World Cryptonews: Binance Sued by SEC Over Unregistered Securities

World Cryptonews: Binance Sued by SEC Over Unregistered Securities

by | Jun 6, 2023 | Crypto Blog

 

One of the biggest news stories in the world of cryptocurrency took a significant turn yesterday. The U.S. Securities and Exchange Commission (SEC) has charged Binance, the world’s leading cryptocurrency exchange, with selling unregistered securities. The charge includes not only Binance Coin (BNB) and stablecoin BUSD, but also coins like Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos (ATOM), Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), and Axie Infinity (AXS).

The SEC has categorized all these as ‘Crypto Asset Securities’ (CAS), implying that Binance has been trading unregistered securities since its launch. This charge resonates with SEC Chairman Gary Gensler’s recent remarks, stating his intent to treat all coins except Bitcoin as securities.

Interestingly, Gensler was known to have praised blockchain as a ‘great technology’ in a lecture back in 2019. This makes the SEC’s current action appear backed by some unknown ‘power’.

The crypto market underwent drastic changes following this news. The top 10 coins all dropped in price, with 93 out of the top 100 experiencing a decline. Bitcoin’s price also decreased by 6.25%, while the coins mentioned in the lawsuit, like BNB and Solana, saw roughly a 10% drop. Traders reportedly withdrew digital assets worth approximately $322 million from Binance and deposited an additional $91 million.

 

 

 

The Ethereum market also seems to be facing profit-taking, as Ethereum loses its vitality with Gensler’s clear stance to categorize all coins as securities, excluding Bitcoin.

However, among the varied reactions to these developments, the most noteworthy is from Binance’s CEO, Changpeng Zhao. Despite Binance US maintaining a good relationship with the SEC for nearly two and a half years, Zhao criticized the SEC for attempting to attack the cryptocurrency industry, just as they did with Coinbase and Gemini.

Zhao argues that the SEC’s lawsuit cannot be justified, asserting that the committee’s actions harm investors, suppress innovation, and adversely affect the cryptocurrency industry and businesses. Ironically, Zhao, who had a role in triggering FTX’s downfall, now finds himself under similar assault. An old Korean proverb, “There’s no one without a speck of dust when shaken,” seems fitting here, indicating that no one is safe once an investigation begins.

 

 

 

The biggest concern in this situation is the potential ripple effects Binance’s downfall could have on the cryptocurrency market. Given Binance’s position as the undisputed leader among crypto exchanges, its downfall could greatly shake the entire cryptocurrency market, intensifying uncertainties.

Not just this lawsuit, but the cryptocurrency market in general is highly volatile. Therefore, when investing, careful consideration is necessary, and one should be prepared to take responsibility for their decisions.

If you are only trading in domestic exchanges, it’s relatively safe. However, if you have concentrated all your assets in Binance, it might be a good idea to distribute them to different exchanges in advance. Even FTX disappeared in less than a week; no exchange is entirely safe. Still, at this point, diversifying your investments among exchanges holding a lot of margin could serve as a safety

 

 

OKX Exchange Referral Code

The global cryptocurrency marketplace is a highly competitive space. As the quest for the leading position continues, OKX cryptocurrency exchange has shown significant advancement. Based on CoinMarketCap, a reputable site for comparing global cryptocurrency exchange trade volumes, OKX has ascended to the 2nd spot, overtaking Bybit in futures trading volume.

But this isn’t the only remarkable thing about OKX. They offer a lucrative opportunity that may entice both new and seasoned traders alike – a generous 30% discount on trading fees. To benefit from this offer, users need to enter the referral code “79949913” during sign-up.
By joining OKX via the following link, https://www.okx.com/join/79949913, new members can save 30% on trading fees.

 

 

As the Bitcoin halving event is anticipated to take place in about a year, no one knows exactly when it will occur. Yet, those who prepare in advance stand a chance to amass wealth, while those who don’t may fall behind. Are you ready to prepare for the future? Because I am. And the reason is simple – I want to be rich.

 

 

 

 

 

Celebrating BingX Exchange’s 5th Anniversary: Special Events Unveiled

Celebrating BingX Exchange’s 5th Anniversary: Special Events Unveiled

by | May 15, 2023 | Crypto Blog

BingX Exchange is celebrating its 5th anniversary with various special events.

Before diving into the event details, if you’re interested in a 45% discount on BingX Exchange fees and want to see the KYC authentication guide, refer to our previous post:

BingX Exchange Referral Code : 45% Fee Discount and KYC Guide

* Regular referrals can only get a 25% discount, but ReferralCodescom, being an affiliate, offers a whopping 45% fee discount. The discount is clearly displayed on the sign-up page, so rest assured.

 

 

 

 

 

Upon entering the BingX Exchange main page, you’re greeted with a banner showcasing numerous events. For simplicity, let’s first click on the prominent number ‘5’.

 

 

 

 

The event banner is divided into three sections:

  1. A balance of minimum 500USDT. Spot trades over 2,000 dollars/10,000 dollars, and an airdrop event of Cheems Coin on depositing a certain amount (5,000 dollars).
  2. Futures Trading Event, Coinfall Craze mini-game to earn coins (daily).
  3. Copy Trading Contest.

These three events require significant investment, such as deposits over 5,000 dollars or 10,000 dollars. Thus, it’s challenging to recommend participation blindly. So, let’s focus on the daily mini-game in the Futures Trading Contest where you can earn coins for free.

 

 

 

 

First, you need to access the BingX Exchange from a PC, not a mobile app.

Once you click ‘Join Now’ at the bottom of the event page, the event starts immediately! It runs from May 14th, 2023 to June 10th, 2023, and you can participate once a day during this period.

 

 

| The Coinfall Craze is a mini-game where you collect falling coins on the BingX platform.

The countdown starts right away, so be ready! After the countdown from 5 to 1, coins start raining down.

 

 

 

 

For 10 seconds, coins fall rather quickly. I lost 4 seconds trying to capture the screen. I moved the mouse hastily and didn’t manage to click much. I hope those participating in the BingX Exchange coin airdrop event after reading this post will be more careful and aim for 100 clicks.

For reference, I managed to click on…

.

.

.

 

 

 

 

Two coins only!

Tomorrow, I plan to prepare better, avoid capturing the screen, and focus on clicking diligently.

 

 

 

 

 

.

The ‘Multiply’ button reveals conditions for doubling your coins, with a minimum of 30 USDT required in your Feature account. However, since you can lose everything in one fell swoop in the trading contest (although experts might profit, there seem to be only a few real crypto experts in the world), it’s advisable not to participate in trading. The trading contest offers a first-place prize of 100,000 USDT, but I can’t even imagine winning.

 

 

 

 

 

 

Additional details pop up when you click on the ‘Multiply’ button. I deposited exactly 30USDT for the event, but nothing got activated. I’m considering converting up to 500USDT to activate one more feature.

BingX Exchange is hosting various events for its 5th anniversary from May 14, 2023. It’s only been a day since the event started, so I’m quickly sharing this information via ReferralCodescom.

If you’re interested in the 45% discount on BingX’s fees and want to see the KYC authentication guide, refer to the below post.

BingX Exchange Referral Code : 45% Fee Discount and KYC Guide

US Economy Update: FOMC, CPI, PPI, & Market Volatility

US Economy Update: FOMC, CPI, PPI, & Market Volatility

by | May 8, 2023 | Crypto Blog

Following last week’s FOMC meeting, the United States announced a 0.25% increase in its benchmark interest rate. This week, the US Consumer Price Index (CPI) and the US Producer Price Index (PPI) will be released.

CPI US Consumer Price Index Release Time: Wednesday, May 10, 2023, at 08:30 am (UST)

PPI US Producer Price Index Release Time: Thursday, May 11, 2023, at 08:30 am (UST)

Major index announcements are scheduled for Wednesday and Thursday mornings at 8:30 am this week.

 

[US CPI Consumer Price Index Year-over-Year Chart Graphic Image]

The forecast for April’s CPI year-over-year, to be announced on Wednesday, May 10, is predicted to be 5%, the same rate of increase as last April. The US economy is in disarray these days, with inflation not moving at all and news of a potential default due to debt from the world’s strongest economic power. Even Warren Buffett, who leads Berkshire Hathaway, has added to the conversation, saying the future of the US economy is bleak. Of course, he did not forget to praise Apple, Berkshire Hathaway’s largest holding.
High interest rates and ongoing rate hikes have made even US banks unsafe. Most people expect the 0.25% rate hike during this FOMC meeting to be the last, but opinions on rate cuts vary widely. Predictions like, “It will be cut in September,” “It will be cut in December,” and “It won’t be cut until March 2024,” are pouring out.
Instead of relying on predictions close to other people’s prophecies, investors should keep an eye on major indices like this week’s CPI and PPI and continually check and respond to the changing economic situation.

 

 

 

[US Central Bank Benchmark Interest Rate Chart Graphic Image]

The US central bank’s benchmark interest rate rose to 5.25% last week with a third consecutive 0.25% increase. Experts who predicted no further rate increases from 4% in spring 2022 have seemingly disappeared. The current situation feels like a bomb ready to explode, making trading extremely frightening.
Additionally, the ongoing war between Ukraine and Russia does not seem to be improving, making it nerve-wracking to buy or sell coins even once. Let’s hope peace returns soon!

 

 

 

[May 8, 2023, Bitcoin 15-minute Chart]

The Bitcoin 15-minute chart since April 26 shows a merciless trend. While futures scalpers might be saying “Wow, it’s trading sideways in a box range!” and making profits, it’s a difficult chart for regular traders. With this week’s CPI and PPI major index releases, it’s already scary to think about how much volatility there will be. Let’s hope the price doesn’t drop further and touch 27k again.

 

 

OKX exchange is a massive exchange, ranked third after Binance and Bybit in terms of Derivatives trading standards.

If you sign up for OKX exchange through the link below, you can receive a 20% fee discount. Although sometimes advertised as a 50% discount, it is often only 20% in reality. The link below is a safe and stable 20% discount link with no fluctuations. If you sign up through the App, simply enter the referral code 47041357.

https://www.okx.com/join/47041357

Furthermore, if you sign up with the referral code 47041357, you can directly recruit referrals. As a result, you can receive a rebate of 20% of the direct referral’s trading fee. Therefore, we recommend recruiting referrals directly to receive the benefits.

Here is the link for partners to offer a 50% discount on fees for Bitget:
https://partner.bitget.com/bg/QZQ9FK

By clicking on the image, you will be taken to the Bitget referral code registration page that offers a 50% discount on fees.

When you click the link, you will see the screen shown above with the Referral Code section where you should write “hcsb“. You can sign up using any convenient method, such as email or phone number, and if you previously signed up without a fee discount, you can still enjoy the 50% fee discount by signing up with a different method (for example, if you signed up with an email address before, you can now sign up with a phone number). If you want to sign up directly in the Bitget app rather than on the web or mobile web, simply write “hcsb” in the Referral Code section.

OKX Exchange hosts a popular SUI Token Airdrop event

OKX Exchange hosts a popular SUI Token Airdrop event

by | Apr 25, 2023 | Crypto Blog

OKX Exchange is hosting a popular SUI Token Airdrop event.

The OKX SUI Token Airdrop period is from April 23, 2023, 16:00 UTC to May 4, 2023, 15:59 UTC.

SUI Token is a rival to the popular APT Token, with a transaction rate of 120,000 TPS (Transactions Per Second) on an 8-core M1 MacBook Pro, compared to APT’s 160,000 TPS. Ethereum, with 15 TPS, and SOL, which promoted itself as an Ethereum killer with 60,000 TPS, have experienced network issues when transactions surged, diminishing their credibility. SUI Token is a fast and secure Layer 1 Web 3.0 cryptocurrency.

The airdrop event is exciting, given the token’s potential to become a major player in the global blockchain’s hot keyword, the WEB 3.0 ecosystem.

The event is also being held on Bybit and KuCoin exchanges, but to avoid confusion, only the OKX Exchange will be introduced on Referral codescom. To participate in the event, you must first sign up for OKX Exchange and verify your KYC up to Level 2.

Refer to the following post for a 20% discount on fees and KYC verification method. If you sign up for OKX using the referral code in the post and invite a friend, you’ll become a partner and receive 20% of the fees your friend trades.

OKX Exchange Fee 20% Discount, KYC Verification Guide

OKX Referral Code: Get 20% Fee Discount

 

 

After signing up for the OKX Exchange, apply for the event through the link below.

https://www.okx.com/activities/affiliate-sui-special-offer?pagesourcefrom=affiliateactivity&channelId=47041357

 

 

 

 

Press the Enroll button at the top banner of the linked page to participate.

 

 

To receive the SUI Token Airdrop, complete the following missions:

  1. Deposit at least 100 USDT and do not withdraw until three days after the event ends.
  2. Receive SUI Token Airdrop based on your trading volume of 1,000 USDT or more (both spot and futures trading are accepted).
  3. SUI Token Airdrop will be deposited five days after the event ends.

Below are the rewards based on trading volume:

For example, if you deposit 1,000 USDT worth of Ripple (XRP) coins into OKX Exchange and sell them, you’ll be eligible for five rewards with a spot trading volume of 1,000 USDT. Then, you can use the 1,000 USDT obtained from selling Ripple for spot and futures trading, which will both count toward your trading volume.

In the case of futures or margin trading, if you buy and sell 20 times the amount of 1,000 USDT (20,000 USDT), you’ll get a total trading volume of 40,000 USDT. If you change the multiplier to 5 and buy and sell 5,000 USDT, you’ll get a trading volume of 10,000 USDT, and you’ll receive 100 SUI Tokens with a total trading volume of 50,000 USDT.

* Trading with a 20-times multiplier is highly risky and is just an example for trading volume recognition. Beginners should not follow this method, as they may be liquidated quickly.

 

 

According to current laws and regulations, users from the following countries or regions (based on KYC information) can’t participate in this activity:
Cuba, Iran, North Korea, Crimea, Malaysia, Singapore, Syria, The US, including all US territories such as Puerto Rico, American Samoa, Guam, Northern Mariana, and the US Virgin Islands (St. Croix, St. John and St. Thomas), The Bahamas, Canada, Bangladesh, Bolivia, Donetsk, Luhansk, Malta, Belarus, Ukraine and Russia.
 

 

Hong Kong Court Recognizes Crypto as Property

Hong Kong Court Recognizes Crypto as Property

by | Apr 19, 2023 | Crypto Blog

 

Recently, a Hong Kong court ruled that cryptocurrency is considered property and can be held on trust. This decision, which involved the now-defunct crypto exchange Gatecoin, has significant implications for the crypto industry, particularly in terms of regulation and asset classification.

According to CoinDesk, the ruling was made by Justice Linda Chan, who stated that Hong Kong’s definition of “property” is broad and intended to have a wide meaning. This ruling is in line with similar decisions in Mainland China and the US, where the Internal Revenue Service (IRS) treats crypto as property for tax purposes. Moreover, a government-funded law commission in the UK has determined that crypto can be classified as a new type of property under existing laws in England and Wales.

In 2019, Gatecoin announced that it would shut down and begin liquidation after attempting to recover disputed funds from a former payment services provider. The liquidators sought guidance from the court on how to treat the crypto held by Gatecoin, which amounted to over 140 million Hong Kong dollars ($17.8 million) in October 2022.

 

While the court found that cryptocurrencies can form the subject matter of a trust, it determined that a trust had not been established in this particular case. This ruling provides greater clarity for Hong Kong liquidators on how to treat crypto assets held by companies during wind-down procedures.

As Hong Kong continues to push for clearer regulations in the crypto sector, brokerage firm Bernstein has noted that the jurisdiction’s approach to regulating crypto could attract capital amid global regulatory uncertainty.

 

In summary, to get a fee discount, you must sign up for membership through the link below. We have briefly introduced the Bybit registration method, KYC certification, and security management methods.

https://partner.bybit.com/b/diddy09

If it’s an app, you can enter 19670 as the referral code.

Bitcoin Mirrors Gold’s 1970s Path: Morgan Stanley vs Bernstein Outlook

Bitcoin Mirrors Gold’s 1970s Path: Morgan Stanley vs Bernstein Outlook

by | Apr 18, 2023 | Crypto Blog

 

Morgan Stanley suggests Bitcoin may face tough times ahead, as it shares similarities with the movement of gold in the 1970s. According to CNBC, Morgan Stanley strategist, Sheena Shah, claims that “50 years ago, gold was also traded as a speculative asset” and that “Bitcoin has so far followed a similar path to the gold price speculation of the 1970s, moving in a four-year cycle.”

Gold in the 1970s followed the consumer price index (CPI) as governments explosively issued legal tender in response to crises. Shah notes that “from 1971, as the US dollar supply increased rapidly, the price of gold quadrupled in just four years.” Between August 1976 and January 1980, the gold price increased eight-fold, from $102 to $850, but the speculation had not yet reached its peak.

Shah adds that “the statistical similarity between Bitcoin and gold could be coincidental, as gold prices were managed for the first few years.” Bitcoin proponents emphasize its potential as ‘digital gold,’ citing its divisibility, scarcity, and independence from central issuers.

 

Some once argued that Bitcoin could serve as an alternative to stocks, but this claim lost steam as the correlation between cryptocurrencies and stocks reached an all-time high during last year’s market turmoil. As of last month, the correlation between Bitcoin and stocks fell to its lowest since 2021, while that of Bitcoin and gold rose.

In contrast, Wall Street investment bank Bernstein points out that Bitcoin recorded a 2.91 times higher return than gold over three years as the Federal Reserve lowered interest rates amid the COVID-19 pandemic. They predict “an unprecedented Bitcoin bull run is about to begin.” The report states, “the collapse of FTX and consecutive bankruptcies of US banks are catalysts for a new crypto bull market. Positive news for the crypto market includes the completion of Ethereum’s Shanghai upgrade, the success of Arbitrum, and the upcoming Bitcoin halving.”

With two opposing outlooks, it remains to be seen whether Morgan Stanley’s ‘disappointment’ or Bernstein’s ‘expectation’ will prevail.

 

 

In summary, to get a fee discount, you must sign up for membership through the link below. We have briefly introduced the Bybit registration method, KYC certification, and security management methods.

https://partner.bybit.com/b/diddy09

If it’s an app, you can enter 19670 as the referral code.