NFT News Official TheBitTimes.com

Sources familiar with the development told Reuters that at least 50 people have been laid off from Binance.US since the lawsuit filing. The sources further added that employees from Binance’s legal, compliance, and risks departments have been dismissed from their jobs. The sources have requested anonymity as the matter is private. advertisement Earlier this month on June 5, the SEC slapped a lawsuit on Binance and its CEO Changpeng Zhao for creating a “web of deception” to evade securities laws. However, Binance has pledged to defend itself “vigorously” in the matter. The SEC had also requested the court to freeze the funds of Binance.US citing the possibility of dissipation of funds. But earlier this week, the judge rejected the proposal adding that it’s in the interest of both parties to reach a mutual settlement. Coinbase Loses Market Share to Robinhood In another development, it turns out that a herd of retail crypto...

In its Monday filing, the securities regulator cited over a dozen coins as assets that fall under its purview. Providers of these tokens as trading support will have to follow stricter protection rules. Additionally, other exchanges might shy away from offering support for these digital assets making them harder to trade in the open market. advertisement In its filing, the US SEC named some of the top ten altcoins including Binance’s BNB, Polygon’s MATIC, Solana’s SOL, Cardano’s ADA, Filecoin’s FIL and Algorand’s ALGO. These when combined with other assets such as XRP put a total of $115 billion under the SEC purview. SEC Chair Gary Gensler has said that most tokens are subject to securities laws for investor protection. However, this is the first time that the SEC is naming cryptocurrencies in particular, hinting at a tougher approach. Industry Players Defend Binance Soon after the SEC filed the lawsuit, Binance respond...