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The US. Securities and Exchange Commission (SEC) has cited the Terraform Labs recent ruling during the Coinbase and Binance hearings strengthening its claim that the cryptocurrency exchanges went against the securities law.

On 28 December, the SEC ruled that Terraform Labs tokens UST and LUNA should be deemed securities citing that Terraform Labs offered and sold unregistered securities, in violation of Sections 5(a) and 5(c) of the US Securities law.

In the most recent filing regarding the Coinbase lawsuit on Thursday the regulator is leveraging the same argument with cryptocurrency exchange Coinbase and Binance in separate lawsuits. Both exchanges are in an ongoing legal battle with the SEC.

On Tuesday, in a separate document, the SEC mentioned Terraform Labs case is relevant and said that, Binance case is similar to its so-called stablecoin BUSD and its staking-as-a-service, BNB vault and Simple Earns programs.

Last year, Coinbase came under scrutiny as the SEC continued its crackdown on the crypto industry. In 2023, there was renewed concern among Coinbase investors that tokens listed on the exchange could be considered securities under SEC rules, a change in classification that would bring a host of new regulatory requirements with it.

In October, Binance revealed its intentions to delist eight Binance USD (BUSD) trading pairs as part of a broader plan to withdraw full support for the stablecoin by 2024. Making plans to suspend AMB/BUSD, DASH/BUSD, FIDA/BUSD, HARD/BUSD, HOT/BUSD, IOST/BTC, NULS/BUSD, PORTO/BUSD and REQ/BUSD isolated margin borrowing by early September.

On Thursday, Binance warned it may soon delist 10 prominent privacy coins, including Monero, Zcash, and Horizen due to regulatory concerns. In a statement, Binance said these tokens received a monitoring tag and could fail to meet listing requirements related to team commitment, network security, trading volume, and other factors.

Coinbase and Binance were unavailable for comment during the time of publication.

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US SEC Cites Terraform Case in Coinbase, and Binance Rulings - Cryptonews

Winds of change are blowing in the world of cryptocurrencies. The long, cold winter that began in May 2022 and that evaporated more than $2 billion of capitalization in the sector appears to have come to an end. The most noticeable sign of this shift is that the scandals involving companies in the sector no longer affect the price of Bitcoin, which started the year above $40,000, a level it had not reached in the last 20 months. The complaints by U.S. regulators against Binance the most used platform in the world to buy and sell digital assets and the departure in November of its founder and CEO, Changpeng Zhao, barely shook the market.

The landscape has changed drastically, but users trust us, Richard Teng, the new CEO of Binance, tells EL PAS. The man who took the reins of this giant with 167 million registered users across almost 50 countries has the difficult task of finding the right balance between highlighting the companys achievements in its six short but controversial years of existence and turning the page on the turbulence and the scandals to prepare the firm for what it hopes will be an accelerated adoption of cryptocurrencies in a regulated environment.

The controversy is not small. On November 21, the company pleaded guilty to ignoring anti-money laundering regulations while providing services to its clients in the United States. The firm agreed to pay $4.3 billion in fines and to appoint a supervisor for the companys activities, and Zhao left the company he founded. The firm still faces an individual lawsuit from the U.S. Securities and Exchange Commission (SEC).

We made mistakes. In terms of compliance, control in those early days [2017] was still inadequate in some areas. As part of the resolution, we acknowledge those mistakes, and we are moving past them. To differentiate it from other high-profile cases, especially that of FTX founder Sam Bankman-Fried, Teng insists that U.S. regulators found no instances of fraud in the use of his clients assets. In addition, he points out that users were able to withdraw their investments from the platform at all times, unlike other cases, such as the Luna stablecoin.

Teng is also facing the challenge of shedding the messianic style that prevailed among the major players in the sector until now. [Zhao] has been a very inspirational founder CEO. He has done a lot of things for the industry, he says, hesitating for a moment about which verb tense to use. The profiles of both managers could not be more different: while the previous CEO conducted himself like a great celebrity, a guru on par with other icons in the sector, Teng prefers humility and a discourse clearly modulated by his communication team. With constant references to the staff that accompanies him in the task of maintaining the firm, as well as to his experience in the regulatory sector, working in Abu Dhabi and Singapore before joining Binance in 2021, he makes it clear that the narrative will not be the same.

The change in the discourse of the sector is so radical that it no longer seeks to antagonize traditional financial entities, with which Binance competes by offering payment services, paid deposits and investments. We need institutional adoption. [This will bring] new research, new investments, new products and services and a new pool of liquidity, highlights Teng, who also sees the presence of large banks and fund managers such as BlackRock or Fidelity in the sector as beneficial. The expectation of an upcoming approval of the first Bitcoin exchange-traded fund (ETF), which the international press expects in January 2024, motivates the CEO, who believes that it will be a net positive for the industry. The United Kingdom banned Binance from operating in the country in 2021, considering that it was carrying out activities without the proper regulatory permission.

The traditional defiant discourse only remains when viewed through the lens of the traditional press, which he criticizes for its coverage of money laundering, stating that the media chooses to report on one aspect. This, according to the leader of Binance, leaves out the fact that blockchain is a traceable technology and that the company receives 50,000 law enforcement requests for cooperation every year. Their core mission of supporting the freedom of money is undoubtedly tied to the future of regulation.

In his diagnosis of what happened, Teng is aware that the company walked a fine line where it put its survival at stake. For the first few days, there was a net outflow of funds from the Binance platform. However, that has changed: we have seen very robust inflows, and our user base continues to grow, he states.

This is not exclusive to Binance. Since October, the sector has experienced a streak of 11 consecutive weeks of inflows, according to data from the firm CoinShares, with digital currency exchanges worth $3.6 billion during the previous week. Trading volume on Binance has also increased every month since September, according to information from consulting firm CCData, although its market share has fallen 20 percentage points since the beginning of the year.

Users trust us, Teng repeats like a mantra, despite the problems of the past. He emphasizes that the exchange has always been consistent with its commitment to the users and that their clients have always been able to withdraw their savings at will. He distances himself from the fall of other major players in the sector (whom he avoids naming) by highlighting that their corporate structure remains debt-free while showing profits and their expenses remain low.

One of the first controversies around Tengs leadership has been his refusal to reveal the location of Binances global headquarters, keeping in accordance with Zhaos policy in this regard. We have already announced our regional headquarters. France is our regional headquarters for Europe. Dubai is our regional headquarters for the Middle East-North Africa region. When we are ready to make that announcement, we will do so. But we are a global company. We do global deployment.

The companys global nature and ambition is both a weakness and a strength. Teng notes that Binance is regulated in 18 different jurisdictions, each with a greater or lesser form of regulation. This disparity of rules and requirements make it challenging. The rules are in conflict with one another, he explains. Hopefully, over time we will get some harmonization of standards to make things easier for global exchanges like them.

Teng celebrates the approval of the new European regulation for cryptocurrencies, with which they will be able to avoid the individual permission of each of the 27 member countries, using a single community passport instead. This would prevent new problems, such as those the company faced in the middle of the year, when it was forced to suspend its operations in the Netherlands and Cyprus and to withdraw its license application in Germany and Austria.

The community standard will not come into effect until the end of 2025, but the firm intends to be prepared. Teng insists that in the last two years the platform has invested almost $400 million in its compliance program with the aim of being above any other actor. However, other voices in the sector warn that greater spending does not necessarily translate into more effective policies.

In a sector characterized by speculation and volatility, Teng embraces caution and avoids any type of forecast about what may happen to the prices of the main digital currencies. A bigger pie, he assures, is the recipe to ensure the future of Binance. We have been focusing on building a vibrant ecosystem. You can bring crypto adoption from 5% to 20%. At this point, he goes back to the central nature of the user, which, he says, was the key to the companys strength.

Whether Binance will be able to navigate an industry in full transformation without falling into nostalgia, it remains to be seen. With Zhao away from the company that he founded and awaiting the ruling of the American courts, the firm must come up with a new manual, away from the big events and the controversies that move at the speed of Twitter. Teng, for his part, concludes the conversation emphasizing his optimism. The preponderance of the exchange endows him with another responsibility: it will also be up to him to establish a new model of business leadership for the crypto world.

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Richard Teng, Binances CEO: The crypto industry has changed drastically, but users trust us - EL PAS USA

Privacy tokens Monero and Zcash are among the tokens given warning tags by Binance. Customers will need to complete a quiz to access them.

A crypto asset being listed on a major exchange like Binance is a sign that it is doing well and grants it a slew of benefits. At the same time, being listed on such exchanges is no guarantee that it will remain listed forever. Take the latest announcement from Binance that it will be adding a monitoring tag to 10 tokens. These indicate that the crypto assets are experiencing high levels of volatility and risk and might be delisted at some point.

In its announcement, Binance said that ANT, FIRO, KP3R, MDX, MOB, REEF, VAI, XMR, ZEC and ZEN were the tokens being slapped with a delisting tag. Notable among this group are Monero and ZCash. It is worth mentioning that both tokens were delisted from OKX just last month for no longer meeting the exchanges listing requirements.

Privacy tokens as a whole have been subject to some controversy within the industry before and these two are no different. While some users support privacy tokens, others oppose them and this could possibly have contributed to the delisting. In its announcement, Binance said regarding tokens with the tag:

These tokens are closely monitored, with regular reviews conducted. Keep in mind that tokens with the Monitoring Tag are at risk of no longer meeting our listing criteria and being delisted from the platform.

We also need to consider the possible regulatory reasons for this. Some industry experts have suggested that there is mounting pressure from regulators for crypto exchanges to distance themselves from privacy tokens. Several major exchanges like Coinbase and Binance faced heavy regulatory pressure in 2023 and former Binance CEO Changpeng Zhao is even facing charges from the government.

Delisting and putting warning tags on privacy tokens might just be a way for the exchanges to diffuse the situation.

Regardless of the reason for this decision, where does this leave the consumers who want to use these tokens? Binance explained in its announcement that customers will be required to take a quiz every 90 days before they can access the assets that have a warning tag.

This, most likely, is to make sure that customers are fully aware of the risks involved with these tokens before they invest their money. It could also protect Binance from any liability. Of course, if the tokens end up being fully delisted, customers will have to get their needs met elsewhere.

When OKX delisted several tokens last month, customers were duly informed of when deposits and withdrawals would be suspended and advised to take the necessary action to avoid losing their funds. If Binance goes down the same route we can expect similar provisions.

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Binance to Possibly Delist Several Tokens, Including Monero and ZCash - Coinspeaker

Binance coin in the rise and is getting close to establishing a higher high. More upside likely to continue.

Binance Coin is up by 5.7% today and 17% from its last low on December 18. This is part of a larger uptrend that started on November 28, when the price fell from a high of $275 on November 20 to $223.

As it makes new strives and is being traded for $275, it is getting close to surpassing its November 20 high. Considering that it reached a higher low on November 28 compared to its October 11 one of $204, this could validate its larger uptrend starting.

But it is getting close to its horizontal resistance, slightly above $283. Can it push past it and continue more strongly to the upside, finally breaking out from its consolidation range?

The BNB daily chart shows that the price has already formed the first higher high on November 20, followed by the first higher low on November 28. According to our count, these are the first two sub-waves of the larget five-impulse, in which there is a possibility that the current rise is wave 3.

The price is now eyeing a 1.618 Fibonacci extension level at $336, which is at the midpoint of the most significant horizontal resistance above and is still 24% off. The determining factor of whether or not it is headed in this resistance zone would be a breakout above $283, the next horizontal resistance in line.

If it surpasses $283, the likelihood of it going to $336 would increase dramatically, implying that the price of BNB is headed eventually to a breakout above its consolidation zone.

Zooming further on the daily chart, we can see that this consolidation zone lasted since June 2022 and was held by this horizontal resistance at up to $360. This is why a breakout above this area would signal an undeniable start of the bull cycle for the price of BNB.

It is still too early to think so, but todays attempt to make a higher high looks promising. Even though further confirmations are needed, the wave structure from October 11 points out at the larger starting uptrend in a five-wave manner.

The price of Binance Coins has consolidated in this range from June 18 last year, marking 481 days of sideways movement. A decisive move would be expected to start one way or the other, meaning even if the price finds resistance at $283 and falls, it would only mean that it is headed for one more support retest before a breakout can be made.

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the authors opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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Binance Coin On A Brink of Higher High -- BNB Momentum Likely But Resistance Getting Close - CCN.com

The worlds largestcrypto exchange Binance on Friday said it is removing several crypto in GBP trading pairs on Binance Spot. Binance plans to delist some major spot pairs including Bitcoin (BTC), Ethereum (ETH), BNB, Solana (SOL), XRP, Cardano (ADA), Chainlink (LINK), Polygon (MATIC), Litecoin (LTC), and Dogecoin (DOGE) by December 29.

Crypto exchange Binance in an officialannouncement on December 22 revealed that it will remove and cease trading of GBP spot pairs. The move comes amid mounting challenges including regulatory burden, heightened scrutiny, and loss of banking partners.

Binance will remove ADA/GBP, BNB/GBP, BTC/GBP, DOGE/GBP, ETH/GBP, GBP/USDT, LINK/GBP, LTC/GBP, MATIC/GBP, SOL/GBP, and XRP/GBP at 03:00 UTC on December 29.

In October, Binance stopped accepting new customers in the UK, in compliance with new FCA regulations restricting promotions from overseas digital asset firms in the country. Moreover, GBP users faced issues in withdrawals and deposits after Binances banking partner in the UK ended its operating agreement.

To protect users and maintain a high quality trading market, Binance conducts periodic reviews of all listed spot trading pairs, and may delist selected spot trading pairs due to multiple factors, said Binance.

Also Read: Ark Invest Sells Coinbase As Cathie Wood Talks Bitcoin, Tesla, AI With Elon Musk

While there could be some pullback in the crypto market, GBP spot pairs removal will not cause a correction in the crypto market. Most trading volumes come from stablecoins and USD pairs.

BTC price moving sideways in the last 24 hours ahead of key US PCE inflation data. The price is currently trading below $44,000 due to a decline in trading volumes. Meanwhile, over the last 24 hours, the BTC price has touched a low of $43,387 and a high of $44,367.

Altcoins are comparatively trading stronger than Bitcoin, but a Santa Claus rally is anticipated amid spot Bitcoin ETF approval hype.

Also Read: US PCE Inflation Heres Why Bitcoin & Crypto Market Rising Today Ahead Key Data

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Binance Listing: Binance Delists SOL, XRP, ADA, DOGE And Top Crypto In GBP Spot Pairs - CoinGape