MARKET MOVING NEWS! (15/06/24)

1️⃣ Binance Says Nigeria Drops Some Charges Against Jailed Executive ‼️

According to a Bloomberg report, Nigeria's Federal Inland Revenue Service has dropped the tax charges imposed against Binance executives Tigran Gambaryan and Nadeem Anjarwalla. The charges have been amended so that only Binance, through its local representative, is the sole defendant. However, the executives remain named in a money-laundering case brought by the Economic and Financial Crimes Commission.

2️⃣ Crypto Exchange Gemini To Pay $50 Million In Settlement With NY Attorney General's Office 💰

Crypto exchange Gemini has reportedly agreed to pay $50 million in crypto assets to Gemini Earn investors as part of a settlement announced by the New York Attorney General (NYAG) on Friday. The settlement comes after NYAG Letitia James said Gemini "misled thousands of investors," including New Yorkers, on risks tied to the Gemini Earn program. As part of the settlement, Gemini is also banned fromconducting any crypto lending program in the state.

Gemini marketed its Earn program as a way for investors to grow their money but actually lied and locked investors out of their accounts. Today’s settlement will make defrauded investors whole and should remind cryptocurrency companies that deceiving investors is illegal and will not be tolerated by my office.

3️⃣ Bitcoin Layer-2 Network Stacks Halted for 9 Hours ❌

Bitcoin layer-2 network Stacks experienced significant disruption yesterday as block production stalled for nearly nine hours. The disruption was reportedly caused by a Bitcoin reorganization (reorg) and “unexpected miner behaviour.” The price of Stack’s STX token dropped by 12% after the event. Notably, the upcoming Nakamoto upgrade aims to eliminate the possibility of forks and mitigate the impact of Bitcoin reorganisations on the Stacks network.