Coinbase, the main cryptocurrency change within the US, has filed a brand new transient in its ongoing lawsuit with the Securities and Change Fee (SEC), accusing the regulator of overstepping its authority and violating due course of.
The transient, which was submitted on October 27, 2023, is a response to the SEC’s movement to dismiss Coinbase’s grievance, which was filed in September 2023. The grievance challenged the SEC’s choice to threaten Coinbase with authorized motion if it launched a lending program that may permit customers to earn curiosity on their crypto holdings.
Coinbase argues that the SEC’s choice was arbitrary and capricious, and that it violated the Administrative Process Act (APA), which governs how federal businesses make guidelines and laws. Coinbase claims that the SEC failed to supply any clear steering on the way it determines whether or not a crypto product is a safety or not, and that it utilized a unique normal to Coinbase than to different platforms that supply related merchandise.
Coinbase additionally asserts that the SEC violated its constitutional rights by depriving it of due course of and equal safety underneath the legislation. Coinbase says that the SEC didn’t give it a good alternative to reply to its allegations, and that it discriminated in opposition to Coinbase by singling it out for enforcement motion with none rational foundation.
Coinbase concludes its transient by asking the court docket to disclaim the SEC’s movement to dismiss, and to grant Coinbase’s movement for a preliminary injunction, which might stop the SEC from taking any motion in opposition to Coinbase till the case is resolved.
Coinbase’s lawsuit is likely one of the most high-profile authorized battles within the crypto business, because it might have vital implications for the way forward for crypto regulation within the US. The case is being intently watched by different crypto corporations, traders, and lawmakers, who’re desperate to see how the court docket will rule on the advanced and controversial points concerned.
Binance has arrange buying and selling platform in Hong Kong to use for a license.
Binance, one of many world’s largest cryptocurrency exchanges, has introduced that it has established a buying and selling platform in Hong Kong to use for a license underneath the brand new regulatory framework. The transfer is a part of Binance’s efforts to adjust to the native legal guidelines and laws, and to reinforce its international presence and legitimacy.
Hong Kong has not too long ago launched a brand new licensing regime for crypto exchanges, which requires them to acquire approval from the Securities and Futures Fee (SFC) earlier than working within the metropolis. The SFC has said that it’s going to solely grant licenses to platforms that supply buying and selling providers for skilled traders, and that adjust to anti-money laundering and counter-terrorism financing guidelines.
Binance’s Hong Kong platform, which is predicted to launch within the first quarter of 2024, will cater to skilled traders solely, and can provide a variety of crypto merchandise, together with spot, futures, choices, and margin buying and selling. Binance stated that it’s going to additionally implement strong safety measures, danger administration methods, and governance constructions to make sure the security and integrity of its platform.
Binance’s CEO, Changpeng Zhao, stated that the Hong Kong platform is a strategic step for Binance to develop its international footprint and to serve the wants of its clients in numerous markets. He added that Binance is dedicated to working with regulators and business companions to foster innovation and development within the crypto area.
“We’re excited to launch our Hong Kong platform, which can present a regulated and compliant atmosphere for crypto buying and selling in one of many world’s main monetary hubs. We consider that Hong Kong has numerous potential to develop into a serious crypto market, and we look ahead to contributing to its growth and prosperity,” Zhao stated.
Binance’s Hong Kong platform is the newest addition to its rising community of regional platforms, which embrace Binance US, Binance Singapore, Binance UK, Binance Australia, and Binance Jersey. Binance stated that it’s going to proceed to discover new alternatives and partnerships to supply extra localized and tailor-made providers to its customers around the globe.