● Binance responded to the SEC: All user assets are safe, we actively defend against any false accusations, and will continue to cooperate with regulators and policymakers in the United States and around the world
In response to the "SEC's allegations", Binance published an article on its official blog titled "SEC's allegations aim to unilaterally define the structure of the cryptocurrency market". Binance has been actively responding and cooperating with the SEC investigation, but the SEC gave up and refused to communicate, and still made unilateral accusations and tough supervision. The SEC's unilateral labeling of certain tokens and services as securities will only complicate these issues. Binance will do its best to defend the platform.
At the same time, Binance emphasized that users’ funds are safe on its platform. “Any allegation that user assets on the Binance.US platform have ever been at risk is completely false. All user assets on Binance and affiliated platforms (including Binance.US) are safe and secure, and we will actively defend against any false accusations. On the contrary, the SEC’s action seems to be an attempt to seize jurisdiction from other regulators, and the interests of investors do not seem to be the focus of the SEC’s concern.”
Binance said, “We will continue to work with regulators and policymakers in the United States and around the world because it is the right thing to do. Binance will continue to actively participate to ensure that the next generation of cryptocurrency regulation can both promote innovation and protect consumers. Since Binance.com is not a US exchange, the SEC’s scope of action is limited. Nevertheless, Binance still stands with US digital asset market participants and opposes the SEC’s recent overreach. We are ready to fight it to the fullest extent of the law and will work with industry partners to protect this important technology from being affected by ill-judged lawsuits.”
● Binance.US: SEC's lawsuit is groundless and will actively defend itself
Binance.US posted on Twitter that the SEC's lawsuit is groundless and that it will actively defend itself, pointing out that the SEC's prosecution "is unreasonable, whether based on facts, law, or the Commission's own precedent." It will seek congressional intervention to pass bipartisan legislation to create a viable regulatory system for digital assets.
In addition, Binance.US also stated that over the past two and a half years, Binance.US has been in sincere contact and communication with the SEC, "and the goal of our contact has always been consistent: to actively cooperate to develop a clear and practical regulatory framework that enables companies like ours to grow and create jobs and enable American consumers to safely access digital assets."
● CZ responds to SEC listing SOL and other tokens as securities: We need to unite
Changpeng Zhao (CZ), founder and CEO of Binance, responded on Twitter to the SEC's listing of SOL, ADA, MATIC, FIL, ATOM, SAND and other tokens as securities, saying, "We need to be strong together."
● CryptoQuant CEO: Binance has not seen a large number of withdrawals, and user balances are actually increasing
Ki Young Ju, co-founder and CEO of on-chain analysis company CryptoQuant, posted on Twitter that the SEC sued Binance, but Binance did not see a large number of withdrawals and user balances were actually increasing.
● CZ: This is a great opportunity for the industry to come together and come up with a set of common sense rules and guidelines
In response to the SEC's lawsuit against Binance and CZ, Binance founder and CEO Changpeng Zhao (CZ) said that this is an excellent opportunity for the entire industry to put aside its fragmented nature and unite to develop a set of common-sense rules and guidelines.
● Justin Sun: Support CZ and believe that justice will be served
Justin Sun, founder of TRON, has issued a statement regarding the SEC's lawsuit against Binance and Binance founder and CEO Changpeng Zhao (CZ), saying that he believes CZ and Binance can prove their innocence and overcome the difficulties. As a friend of CZ, he is willing to unwaveringly support CZ, believes that justice will be served, and will face this challenge together.
● Binance announces hiring of Rachel Conlan as Vice President of Global Marketing
Binance announced that it has hired Rachel Conlan as Vice President of Global Marketing. Conlan will lead Binance's global marketing and brand activities. As Vice President of Global Marketing for Binance, Rachel Conlan will report to He Yi and oversee regional and global marketing teams around the world. In addition, Rachel Conlan will also promote Binance's brand cooperation and entertainment business.
● Binance has obtained information security and data privacy certification in France, UAE and Bahrain
Binance founder and CEO Changpeng Zhao (CZ) tweeted that Binance has obtained ISO 27001 (information security) and ISO 27701 (data privacy) certifications in France, the UAE, and Bahrain.
● Liang Fengyi: The Hong Kong Securities Regulatory Commission focuses on virtual assets and other areas. Web3 and generative AI are major opportunities
In her speech at the annual meeting of the Hong Kong Investment Funds Association, Fung Yee Leung, CEO of the Hong Kong Securities and Futures Commission, said, "The Hong Kong Securities and Futures Commission is committed to promoting growth. We understand that investment products in the market must be innovative in order to keep pace with the times and meet the changing needs of investors. We are currently focusing on three major areas: environmental, social and governance (ESG), virtual assets, and RMB-denominated products."
Regarding the work related to virtual asset products, Leung Fung-yee said, "The demand for these products has been increasing in recent years, and we have introduced measures to encourage responsible technological innovation and support the fintech industry. We have approved the first batch of virtual asset futures ETFs, and these ETFs mainly invest in virtual asset futures traded on the Chicago Mercantile Exchange, including the world's first Ethereum futures ETF and Asia's first Bitcoin futures ETF. Two weeks ago, we issued guidelines for licensed virtual asset trading platform operators. Like virtual asset futures ETFs, we have taken a number of measures to protect the interests of investors, such as setting requirements for the inclusion criteria for tokens available for retail investors to buy and sell."
In addition, although Liang Fengyi pointed out that the investment environment is still severe, she said, "We must not forget that there are opportunities in crisis. The opportunities include China's economic restart, digital transformation, the third generation of the Internet (Web3) and generative AI, which are all major opportunities to promote innovation and sustainable investment." (China Fund News)
● El Salvador plans to build a 241 MW renewable energy power plant for Bitcoin mining
El Salvador plans to build a 241 MW renewable energy power generation park, including 169 MW of photovoltaic solar energy and 72 MW of wind power, and plans to build a Bitcoin mine in the park. According to the statement, "The total commitment amount of the project is US$1 billion, with an initial investment of US$250 million. It was initiated by Bitcoin industry leaders and cooperated with the world's top renewable energy technology developers and manufacturers and Bitcoin mining experts."
The Salvadoran government will play a key role in the planning and execution of the program, guaranteeing a 23% priority participation in the proceeds. The remaining ownership will be distributed to investors and used to expand energy production capacity and advance Bitcoin mining. (Bitcoin Magazine)
● CoinShares report: Last week, digital asset investment products had a net outflow of $61.5 million, and TRON investment products had an outflow of $51 million
According to the CoinShares report, digital asset investment products had a net outflow of $61.5 million last week, the seventh consecutive week of outflows, with a total outflow of $329 million, accounting for 1% of total assets under management. Among them, Bitcoin investment products had a net outflow of $2.7 million, Ethereum investment products had a net outflow of $2.7 million, and investment products that shorted Bitcoin had a net outflow of $6.3 million. Last week, the outflow of funds mainly came from TRON investment products, with an outflow of $51 million.
● Ethereum's 7-day moving average transaction fee is close to a two-month low
Data from The Block shows that Ethereum's 7-day moving average transaction fee has dropped from over $20 last month to $7.34, approaching the fee level in mid-April. On April 17, Ethereum's 7-day moving average transaction fee was $6.57.
In addition, Dune data shows that the median daily gas fee of Ethereum has dropped from 140 gwei last month to the current 24 gwei, which is also close to the low point in the past two months. (The Block)
● Data: ETH2.0 net stake increased by 870,000 in the past week
Token.unlocks data shows that the total amount of ETH2.0 pledged in the entire network is currently 19.29 million ETH, with a pledge rate of 15.86%; since the Shanghai upgrade, the cumulative deposits have been 6.07 million ETH, last week's data was 5.09 million, and 980,000 have been added in the past week; the cumulative withdrawals are 3 million ETH, last week's data was 2.89 million; the total net pledged amount increased by 3.07 million ETH, last week's data was 2.2 million, and 870,000 ETH were added in the past week. The biggest contribution was made by the crypto lending platform Celsius, which pledged a total of nearly 400,000 ETH on June 1 and June 2.
In addition, Etherscan data shows that the number of active addresses on the Ethereum network was 2,932,484 in the past week, up 6.2% from the previous month; the block reward income was 5,135 ETH, down 18.2% from the previous month; and the weekly ETH destruction reached 25,325, down 9.3% from the previous month. (Planet Daily)
● Data: The amount of BTC held by US entities decreased by 11% compared to June last year
Glassnode posted on Twitter that the number of BTC currently held by US entities has decreased by 11% compared to June 2022, while the number of active investors in Asian trading hours has increased by 9.9% during the same period, which is very different from the 2020-2021 bull market cycle. In terms of stablecoins, the circulating supply of USDT has recently hit a record high, and the circulating supply of USDC and BUSD has fallen to a multi-year low. Since stablecoins are non-interest-bearing, this shows that as regulatory pressure continues to increase, the activity of US market funds in digital asset investment has declined.
● Some users have received funds that were not received by Multichain before
Many users have reported that they have received funds that were delayed across Multichain last week.
Earlier news, Multichain released a Twitter post saying that although most of the cross-chain routes of the Multichain protocol are running normally, some cross-chain routes are unavailable due to force majeure, and the time for restoring services is unknown. After the service is restored, pending transactions will be automatically credited. Multichain will compensate users affected in this process, and the compensation plan will be announced later. (Planet Daily)
● Google searches for “crypto” dropped to their lowest level since December 2020
Google Trends data shows that the word "crypto" is currently at 17, down to its lowest point since December 2020 and far lower than May 2021 (with a heat of 100). Bitcoin and Ethereum are also showing a similar downward trend in popularity. Galaxy Digital CEO Mike Novogratz recently described it as "lack of vitality" because institutions currently lack interest in buying cryptocurrencies. (Cointelegraph)