😱 Binance and CZ accused of violating US regulations

😱 Binance and CZ accused of violating US regulations 👑 Amazon is rumored to be entering the NFT market - according to a leaked email 🔥 Polygon launched its ZkEVM's first beta Mainnet, Vitalik made the first transaction

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😱 Binance and CZ accused of violating US regulations

👑 Amazon is rumored to be entering the NFT market - according to a leaked email

🔥 Polygon launched its ZkEVM's first beta Mainnet, Vitalik made the first transaction

Binance and CZ accused of violating US regulations

CFTC, a US regulatory agency filed a lawsuit against Binance and CZ, accusing Binance of violating multiple regulations. The agency believes that Binance has allowed orders and facilitated trades involving digital assets for customers within the United States, which are deemed commodities by the CFTC. These include Bitcoin and other digital assets such as Ethereum, BTC, etc.

According to the complaint, Binance has failed to register as a Futures Commission Merchant or Commodity Trading Adviser, which is a requirement when handling digital assets. Furthermore, the CFTC alleges that Binance also played a role in allowing its customers to submit orders and trade commodities on an unregistered platform.

In addition, the exchange is also accused of using and encouraging various techniques to escape regulatory requirements. This includes not establishing a fixed headquarters in any one location so that Binance won’t be subject to the laws of that area. The CFTC also accused Binance of neglecting the implementation of controls that would prevent illicit finance activities and money laundering. As such, the CFTC seeks a permanent injunction against Binance for its involvement in these activities.

At first, CZ has avoided commenting on the suit, except for tweeting his signature “4”, a signal that he is not engaging with "FUD, fake news, attacks, etc".

But later in a blog post, CZ wrote that the company did not agree with many of the issues characterized and praised the exchange's compliance technology. He noted that the company had 16 licenses and registrations worldwide and also boasted a compliance team of 750 people, many of whom had prior law enforcement and regulatory agency backgrounds. These highly skilled professionals were charged with ensuring that all operations on the platform complied with applicable laws and regulations. 

The suit may have serious implications for Binance and its future operations. If found guilty, the exchange could face hefty penalties from the US authorities. Moreover, this case could be seen as setting a precedent for other exchanges to follow in terms of regulation and compliance. So here's hoping that Binance, and CZ too, can escape this legal hell unscathed.

Amazon is rumored to be entering the NFT market - according to a leaked email

Amazon has finally crossed over to the crypto-side and is jumping on the NFT bandwagon. According to an email obtained by one of the coin news websites' editors, Amazon has launched some type of “digital token” which can apparently be stored in a “gallery.” In addition to being able to buy and sell these tokens on the platform, Amazon also has the ability to lock and unlock them for trading. The email in question even requires users to “register as a reseller” before they can list any of the tokens for sale.

Amazon is yet to confirm this but if the rumors are true, then we guess their CEO was right when he said that Amazon will be “placing more investments in emerging technologies” last year. It’s certainly an ambitious move from the retail giant and it is definitely going to be interesting to see how this develops.

Polygon launched its ZkEVM's first beta Mainnet, Vitalik made the first transaction

Polygon is finally releasing its long-awaited zkEVM technology to the mainnet, and the space is excited for what this will do to revolutionize Ethereum scaling.

Polygon's Zero-Knowledge (ZK) solution is the best way to scale Ethereum today, enabling higher throughput and lower fees while still allowing for the use of existing smart contracts. It has earned widespread praise from industry experts due to its outstanding capabilities.

As an opening ceremony, Vitalik was granted the privilege of being the first to make a transaction on the new zkEVM. The transaction consisted of sending 0.005 ETH to a random address, alongside a cheesy message: "A few million constraints for man, unconstrained scalability for mankind". It was Vitalik's reminder that Ethereum's future lies in scaling solutions like Polygon's zkEVM - a small step for cryptocurrency transactions today, but one giant leap for scalability in the blockchain space.