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☆ Binance, CEO plan to seek dismissal of CFTC complaint
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

July 24 (Reuters) - Binance and its CEO and founder Changpeng Zhao are planning to seek dismissal of a Commodity Futures Trading Commission (CFTC) complaint accusing the crypto exchange of violating the Commodity Exchange Act and certain related federal regulations. Binance is due to submit its response to the CFTC complaint on July 27 and plans to seek dismissal, according to a court filing on Monday. The CFTC in March sued Binance, the world's biggest crypto exchange, and Zhao for operating what the regulator alleged was an "illegal" exchange and a "sham" compliance program. In its complaint, the CFTC said that from at least July 2019 to the present, Binance "offered and executed commodity derivatives transactions on behalf of U.S. persons" in violation of U.S. laws. The CFTC and Binance did not immediately respond to Reuters' request for comment.

Persons: Changpeng Zhao, Binance, Zhao, Juby Babu, Varun Organizations: Futures Trading Commission, CFTC, Reuters, U.S . Securities, Exchange Commission, SEC, Binance, Justice, Thomson Locations: Bengaluru

☆ Stock Exchange Regulators Back Global Climate-Reporting Rules
▼ + stars: | 2023-07-25 | by ( Rochelle Toplensky | ) www.wsj.com time to read: +5 min

Regulators of the world’s top stock exchanges gave their backing to the international climate-reporting standards framework Tuesday, adding momentum to efforts to establish the rules as the global baseline. The International Organization of Securities Commissions, known as Iosco, endorsed the International Sustainability Standards Board’s recently published climate reporting standard. While some businesses may be waiting to see the completed SEC climate reporting rules, it hopes the advantages of using a single standard worldwide outweigh any disadvantages of being more demanding than the SEC’s coming climate reporting rules. PREVIEWIt is now up to individual countries and jurisdictions to decide if and when they adopt the ISSB standards. “This is a hugely significant step towards a global baseline of sustainability reporting.

Persons: —, Jean, Paul Servais, Benoit Doppagne, “ Iosco, ”, Larry Bradley, Iosco, PwC, KPMG’s Bradley, “, Rochelle Toplensky Organizations: International Organization of Securities Commissions, International, U.S . Commodity Futures Trading Commission, Securities, Exchange, Zuma, SEC, U.S, EU, KPMG, Sustainable Business, Rochelle Locations: Japan, China, Britain, U.S, Australia, Canada, Hong Kong, Malaysia, New Zealand, Nigeria, Singapore, Glasgow

☆ Former CTFTC chair talks future of stablecoins: We're not addressing the risks
▼ + stars: | 2023-07-24 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

As its name would suggest, a stablecoin is a kind of cryptocurrency token meant to be backed by real assets. Massad said these coins could act as a bridge between "the crypto world and the real world." "My concern is we're not addressing the risks," he continued, adding that he is not. He added that if the U.S. were to create stablecoin regulations, the rest of the world would likely follow suit, but also said many countries are already creating their own frameworks. "I'm sympathetic to a lot of people in government saying, 'we don't really, we're not convinced of the use case here, we don't really see what the value is in the real world,' Massad said.

Persons: Timothy Massad, CNBC's Jim Cramer, Massad, Jay Clayton, stablecoins, we're Organizations: Futures Trading, Securities and Exchange, SEC Locations: United States, U.S

ORLANDO, Florida, July 23 (Reuters) - Hedge funds have ramped up their bearish dollar bets by more than $7 billion in a week, and are now sitting on their biggest net short dollar position in over two years. Foreign exchange speculators' long sterling position are now the biggest on record, although decent interest in shorting the pound means the overall net long position remains at a 16-year high, not an all-time peak. It is the most substantial bet on the dollar falling since March 2021, and marks the 37th week in a row funds have been net short. The value of funds' short dollar position is big, but not extreme. Earlier this month, their net short position was the largest in five and a half years.

Persons: Jamie McGeever, Shri Navaratnam Organizations: Federal Reserve, European Central Bank and Bank of Japan, Futures, ECB, Thomson, Reuters Locations: ORLANDO, Florida, Foreign, That's

☆ Indonesia launches new crypto bourse, clearing house
▼ + stars: | 2023-07-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Dado Ruvic/Illustration//JAKARTA, July 21 (Reuters) - Indonesia has launched a national crypto asset bourse to provide regulators with transaction records and better protect crypto investors, the government announced this week. The launch of the exchange and clearing house is also intended to strengthen monitoring of the booming sector amid a transition in regulatory oversight, according to the Commodity Futures Trading Regulatory Agency (Bappebti). Rising global interest rates have, however, dampened demand for crypto assets in recent months. The new bourse will list existing licensed crypto companies, such as Binance's Tokocrypto, Indodax and others as traders. PT Bursa Komoditi Nusantara will run the bourse and PT Kliring Berjangka Indonesia will clear transactions there, Bappebti chief Didid Noordiantmoko said in a statement.

Persons: Dado Ruvic, Didid Noordiantmoko, Bernadette Christina Munthe, Gayatri Suroyo, Kanupriya Kapoor Organizations: REUTERS, Commodity, Trading Regulatory Agency, Bursa Komoditi Nusantara, bourse, Kliring Berjangka, Tennet Depository Indonesia, Financial Services, Thomson Locations: JAKARTA, Indonesia, Indodax, Bursa, Kliring Berjangka Indonesia, Bappebti

☆ Coinbase is a crypto conundrum, squared
▼ + stars: | 2023-07-20 | by ( Anita Ramaswamy | ) www.reuters.com time to read: +7 min

Shares in Coinbase got a major boost after money management behemoth BlackRock (BLK.N) applied to launch a bitcoin-backed exchange-traded fund this month with Coinbase as its custodian. Coinbase shares are up nearly 54% in July, handily beating the tech-heavy Nasdaq Composite Index (.IXIC), which rose 4%. Price targets range widely: analysts polled by Refinitiv think Coinbase is worth anywhere from $8 billion to nearly $50 billion. Coinbase investors would therefore be unwise to count on a judge delivering Coinbase a win. Given bitcoin’s current $584 billion market capitalization, that suggests $74 billion of ETFs would not be much of a stretch.

Persons: Brian Armstrong, Coinbase, behemoth BlackRock, –, Gary Gensler, there’s, Goldman Sachs, Cowen, Refinitiv, Armstrong, Sam Bankman, Larry Fink, Charles Schwab, doubters, Ripple, John Foley, Streisand Neto Organizations: YORK, Reuters, Securities and Exchange, Nasdaq, SEC, Citigroup, Commodity Futures, BlackRock, Bank, New York Mellon, Interactive, Securities and Exchange Commission, Thomson Locations: Washington, United States, U.S

Overall, funds' net short dollar position against a range of currencies was worth some $13.17 billion, down slightly from $13.58 billion the week before. It is still a substantial overall bet on the dollar falling, however, and marks the 36th week in a row funds have been net short. It is comprised of a near $10 billion aggregate bet versus G10 currencies and $3.5 billion versus emerging currencies, namely the peso and real. Funds extended their net long sterling position by around 5,000 contracts to over 58,000, the biggest net long since 2007. That's a $4.7 billion bet on a stronger pound centering on sticky UK inflation versus U.S. disinflation.

Persons: JP, Sterling, Jamie McGeever, Himani Sarkar Organizations: Futures, Federal Reserve, HSBC, U.S, Reuters, Thomson Locations: ORLANDO, Florida, U.S, That's

Second-biggest token Ether had its best session since March and Ripple , which a U.S. judge ruled could be legally sold on public crypto exchanges, soared 73%. "The regulatory environment is changing," said Matthew Dibb, chief investment officer at crypto asset manager Astronaut Capital. He said further cases would probably shed more light on how courts will treat private crypto offerings. The world's biggest asset manager, BlackRock (BLK.N), filed to launch a bitcoin exchange traded fund last month and earlier in July exchange operator Cboe (CBOE.Z) refreshed its filing for a similar fund to be run by asset manager Fidelity. "For the first time in a while, it's been consistently positive news coming though and that means you've got momentum."

Persons: Bitcoin, Matthew Dibb, Justin d'Anethan, Greg Moritz, FTX, Sam Bankman, Alex Mashinsky, We'd, Chris Weston, it's, Vidya Ranganathan, Simon Cameron, Moore Organizations: Capital, BlackRock, Fidelity, Investors, Solana, Commodity Futures, Commission, Tab, Traders, U.S, SEC, Thomson Locations: SINGAPORE, U.S, Asia, Keyrock, Hong Kong, reining, China, noncomplicance, Melbourne, Singapore

☆ Binance could lay off thousands as company buckles down for DOJ probe, source says
▼ + stars: | 2023-07-14 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Changpeng Zhao, billionaire and chief executive officer of Binance Holdings Ltd., speaks during a session at the Web Summit in Lisbon, Portugal, on Wednesday, Nov. 2, 2022. The cuts will eliminate 1,500 to 3,000 of Binance's global workforce, this person told CNBC, and will take place through the end of the year. The Justice Department probe will likely reshape the company fundamentally, the employee told CNBC. A Binance spokesperson disputed that the cuts would impact 3,000 employees, saying that the high-end number was "just not right." Binance itself has suffered significantly since the lawsuits from U.S. regulators, with exchange outflows running into the hundreds of millions.

Persons: Changpeng Zhao, Binance Organizations: Binance Holdings Ltd, Department, CNBC, Street, Justice Department, Reuters, Securities and Exchange Commission, Commodity Futures Trading Commission Locations: Lisbon, Portugal, U.S

NEW YORK, July 13 (Reuters) - Alex Mashinsky, founder and former CEO of bankrupt cryptocurrency lender Celsius Network, pleaded not guilty Thursday to U.S. fraud charges that he misled customers and artificially inflated the value of his company's propriety crypto token. Three federal regulatory agencies also sued Mashinsky and Celsius in connection with the case. Mashinsky, 57, was charged with seven criminal counts - including securities fraud, commodities fraud and wire fraud - according to an indictment unsealed earlier on Thursday. Its founder Sam Bankman-Fried was charged with fraud last year, and has pleaded not guilty. "Whether it's old-school fraud or some new-school crypto scheme, it doesn't matter one bit.

Persons: Alex Mashinsky, Mashinsky, Sam Bankman, Fried, Ona Wang, Roni Cohen, Pavon, Cohen, Damian Williams, Williams, Hannah Lang, Luc Cohen, Chris Prentice, Elizabeth Howcroft, Chizu Nomiyama, Michelle Price, Jonathan Oatis Organizations: YORK, Prosecutors, U.S . Securities, Exchange Commission, SEC, Futures Trading Commission, Federal Trade Commission, U.S, Thomson Locations: Manhattan, Israeli, U.S, Hoboken , New Jersey, Washington, New York, Bengaluru, London

July 13 (Reuters) - Alex Mashinsky, the founder and former CEO of bankrupt cryptocurrency lender Celsius Network, was arrested and charged with fraud, a U.S. prosecutor in New York said Thursday, while three federal regulatory agencies sued him and his company. Mashinsky, 57, was charged with seven criminal counts - including securities fraud, commodities fraud and wire fraud - while Celsius' former chief revenue officer, Roni Cohen-Pavon, was charged with four criminal counts, according to the indictment, which was unsealed on Thursday. Its founder Sam Bankman-Fried was charged with fraud last year, and has pleaded not guilty. Crypto lenders such as Celsius grew rapidly as crypto prices surged during the COVID-19 pandemic. The U.S. Commodity Futures Trading Commission and the Federal Trade Commission also sued Celsius and Mashinsky.

Persons: Alex Mashinsky, Roni Cohen, Pavon, Cohen, Sam Bankman, Fried, Mashinsky, Niket, Hannah Lang, Elizabeth Howcroft, Chris Prentice, Shinjini Ganguli, Chizu Nomiyama, Jonathan Oatis Organizations: Mashinsky, Attorney's, Prosecutors, U.S . Securities, Exchange Commission, SEC, Arrows Capital, U.S . Commodity Futures Trading Commission, Federal Trade Commission, FTC, Network, Coinbase, Arbinet, Transit Wireless, Thomson Locations: U.S, New York, Manhattan, New Jersey, cryptocurrency, Singapore, Bengaluru, Washington, London

Alex Mashinsky, the founder and former chief executive of the bankrupt cryptocurrency firm Celsius, was arrested on Thursday and charged with fraud, federal prosecutors said. Mr. Mashinsky was also sued by the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Federal Trade Commission. Mr. Mashinsky was arrested at his home in New York, a person close to the investigation said. The charges against him include wire fraud, commodities fraud and manipulation of securities prices. As its charismatic pitchman, Mr. Mashinsky appeared in YouTube videos where he claimed that Celsius was a safer, more egalitarian alternative to traditional banks.

Persons: Alex Mashinsky, Mashinsky Organizations: Securities and Exchange Commission, Futures Trading Commission, Federal Trade Commission Locations: New York

☆ Ex-Celsius CEO is charged with fraud
▼ + stars: | 2023-07-13 | by ( Kara Scannell | ) edition.cnn.com time to read: +2 min

New York CNN —US prosecutors charged the former CEO of bankrupt cryptocurrency platform Celsius Networks with defrauding customers and misleading them about the company’s business. An indictment unsealed Thursday in New York charges Alexander Mashinsky with securities fraud, wire fraud and commodities fraud. “Mashinsky portrayed Celsius as a modern-day bank, where customers could safely deposit crypto assets and earn interest,” the indictment states. Earlier this year, the New York attorney general’s office also sued Mashinsky for fraud. The Securities and Exchange Commission also filed civil fraud charges against Celsius and Mashinsky, and is seeking to permanently ban him from running an exchange and from buying or selling cryptocurrencies.

Persons: Alexander Mashinsky, Roni Cohen, Pavon, “ Mashinsky, Mashinsky, Sam Bankman, Binance, Benjamin Allee, “ Alex Mashinsky, ” Organizations: New, New York CNN, Commodity Futures, Commission, US, Southern, of, Federal Trade Commission, Securities, Exchange Commission Locations: New York, FTX, of New York

There are also some voluntary credits for mechanically removing CO2 directly from the air, which are currently much more expensive. In June, the CFTC—the federal regulator of derivatives—created an environmental task force focused on rooting out fraud in carbon markets. SHARE YOUR THOUGHTS How can we build trust in carbon offsets? A parallel effort by the Voluntary Carbon Market Integrity Initiative, or VCMI, is setting rules for the buyers of offsets. The Commodity Futures Trading Commission has created an environmental task force focused on rooting out fraud in carbon markets and has called on whistleblowers to expose misconduct.

Persons: don’t, Nestlé, ”, Danny Cullenward, John Kerry, Morgan Stanley, Perrier, San, Ian McGinley, hasn’t, Guy Turner, ” Turner, andrew kelly, Mark Kenber, ” Kenber, William McDonnell, ” McDonnell, Dieter Holger Organizations: Futures Trading Commission, Sustainable Business, Institute, Carbon, American University . “, European Union, American University “, Paris Agreement, Council, Voluntary, Initiative, Trove, Futures, Reuters, dieter.holger Locations: U.S, San Pellegrino, Paris

SINGAPORE, July 10 (Reuters) - Oil prices dipped in Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, though expected crude supply cuts from Saudi Arabia and Russia limited losses. "Oil traders may be cautious ahead of the U.S. CPI and China's slew of economic data later this week," CMC Markets analyst Tina Teng said. However, crude prices could rebound after OPEC+ announced plans to further reduce supply, she said. "The presence of economic slowdowns in China adds to the prevailing uncertainty in the oil market," said Mukesh Sahdev, head of downstream and oil trading at Rystad Energy. U.S. oil rigs fell by five to 540 last week, lowest since April 2022, according to a Baker Hughes report on Friday.

Persons: Tina Teng, China's, Mukesh Sahdev, Morgan, Tony Sycamore, Baker Hughes, Florence Tan, Emily Chow, Tom Hogue, Stephen Coates Organizations: Brent, U.S . West Texas, U.S . CPI, CMC, Rystad Energy, OPEC, Federal Reserve, U.S . Commodity Futures Trading Commission, Thomson Locations: SINGAPORE, United States, China, Saudi Arabia, Russia, U.S, Saudi, Ain Sukhna, OPEC

☆ Analysis: U.S. crypto lobbyists court Democrats in fresh legislative push
▼ + stars: | 2023-07-10 | by ( Michelle Price | ) www.reuters.com time to read: +5 min

That effort escalated last month when the SEC sued crypto exchanges Coinbase and Binance for failing to register some crypto tokens. Most crypto companies dispute the SEC's jurisdiction. It would expand the Commodity Futures Trading Commission's (CFTC) oversight of the crypto industry, while clarifying the SEC's jurisdiction. With Democrats' support, the bill could have a shot in the Senate. McHenry and Thompson are discussing the proposal with crypto companies, regulators and Democrats, and hope the committees will vote on it before the August recess, senior Republican policy staff said.

Persons: Cody Carbone, Patrick McHenry, Glenn Thompson, Brett Quick, McHenry, Thompson, Maxine Waters, David Scott, Scott, Vicente Gonzalez, Sylvia Garcia, Carbone, Spokespeople, Waters, Gonzalez, Garcia, Sam Bankman, Fried, Kristin Smith, Coinbase, spender, Kara Calvert, It's, Michelle Price, Hannah Lang, Douglas Gillison, Richard Chang Organizations: U.S . Securities, Exchange Commission, SEC, Capitol, Blockchain Association, Chamber of Digital Commerce, Crypto, Innovation, Coinbase, Financial Services, Agriculture, Trading, Republican, Thomson Locations: Washington, United States

☆ Former CFTC chairman says crypto regulations can't wait until litigations concludes: 'We need standards today'
▼ + stars: | 2023-07-10 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

Massad, along with former SEC chairman Jay Clayton, detailed the theory in the Wall Street Journal last week. "We strongly support enforcement of the laws, but what we're saying is, we need more than that, and the reason is twofold," Massad said. "Let's not get hung up on that, or rather, let's have a parallel track which says, regardless of the classification issue, we need standards today." He added that this solution would be a way to get some basic industry standards in place without having to rewrite securities laws. "This is a way to get investor protection standards into the industry as it exists today without having to fundamentally change the securities or the derivatives laws."

Persons: Timothy Massad, CNBC's Jim Cramer, Jay Clayton, Massad Organizations: Futures Trading Commission, SEC

☆ Oil eases ahead of China, U.S. data, but OPEC+ cuts support market
▼ + stars: | 2023-07-10 | by ( ) www.cnbc.com time to read: +2 min

Oil prices dipped in early Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, while expected crude supply cuts from Saudi Arabia and Russia supported the market. Brent crude futures fell 22 cents, or 0.3%, to $78.25 a barrel by 0107 GMT, and U.S. West Texas Intermediate crude was at $73.57 a barrel, down 29 cents, or 0.4%. "Oil traders may be cautious ahead of the U.S. CPI and China's slew of economic data later this week," CMC Markets analyst Tina Teng said. However, crude prices could rebound after OPEC+ announced plans to further reduce supply, she said. Money managers raised their net long U.S. crude futures and options positions in the week to July 3, the U.S. Commodity Futures Trading Commission said on Friday.

Persons: Tina Teng, Morgan, Tony Sycamore, Baker Hughes Organizations: Brent, U.S . West Texas, U.S . CPI, CMC, U.S, Chevron, Federal Reserve, U.S . Commodity Futures Trading Commission Locations: Stanton , Texas, United States, China, Saudi Arabia, Russia, U.S, Saudi, Ain Sukhna, OPEC, Strait, Hormuz

☆ CFTC investigators conclude Celsius, ex-CEO broke rules - Bloomberg News
▼ + stars: | 2023-07-06 | by ( ) www.reuters.com time to read: +1 min

July 5 (Reuters) - Commodity Futures Trading Commission (CFTC) investigators have concluded that bankrupt crypto lender Celsius and its former CEO Alex Mashinsky broke U.S. rules before the firm's implosion, Bloomberg News reported on Wednesday. Attorneys in the regulator's enforcement unit determined that Celsius misled investors and should have registered with the regulator, according to the report, citing people familiar with the matter. Celsius and the CFTC did not immediately respond to a Reuters request for comment. Last year's market turmoil after the collapse of TerraUSD led to the failure of several major crypto companies including Celsius Network. As part of Celsius' bankruptcy case, an independent examiner was appointed to investigate accusations that Celsius had operated as a Ponzi scheme and report on how it handled crypto assets.

Persons: Alex Mashinsky, TerraUSD, Akanksha, Rashmi Organizations: Futures Trading Commission, Bloomberg, CFTC, Thomson Locations: Bengaluru

BENGALURU, July 6 (Reuters) - The U.S. dollar will hold its ground against most major currencies for the rest of the year despite expectations of narrowing interest rate differentials as the U.S. economy stays resilient, according to FX strategists polled by Reuters. "The tightness of the U.S. labour market may help the economy and the dollar in the very short term," said Kit Juckes, chief FX strategist at Societe Generale. "Even if we see (interest) rate convergence, it seems unlikely a new major euro uptrend will start without stronger growth." Indeed, a majority of common contributors showed the dollar view against most major currencies for the coming six months has been either upgraded or kept unchanged from a month ago. "The dollar is getting a tailwind from the Fed ... the current strength is on a repricing of the Fed (rate) higher," said John Hardy, head of FX strategy at Saxo Bank.

Persons: Jerome Powell, Kit Juckes, Jonas Goltermann, Sterling, John Hardy, Indradip Ghosh, Shaloo Srivastava, Sarupya Ganguly, Anitta Sunil, Veronica Khongwir, Hari Kishan, Ross Finley, Matthew Lewis Organizations: U.S, Reuters, Federal Reserve, European Central Bank and Bank of England, Societe Generale, Futures Trading Commission, Capital Economics, Saxo Bank, Thomson Locations: BENGALURU, U.S, Europe, Asia, Britain, Bengaluru

☆ Canadian dollar edges higher as oil prices climb
▼ + stars: | 2023-07-04 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

Summary Canadian dollar strengthens 0.2% against the greenbackPrice of U.S. oil increases 2%Canada manufacturing PMI dips to 48.8 in JuneCanadian bond yields rise across the curveTORONTO, July 4 (Reuters) - The Canadian dollar strengthened against its U.S. counterpart on Tuesday as oil prices rose and despite domestic data that showed factory activity slowing further in June. Speculators have slashed their bearish bets on the Canadian dollar, data from the U.S. Commodity Futures Trading Commission showed on Friday. The price of oil , one of Canada's major exports, climbed 2% to $71.16 a barrel as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. Contraction in Canada's manufacturing sector deepened slightly in June as an uncertain economic outlook weighed on both domestic and foreign demand. Canadian government bond yields were higher across the curve, with the 10-year up 6.4 basis points at 3.335%.

Persons: greenback Price, Fergal Smith, Josie Kao Organizations: greenback, Canadian, U.S, U.S . Commodity Futures Trading, P Global Canada Manufacturing, Bank of Canada, BoC, Thomson Locations: Canada, TORONTO, Saudi Arabia, Russia

A short position is essentially a wager an asset's price will fall, and a long position a bet it will rise. Funds expanded their already record net short two-year Treasuries futures position to more than 1 million contracts for the first time. The scale of the move lately is remarkable - the net short position has more than doubled in just two months. Notably, funds' net short two-year Treasuries position now exceeds their net short 10-year Treasuries position by some 354,000 contracts. Reuters ImageIf this is indeed hedge funds betting on an inverted 2s/10s yield curve, they are sitting pretty.

Persons: that's, Jamie McGeever, Tom Hogue Organizations: U.S, Futures Trading Commission, Reuters, Barclays, Thomson Locations: ORLANDO, Florida, U.S . Federal, U.S, York

U.S. West Texas Intermediate (WTI) crude rose $1.16 to $71.78. Russian Energy Minister Nikolai Shulginov said it was "realistic" to reach oil prices of around $80 per barrel, Russian state news agencies reported. Capping oil price gains was the prospect of rising interest rates, which could slow economic growth. The Bank of England is set to raise interest rates by a quarter of a percentage point next week. Investors have been closely watching interest rates and commentary from Fed members.

Persons: Brent, Nikolai Shulginov, Shulginov, Baker Hughes, Phil Flynn, Stephanie Kelly, Alex Lawler, Sudarshan, David Goodman, Louise Heavens, David Evans, David Gregorio, Nick Macfie Organizations: bbl Bank of England, . West Texas, Oil, Kuwait Petroleum, Organization of, Petroleum, Russian Energy, Bank of England, European Central Bank, U.S . Federal, Price Futures, U.S . Commodity Futures Trading Commission, Thomson Locations: Russia, U.S, OPEC, Saudi Arabia, Russian, Iran

Changpeng Zhao, founder and CEO of Binance, waves as he arrives on stage for a panel session on the second day at the VivaTech Conference in Paris, June 16, 2022. PARIS — Days before French police visited Binance's Paris office, the crypto exchange's top French executive dismissed concerns about U.S. regulatory charges affecting Binance's other operations, comparing them with the flapping of a butterfly's wings. Just days before the raid, CNBC asked Binance France President David Prinçay if he was concerned about charges from the top two U.S. financial regulators against the exchange. Binance's founder, Zhao, dismissed the police statement and reporting as "FUD," claiming it was a "surprise on-site" inspection that was "the norm." Binance faces over a dozen charges from the SEC and a similar slate of allegations from the Commodity Futures Trading Commission.

Persons: Changpeng Zhao, Le Monde, Binance, David Prinçay, Prinçay, Changpeng Zhao's, Binance France's, Zhao Organizations: VivaTech Conference, Le, CNBC, U.S . Securities, Exchange Commission, SEC, Futures Trading Commission, of Justice Locations: Paris, PARIS, Binance's Paris, U.S, Europe, French, European

☆ Coinbase is the latest target of the SEC’s crypto crackdown—how U.S. investors may be affected
▼ + stars: | 2023-06-12 | by ( Cheyenne Devon | ) www.cnbc.com time to read: +6 min

On June 13, the U.S. Securities and Exchange Commission sued Coinbase, the second-largest crypto exchange by volume, according to CoinMarketCap.com. The federal regulator alleges Coinbase operated its crypto asset trading platform as an unregistered national securities exchange and broker, per the June 13 press release. The SEC also alleges at least 13 crypto assets that Coinbase made available to customers, including Solana and Cardano's tokens, qualify as "crypto asset securities," according to the complaint. This comes just one day after the SEC sued Binance, the world's largest crypto exchange, and its billionaire founder, Changpeng Zhao. Trading crypto on an exchange versus peer-to-peer

Persons: Coinbase, Coinbase's, Brian Armstrong, Paul Grewal, we'll, Binance, Changpeng Zhao, Zhao, Gary Gensler, Chen Arad, they've, Arad, Omid, Malekan, wasn't, Bitcoin, There's, bitcoin Organizations: The U.S, U.S . Securities, Exchange Commission, SEC, CNBC, Twitter, Solidus Labs, NBC, Columbia Business School, Architecting, Money, U.S, Commodity, Futures, Metrics Locations: Paris, France, The, Solana, U.S, Arad

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