12/06/2023. Weekly CryptoNews Digest (June, 05 – June, 11)

Hello guys. Unfortunately, we have no HYIPs left to speak of on the MNO monitor which is currently empty. Right now let’s just of it as a summer break for the moment, especially considering the extremely hot weather here in London. I do enjoy my lazy days out and hopefully my readers too. I have nowhere to be in a hurry and will wait for the right moment to introduce something big when the time comes. For now please beware of multiple fast scams arriving floating around, and I would advise you to exercise extreme caution when investing. Even if the HYIP has a banner purchased on MNO (like Bityra at the moment) you should make sure first that the program is featured on my monitor first before committing any money towards it.

In any case, the HYIP industry is effectively dead now, but once we see something worthwhile on the horizon, my readers will be the first to know. Please follow MNO on Telegram, Facebook, and Twitter, and click here to subscribe to all the blog posts sent to your email address. If you have any questions you can always contact me directly at abramsonp@gmail.com, submit your query via this online form or just chat with me live on Telegram @mnoblog

As you may know, MNO has recently switched from covering large HYIPs (which are illegal ponzi-games anyway) to a more sophisticated theme of cryptocurrencies. And every Monday I post an overview of the most talked about events and news stories from the world of Bitcoin and other popular cryptocurrencies. Today has not been an exception from that, so let’s get down to business and see what happened over the last seven days in the traditional Weekly CryptoNews Digest on MNO.

EXCHANGE RATE AND TRADING OVERVIEW

Crypto prices have stabilized after plunging on SEC crackdown jitters. The market sell-off that was sparked by the SEC’s lawsuits against Binance and Coinbase last week has subsided, and some tokens have even begun to recover. In the last 24 hours, Cardano and Ripple’s XRP rose more than 1%, while Bitcoin and Ethereum are seeing small movements.

It is still too early to say whether the SEC crackdown will have a lasting impact on the crypto market. However, the fact that prices have stabilized after the initial sell-off is a positive sign. It suggests that investors are not panicking and are still willing to invest in crypto, even in the face of regulatory uncertainty.

The SEC’s crackdown is a reminder that the crypto market is still a young and volatile one. Investors should be prepared for periods of volatility and should only invest what they can afford to lose.

Here are some of the factors that could contribute to the stabilization of crypto prices:
– The SEC’s lawsuits against Binance and Coinbase may have been a wake-up call for the crypto industry. It has forced exchanges to take a closer look at their compliance practices and to make sure that they are in line with the law. This could lead to a more stable and regulated crypto market in the long run.
– The overall market sentiment has improved in recent days. This is due to a number of factors, including the strong performance of the stock market and the positive economic data. A more positive market sentiment could help to support crypto prices.
– The crypto industry is maturing. There are now a number of well-established crypto companies that are providing a variety of services to investors. This increased level of professionalism could help to attract more institutional investors to the market, which could lead to higher prices.

SEC FILES LAWSUIT AGAINST BINANCE

On June 6, 2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance, the world’s largest cryptocurrency exchange. The SEC alleges that Binance operated as an unregistered securities exchange and violated anti-fraud and registration provisions of the federal securities laws.

The SEC’s lawsuit is based on the following allegations:
– Binance operated as an unregistered securities exchange. The SEC alleges that Binance offered and sold securities to U.S. investors without registering with the SEC.
-Binance engaged in deceptive and manipulative conduct. The SEC alleges that Binance made false and misleading statements about its operations and that it engaged in market manipulation.
– Binance failed to register as a broker-dealer. The SEC alleges that Binance failed to register as a broker-dealer with the SEC, even though it was providing brokerage services to U.S. customers.

The SEC is seeking injunctive relief, disgorgement of ill-gotten gains, and civil penalties. Binance has denied the allegations in the SEC’s lawsuit and has said that it will vigorously defend itself.

The SEC’s lawsuit against Binance is a significant development in the regulation of the cryptocurrency industry. The lawsuit sends a message to cryptocurrency exchanges that they must comply with U.S. securities laws or face enforcement action. The lawsuit is also likely to have a chilling effect on the growth of the cryptocurrency industry in the United States.

Here are some of the implications of the SEC’s lawsuit against Binance:
– It could lead to more regulation of the cryptocurrency industry. The SEC’s lawsuit is likely to increase pressure on other cryptocurrency exchanges to comply with U.S. securities laws. It could also lead to new regulations being passed by Congress or state legislatures.
– It could make it more difficult for U.S. investors to trade cryptocurrencies. The SEC’s lawsuit could make it more difficult for U.S. investors to trade cryptocurrencies on Binance and other cryptocurrency exchanges that are not registered with the SEC. This could lead to a decline in trading volume and a decrease in the liquidity of the cryptocurrency market.
– It could damage the reputation of the cryptocurrency industry. The SEC’s lawsuit could damage the reputation of the cryptocurrency industry and make it more difficult for cryptocurrency companies to attract investors and partners.

It remains to be seen how the lawsuit will be resolved, but it is clear that the SEC is taking a more aggressive approach to regulating the cryptocurrency industry.

COINBASE WAS CHARGED BY SEC AS WELL

The same day, June 06, 0223, SEC also charged Coinbase, the largest cryptocurrency exchange in the United States, with operating as an unregistered securities exchange, broker, and clearing agency. The SEC alleges that Coinbase failed to register with the SEC as a national securities exchange, broker, or clearing agency, and that it violated anti-fraud and registration provisions of the federal securities laws.

The SEC’s lawsuit is based on the following allegations:
– Coinbase operated as an unregistered securities exchange. The SEC alleges that Coinbase offered and sold securities to U.S. investors without registering with the SEC.
– Coinbase engaged in deceptive and manipulative conduct. The SEC alleges that Coinbase made false and misleading statements about its operations and that it engaged in market manipulation.
– Coinbase failed to register as a broker-dealer. The SEC alleges that Coinbase failed to register as a broker-dealer with the SEC, even though it was providing brokerage services to U.S. Customers.

The SEC is seeking injunctive relief, disgorgement of ill-gotten gains, and civil penalties. Coinbase has denied the allegations in the SEC’s lawsuit and has said that it will vigorously defend itself.

The latest lawsuits against Binance and Coinbase send a message to cryptocurrency exchanges that they must comply with U.S. securities laws or face enforcement action. The lawsuit is also likely to have a chilling effect on the growth of the cryptocurrency industry in the United States.

UK TO BAN NFTS AND AIRDROPS SOON

And yet another blow to the crypto industry comes from the UK lawmakers.

The UK government is planning to ban NFTs and airdrops as part of its new financial promotions rules. The rules, which are set to come into effect on Oct. 8, 2023, will classify NFTs and airdrops as “restricted mass market investments.” This means that they will be subject to stricter advertising rules, including requiring promoters to provide clear risk warnings.

The government’s decision to ban NFTs and airdrops has been met with criticism from some in the cryptocurrency industry. They argue that the ban will stifle innovation and make it more difficult for people to invest in NFTs. However, the government has defended its decision, saying that it is necessary to protect consumers from the risks associated with these investments.

The government’s ban on NFTs and airdrops is part of a wider crackdown on cryptocurrency. In recent months, the government has also announced plans to regulate cryptocurrency exchanges and to impose taxes on cryptocurrency profits. The government’s aim is to create a more stable and regulated environment for the cryptocurrency industry.

BITCOIN MINER ARGO LOSES BIG

Argo Blockchain, a British cryptocurrency miner, announced that it had suffered a $9 million loss in the first quarter of 2023 due to a decline in the price of Bitcoin and Ethereum. The company said that it had mined 1,256 Bitcoin and 1,126 Ethereum in the quarter, but that the value of these coins had fallen by $10 million since the end of 2022. Argo also said that it had incurred $1 million in costs related to the closure of its data center in Quebec.

The company’s shares fell by more than 10% in early trading on the news.

Here are some of the reasons for the loss:
– The price of Bitcoin and Ethereum has fallen significantly since the end of 2022.
– Argo’s data center in Quebec was closed due to a power outage. The company said that it is working to reopen the data center, but that it will take several weeks to do so.
– Argo incurred $1 million in costs related to the closure of the data center.

Despite the loss, Argo said that it is confident in its long-term prospects. The company said that it has a strong balance sheet and that it is well-positioned to weather the current market conditions. Argo also said that it is continuing to expand its mining operations and that it expects to mine more Bitcoin and Ethereum in the coming quarters.

As you can see, the drop in cryptocurrency prices have been largely justified by the upcoming hit from the lawmakers. And we can only hope that the crypto world will show resilience and will adapt to the constantly changing legal requirements and the threats posed from some governments. Overall, I do hope that you enjoy reading the Weekly CryptoNews Digest on MNO and will come back next Monday for another portion.

That will be it for today, guys. Thanks a lot for reading and I hope to talk to you all on the MNO blog next Monday. Stay safe and have a successful and happy business week ahead! MNO – For Money Lovers!