- Compromise Reached Between Binance and SEC
Binance and the SEC have come to an agreement to transfer the assets of Binance US clients to individual wallets, with exclusive control to be carried out by employees of the American exchange.
The purpose of this decision is to ensure that Binance Holdings personnel cannot access the resources of Binance US customers. Binance US will also provide details on its trading fees in the near future. This agreed-upon strategy serves as a compromise solution to prevent the freezing of Binance US assets. However, it still requires approval from the court.
- Hong Kong Regulator Invites Banks to Serve Crypto Companies
The regulatory authority in Hong Kong is increasing pressure on banking institutions, including HSBC and Standard Chartered, to engage in providing services to crypto companies. However, banks are hesitant due to concerns that crypto businesses could be involved in money laundering, potentially leading to legal repercussions. The supervisory authority is urging financial institutions to overcome their apprehensions.
- Polygon Labs Introduces the Concept of Polygon 2.0
Polygon Labs has presented a new concept for a network upgrade package with the aim of transforming Polygon into a "realm of value" within the realm of the internet. According to the developers, the upcoming enhancements will facilitate access to the global economic system. This realm of value on the internet enables decentralized finance, digital ownership, innovative coordination mechanisms, and more, as emphasized by the team.
In the coming weeks, the development team plans to delve into each element of Polygon 2.0 through a series of posts, AMA sessions, and other tools. Among the topics announced are the future of the Polygon PoS network, the value and evolution of the main token, and the transition towards a more globally managed protocol and community treasury.
- CEO Coinbase: "The cryptocurrency regulatory situation in the US will change after the 2024 elections!»
The Republican Party supports cryptocurrency.
The power struggle between the SEC and CFTC continues, and Coinbase finds itself at the center of this battle between the agencies.
The crypto industry needs clarity in regulation. Congress should intervene and develop rules.
Coinbase will not exit the US market and has no plans to delist tokens that the SEC considers securities.
- Banking circles in Azerbaijan note the growing interest of customers in investing in cryptocurrencies, indicating the need for a regulatory framework that promotes the development of the blockchain industry.
Despite the adoption of the "Law on Payment Systems and Services," which allows for the regulation of fintech, the measures taken so far are not sufficient as the influence of decentralized technologies continues to grow.
Zakir Nuriyev, the President of the Banking Association of the Republic, noted that banks are gradually entering the innovative sphere by collaborating with the Association. He emphasized that the financial sector needs the latest technologies, including blockchain, and the role of digital currencies and cryptocurrencies is constantly growing. Work is already underway in Azerbaijan to develop a digital manat, but with the advancement of technologies, attention must also be given to the cybersecurity sector.
Overall, the professional tone of voice underscores the importance of blockchain technology development for the financial sector and the need for corresponding legislation, while also highlighting the importance of cybersecurity in the context of the growing use of digital currencies and cryptocurrencies.