slowing down, and it could shift voters' focus to many congressional and down-ballot races this fall. 
So far in 2024, we’ve seen over 30 bills impacting digital assets enacted at the state level. That’s more than double the number that passed out of state houses last year. We also see progress in both Republican and Democratic states, reflecting a broad, bipartisan appetite for clear and consistent crypto regulation. States are seeing the importance of showing the work ahead of November.
June has been a particularly active month for state crypto policy in New England, the home of a few important races and a variety of bills addressing key areas such as custody requirements, self-hosted wallets, unclaimed property, crypto mining, and central bank digital currencies (CBDCs).
For example, the swing state of New Hampshire — which has alternated between Democratic and Republican majorities in its state legislature since 2006 — is making moves to expand its regulatory framework to include certain digital-asset activity. The state legislature spent June negotiating differences between the House and Senate passed versions of HB 1241, which wextend its money-transmitter laws to capture "virtual currency" transmission.
Maine — which could be a swing state in the 2024 election — also recently advanced a digital asset update to its own MTL regulations. However, the change included some problematic provisions for self-hosted wallets. When Maine Governor Janet Mills signed LD 2112 into law, the bill included language that could stifle how self-hosted wallets interact with the rest of the digital asset ecosystem. Policymakers will need to address this issue during the bill’s implementation process.
Senator Elizabeth Warren's home state of Massachusetts is also advancing crypto legislation. House Bill 1641 aims to modernize how fiduciaries manage digital assets, aligning with legislation across the country such as HB 3778 in Oklahoma and SB 1458 in California. The measure has been recommended for further study by the Joint Judiciary Committee, which includes members from both the state House and Senate.
Massachusetts is also making strides at the local level. Just south of Boston, the city of Quincy recently issued the first municipal blockchain-based bond for $10 million with J.P. Morgan. Supporters have been championing the lower costs, enhanced liquidity, and reduced settlement times the measure promises for debt markets. Given how vocal Warren is on the federal level, it is worth taking stock of what happens in the state.
In June, another New England state, Rhode Island, saw Governor Dan McKee sign SB 2803 into law. The bill incorporates minimum capital requirements and limits on investments for “currency transmitters” operating in the state, including crypto exchanges.
Another June development worth flagging was Louisiana's HB 488 signed by Governor Jeff Landry, which encouraged Bitcoin mining and prohibited CBDCs. This bill received bipartisan support for championing states' rights in crypto policy. 

A final win for crypto advocates came on June 27, when HB 690 passed the North Carolina state Senate. CBDC payments would be prohibited under the legislation, as would North Carolina’s participation in the Federal Reserve’s CBDC tests. The bill is going to the governor for consideration.
States are increasingly shaping the regulatory environment for digital assets, providing clarity and security for digital asset businesses and consumers. The steady growth in legislative activity at the state level is a clear signal that policymakers are hearing from their constituents on these issues, which will have important implications for the upcoming November election. More than 50 million Americans own crypto. In swing states with tight races, these crypto swing voters are poised to make a major impact.
These voters recognize the United States is at a turning point when it comes to leadership on Web3, and they don’t want to see us cede this frontier to our global competitors. Candidates that support clear rules of the road and want to work on advancing this new technology in the United States could win tight races across the country. June’s activity at the state level is proof that policy leaders can come from anywhere in the country and either side of the aisle.
Peter Herzog is the state and local government relations lead at the Crypto Council for Innovation, an industry alliance with members including Coinbase, Circle, and Andreessen Horowitz. #Write2Earn

Binance exec trial will resume July 5 as family reports health problems
Though Nigeria's tax authority dropped charges against two Binance executives in June, the pair will still face a trial for allegations of money laundering.
Prosecutors in Nigeria will move forward with a case brought by the country’s Economic and Financial Crimes Commission (EFCC) against Tigran Gambaryan, a Binance executive detained since February.
A spokesperson for the family told Cointelegraph that Gambaryan’s legal team began and ended its cross-examination of an EFCC witness on July 2. The government agency has filed money laundering charges against Gambaryan and Binance executive Nadeem Anjarwalla, who escaped custody in March and reportedly fled to Kenya.
Nigeria officials plan to resume Gambaryan’s trial on July 5. However, his family is reporting that his health has been deteriorating in the roughly 128 days since authorities detained him and Anjarwalla. According to the spokesperson, Gambaryan has had double pneumonia and malaria and reported aches and pains in his foot and back.
US government response?
In a statement to Cointelegraph, Gambaryan’s wife, Yuki, said she was not in contact with anyone from the Nigerian government but had been speaking with officials in the U.S. State Department and U.S. Embassy in Abuja. She reported regular calls with Binance staff and the lawyers representing her husband in the EFCC case.
“I thought the U.S. Government response was quite slow at first, especially considering that Tigran used to work for the U.S. Government,” said Yuki. “However, I believe they have noticeably increased their efforts and engagement recently [...] In my eyes, it is evident any issues between Binance and the Nigerian authorities can and should be resolved without Tigran being caught in the middle.”
Nigeria authorities initially charged Gambaryan and Anjarwalla with tax evasion and money laundering charges in February after the pair traveled to the country as representatives of Binance. Anjarwalla escaped to Kenya in March and reportedly faces extradition back to Nigeria. In June, Nigeria’s Federal Inland Revenue Service dropped the tax evasion charges, but the money laundering case was ongoing at the time of publication.
Many U.S. officials and people interested in the case have criticized Nigerian authorities for holding two executives who willingly traveled to the country accountable for the company’s alleged actions. On June 20, U.S. Representatives French Hill and Chrissy Houlahan met Gambaryan in Kuje Prison in Nigeria, calling for authorities to drop the charges and release him immediately on humanitarian grounds.
Yuki Gambaryan launched a petition to bring her husband back to the U.S., which had 4,879 signatures at the time of publication — roughly one hundred shy of its goal of 5,000. The results of the petition will presumably be forwarded to the U.S. State Department, President Joe Biden, the EFFCC, and the Nigerian government.
#Write2Earn

SEC vs. Binance: Court rules BNB sales, cryptocurrencies not securities
In a major win for the crypto industry, a federal court ruled that cryptocurrency tokens themselves are not securities.
Cryptocurrencies and secondary sales of the BNB token do not constitute securities, a United States federal court ruled in another significant victory for the crypto industry.
Cryptocurrencies and secondary sales of BNB do not constitute securities offerings, according to Judge Amy Berman Jackson of the U.S. District Court for the District of Columbia.
In a significant win for Binance.US, the judge dismissed several claims made by the U.S. Securities and Exchange Commission, according to a July 2 announcement by Binance: 
“The court held that the SEC failed to plead that purchasers in secondary market sales acquired BNB with an expectation of profits, rather than for other uses, which is a key criterion for passing the Howey test (a legal framework outlined by the Supreme Court to determine whether a transaction qualifies as an investment contract).”
The SEC started cracking down on crypto exchanges after the collapse of FTX to avoid a similar meltdown. However, the regulator’s approach has been widely criticized for potentially stifling innovation.
The ruling could have positive implications for other ongoing legal battles, such the SEC vs. Ripple lawsuit.
Cryptocurrencies are not securities
In a major win for the crypto industry, Judge Jackson ruled that cryptocurrency tokens themselves are not securities.
According to the ruling, this means that cryptocurrencies are not investment contracts that fall under the purview of the SEC, according to the announcement:
“The court found that the SEC’s approach muddied the issues and ignored controlling United States Supreme Court precedent. The court also emphasized that the focus should be on whether the circumstances surrounding each transaction render it a securities transaction.”
The judge further ruled that the focus should be on the circumstances of each token sale, not the cryptocurrencies themselves, which are not considered securities.
The ruling comes as a sign of relief for investors. The SEC previously said that 68 cryptocurrencies are securities and added BNB to the list, along with nine other cryptocurrencies, in June 2023 during its lawsuits against Binance and Coinbase.
SEC vs. Binance
In June 2023, the SEC sued Binance and Coinbase for alleged securities violations. In the lawsuit against Binance, the SEC alleged that the company and its founder, Changpeng Zhao, had misappropriated billions of user funds.
Despite no evidence of misappropriation, Binance was charged with violating Anti-Money Laundering laws and settled to pay a $4.3 billion fine, one of the largest criminal fines in history.
The next court hearing for the Binance vs. SEC case is scheduled for July 9.
The U.S. wing of the world’s largest exchange has expressed readiness for an extended period of legal discovery. It said in a June 2 X post:
“On Friday, the Court decided that the SEC’s case against Binance.US will continue. We were prepared for this and look forward to having this case move forward in the judicial process.”
#Write2Earn

Sony Group to Enter the Cryptocurrency Trading Business Through S.BLOX's Whalefin

Sony Group, the Japanese multinational conglomerate, will enter the cryptocurrency trading services business through its newly revamped S.BLOX subsidiary. The company, previously known as Amber Group, operated a cryptocurrency exchange called “Whalefin,” which will be renewed with the release of a new app, new functions, and support for more cryptocurrency assets.
Sonny Group to Dabble in the Cryptocurrency Trading Through ‘Whalefin’ Exchange Revamp
Sony Group, the Japanese conglomerate, is entering the cryptocurrency exchange business. According to a press release, S.BLOX, a company owned by Quetta Web, a subsidiary of Sony Group, will undergo a revamp of its cryptocurrency trading exchange “Whalefin.”
S.BLOX, known as Amber Group, recently changed its name after being acquired in August 2023 and was previously operating by offering cryptocurrency trading services. There are plans to revamp Whalefin, redesign its user interface (UI) screen, and release a new app to provide an “easier-to-use service” to its customers. In addition, after this revamp, S.BLOX plans to expand the cryptocurrencies supported and improve the functions offered.
Sota Watanabe, CEO of Startale Labs, stated that the executive who would lead the exchange at Sony was Startale’s external director. “We have made a plan of the chain layer 1.5 years ago and we entered the execution phase,” he declared.
In September, Sony Network Communications announced a joint initiative with Startale Labs to create a blockchain that would become the backbone of Sony’s Web3 strategy. The goal of this partnership was to provide different services for companies of the Sony group in areas such as game and network services, music, pictures, entertainment technology and services, imaging and sensing solutions, and financial services.
Before, on February 2023, Sony Network Communications had partnered with Astar Network, a multichain smart contracts platform, to launch an incubation program for projects leveraging non-fungible tokens (NFTs) and decentralized autonomous organizations (DAOs) in their business plans. The company would select 10 to 15 of the initiatives presented to be funded.
What do you think about the involvement of Sony Group in the cryptocurrency exchange business through Whalefin and S.BLOX? Tell us in the comments section below. #Write2Earn

Nigerian Court Orders Prison Officials to Release Medical Records of Jailed Tigran Gambaryan

Nigerian prison officials have reportedly refused to release Tigran Gambaryan’s medical records. A High Court judge has ordered Kuje Detention Centre prison officials to present Gambaryan’s legal representatives with the records by July 5. Yuki Gambaryan, the wife of the Binance employee, has urged Nigerian authorities to drop charges against her husband.
Gambaryan’s Health Deteriorates
Despite a court order, officials at the Nigerian prison, the Kuje Detention Centre, have not released the jailed Binance executive Tigran Gambaryan’s medical records. According to a statement issued by a group campaigning for Gambaryan’s release, Nigerian Federal Court Judge Emeka Nwite subsequently issued another order compelling prison officials to furnish the Binance employee’s lawyers with the records by July 5.
The statement also claimed that Gambaryan’s health had worsened, revealing numbness in his foot and complaints of back pain. As previously reported by Bitcoin.com News, the Binance executive is believed to have contracted malaria and “double pneumonia.”
Gambaryan’s deteriorating health has raised concern among his family and supporters, including U.S. lawmakers French Hill and Chrissy Houlahan. After visiting the Binance employee at the notorious prison, Hill reiterated calls for Gambaryan’s release, emphasizing that he is being illegally detained. He also urged Nigerian officials to consider his release on humanitarian grounds.
Yuki Gambaryan’s Plea
Meanwhile, Gambaryan’s wife, Yuki, has urged the anti-graft body, the Economic and Financial Crimes Commission (EFCC), to follow in the footsteps of the Nigerian revenue collector, which dropped tax evasion charges against the Binance executive.
“I respectfully urge the EFCC to follow the example set by their colleagues at the FIRS (tax authority) and drop the charges against Tigran. As I have stated many times before and as the evidence in court is showing, Tigran has never been a decision-maker at Binance, and there is no justification for his continued detention. It is time for the Nigerian authorities to do the right thing and release my innocent husband. This situation has gone too far,” Yuki said.
According to the statement, the cross-examination of the EFCC witness by Gambaryan and Binance’s lawyers concluded on July 2. The witness was from the Nigerian Securities and Exchange Commission.
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Standard Chartered Predicts Bitcoin Hitting Fresh All-Time High in August

Standard Chartered has predicted that bitcoin could hit a fresh all-time high in August and reach $100,000 by the November U.S. presidential election. The bank’s analyst expects a Trump victory to boost the price of bitcoin, while maintaining year-end and 2025 targets of $150,000 and $200,000, respectively.
Bitcoin Surge Predicted Amid US Presidential Race
Standard Chartered has made a prediction regarding the price of bitcoin as the U.S. presidential race approaches the November election. The bank’s head of forex and digital assets research, Geoffrey Kendrick, shared on Tuesday:
A fresh all-time for bitcoin in August is likely, then $100,000 by U.S. election day.
The analyst’s forecast hinges on President Joe Biden remaining in the presidential race, which the market interprets as increasing the chances of former President Donald Trump being elected for a second term. This outcome is perceived as favorable for bitcoin, as a Trump victory could lead to policies more beneficial for the cryptocurrency market. The analyst believes that a Trump win could foster a regulatory environment supportive of digital asset growth.
Trump has declared himself the “crypto president.” Last month, he met with leaders in the bitcoin mining industry and pledged to support bitcoin mining. He also promised to end the anti-crypto policies of the Biden administration and to free Ross Ulbricht. Several high-profile crypto supporters have donated to Trump’s campaign, including Kraken founder Jesse Powell and Gemini cofounders Cameron and Tyler Winklevoss.
Kendrick elaborated:
The logic here is that both regulation and mining would be looked at more favourably under Trump.
The Standard Chartered analyst also shared predictions for other presidential race scenarios. He explained that the “least likely” scenario is Biden stepping out of the race in late July, which could cause bitcoin prices to dip to $50,000-$55,000.
Kendrick highlighted Aug. 4 as a critical date for Biden’s decision. “This is the date at which Ohio law requires presidential candidates to be registered. So, if Biden is still the Democratic nominee on August 4 he will still be so in the first week of November,” he noted. Moreover, the analyst suggested that if Biden’s Democratic replacement is highly credible, “bitcoin prices will stay soft.” Standard Chartered has maintained a year-end target for bitcoin of $150,000 and a 2025 forecast of $200,000.
What do you think about Standard Chartered’s bitcoin predictions amid the U.S. presidential race? Let us know in the comments section below. #Write2Earn

US Spot Bitcoin ETFs Record $129 Million Inflow, Fidelity Leads

U.S. spot bitcoin exchange-traded funds (ETFs) saw the largest net inflow since June 7, 2024, accumulating $129.45 million. Fidelity’s FBTC led the inflow on Monday with $65.03 million.
Fifth Consecutive Day of Inflows for U.S. Bitcoin ETFs
On Monday, U.S. spot bitcoin ETFs recorded $1.36 billion in trading volume and attracted $129.45 million in inflows. This marked the fifth consecutive day of inflows and the highest since June 7, according to stats from sosovalue.xyz and coinglass.com.

Fidelity’s FBTC secured $65.03 million in inflows, leading the pack on July 1. Bitwise’s BITB followed with $41.4 million.
Ark Invest and 21shares’ ARKB fund saw $12.65 million in inflows. Three other ETFs had smaller inflows compared to FBTC, BITB, and ARKB.
Vaneck’s HODL brought in $5.37 million, Invesco and Galaxy’s BTCO collected $3.16 million, and Franklin Templeton’s EZBC gained $1.84 million.
Other funds, including GBTC, IBIT, BRRR, BTCW, and DEFI, experienced a neutral day with neither inflows nor outflows.
With Monday’s inflows, the cumulative total net inflow since Jan. 11, 2024, stands at $14.65 billion. Additionally, the 11 U.S.-based ETFs hold $54.92 billion in BTC reserves.
What do you think about the ETF action on Monday? Share your thoughts and opinions about this subject in the comments section below. #Write2Earn

Latam Insights: Argentina Reaches Zero Inflation, Central Bank of Bolivia Unbans Bitcoin

Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Argentina reached zero inflation in food and beverages in June, the Central Bank of Bolivia unbans bitcoin, and several employees of the Paraguayan power company were allegedly involved in illegal bitcoin mining operations.
Argentina Records First Week of Zero Inflation in 30 Years; Milei Claims He’s Redefining Economic Theory
Argentina is reaping the first benefits of its fiscal policies regarding inflation. According to data from Econometrica, a private consulting firm, the country reached an economic achievement, registering zero inflation for food and beverages during June’s third week. The research took prices of over 8,000 articles in several online stores and found that prices didn’t change compared to ones collected the week before.
This milestone indicates that President Javier Milei has been slowly taming inflation levels, which have been diminishing since he took office and started applying restrictive economic and fiscal policies. Econometrica estimates that monthly inflation numbers for this category might reach 2.4% in June.
Nonetheless, this is just a small victory for Milei’s administration. Argentina is still one of the countries with the highest inflation in the world, registering an interannual price increase of 276,4%.
Central Bank of Bolivia Unbans Bitcoin From the Nation’s Financial Ecosystem
The Central Bank of Bolivia has taken a historic step in enabling the cryptocurrency ecosystem in the nation, lifting a blanket ban that kept financial institutions from serving crypto-related transactions. With Resolution N°082/2024, issued on Tuesday, the bank lifts any prohibition related to these assets, opening the door for the intermediation of institutions to complete payments to acquire these assets.
Resolution N°144/2020, issued in December 2020, banned financial institutions from using, authorizing, or intermediating payments to acquire or sell these assets, effectively blocking crypto from entering Bolivia’s markets. At the time, the bank stated that citizens should “avoid using, marketing, and negotiating” digital assets, “since they are issued anonymously, and in cases of fraud, scams, or losses to their holders, there are no guarantees to protect the investment.”
National Power Administration Employees Allegedly Involved in Setting up Illegal Bitcoin Mining Farms in Paraguay
State officials would be participating in organizing and deploying illegal bitcoin mining farms in Paraguay. According to local reports, seven engineers employed by the National Power Administration (ANDE) in Paraguay would be involved in organizing illegal connections to power bitcoin operations in Paraguay.
Felix Sosa, President of the ANDE, clarified that the inner audit unit of the institution is verifying and organizing a probe in the organization. All related information is being delivered to the national prosecutor’s office for further investigation. Nonetheless, Sosa stated that ANDE employees were not in charge of executing electrical connections since some time ago, delegating this function to third-party contractors.
ANDE has been in a battle against illegal bitcoin mining connections since December, having disconnected over 70 farms siphoning unmetered power directly from the grid. #Write2Earn #Write2Earn
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