Regulation
French Investigators Launch Probe Into Charges Against Binance
Crypto exchange Binance is at the center of an investigation following reports that French investigators have launched a judicial probe into charges against the exchange. This continues the long-running saga between the crypto exchange and the French government following reports of a preliminary investigation by the authorities.
French Investigators Launch Judicial Probe Into Charges Against Binance
According to a Reuters report, French investigators announced today that they have opened a judicial probe into charges against Binance. These include money laundering, tax fraud, drug trafficking, and other charges against the top crypto exchange.
This continues a saga that dates back to 2023 when the French authorities first announced an investigation into Binance for providing illegal crypto services to locals and failing to implement a proper anti-money laundering framework. After facing significant regulatory pressure, the crypto exchange eventually had to exit the French market last year.
Binance also faced similar charges in the US when prosecutors accused the exchange and its then CEO, Changpeng “CZ” Zhao, of violating anti-money laundering and sanctions laws.
Binance has yet to release a statement regarding the latest move of French investigators into money laundering and other charges leveled against the crypto exchange.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has acknowledged Nasdaq’s 19b-4 filing for the Canary Litecoin ETF. This marks a key step in the process of approving a spot Litecoin ETF, as the agency now seeks public input before making a decision.
SEC Requests Public Comments on Canary Litecoin ETF
The SEC has asked for public comments on the Canary Litecoin ETF filing. Comments must be submitted within 21 days after the proposal is published in the Federal Register.
This step is part of the regulatory process for approving or rejecting the exchange-traded fund (ETF).
Nasdaq initially submitted the 19b-4 form on January 16, 2025. This document is required when an exchange requests a rule change to list and trade a new product. Once the SEC acknowledges the filing, the review period begins, which can take up to 240 days.
First Altcoin ETF Filing Acknowledged by SEC
Eric Balchunas, a senior ETF analyst at Bloomberg, noted that this is the first time the SEC has acknowledged a 19b-4 filing for an altcoin ETF.
This suggests progress in the approval process for crypto ETFs beyond Bitcoin and Ethereum.
“Throw in the comments from SEC on the S-1, and this filing is by far the furthest along checking all the boxes,” Balchunas said in a post on X. He also questioned whether the SEC would take the full 240-day review period or reach a decision sooner.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Regulation
Pro-crypto Howard Lutnick Calls For Audit Of US Stablecoins Pro-crypto Howard Lutnick Calls For Audit Of US Stablecoins
Howard Lutnick, Donald Trump’s pick for Commerce Department Chief, advocated for stablecoin regulations in the United States. During his confirmation hearing today, Lutnick suggested that US stablecoins should undergo regular audits and be backed by US Treasuries.
Amid Trump’s stablecoin advancements, Howard Lutnick highlighted the significance of stablecoin regulation. The Trump pick’s suggestion underscores the necessity of a secure and reliable financial ecosystem.
Stablecoins Should Be Audited: Howard Lutnick
In his confirmation hearing, Howard Lutnick, the CEO of Cantor Fitzgerald and Trump’s nominee for Commerce Secretary, advocated for stablecoin regulation. Specifically, he suggested that US dollar-backed assets should be audited and backed by US Treasuries, emphasizing the need for greater oversight.
Further, Lutnick pushed back against allegations that stablecoin issuers facilitate illicit activities, asserting that malicious actors are misusing these assets for their own purposes. He added, “It’s like blaming Apple because criminals use Apple phones.”
Moreover, Lutnick championed the growth of artificial intelligence in the US. He believes that AI could tackle the growing illicit activities that utilize blockchain.
Cantor Fitzgerald CEO Defends Tether
While Howard Lutnick’s connections with the stablecoin issuer Tether has recently raised concerns, he supported the platform. He stated, “Tether did no business with anyone that wasn’t KYC-appropriate.” He added that he has mandated Tether to comply with US regulations. In addition, drawing a parallel with traditional finance, Howard Lutnick stated, “We don’t pick on the US Treasury when criminals use the US dollar.”
Recently, Senator Elizabeth Warren expressed concerns regarding Lutnick’s deep involvement with Tether. In a letter written on January 21, she wrote,
While you have agreed to divest your interest in Cantor Fitzgerald, which holds a 5% stake in Tether, and serves as Tether’s asset manager, this divestment does not end the questions about your deep personal ties to the company or its affiliates.
Donald Trump Promotes Stablecoin Development
In a recent development, Donald Trump signed an executive order to promote the growth of cryptocurrencies, including stablecoins. In his crypto-focused proposal, Trump highlighted his intention to “promote the development and growth of lawful and legitimate dollar-backed stablecoins worldwide.”
Trump also projected his skeptic approach to central bank digital currencies (CBDCs). He strictly banned agencies from issuing and establishing CBDCs.
Donald Trump’s crypto promotion and Howard Lutnick’s stablecoin regulation agenda are poised to strengthen the US crypto market. The community remains anxious about Trump’s further actions that could significantly impact the global crypto industry.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Following its 2-day FOMC meeting, the US Federal Reserve has decided to keep interest rates unchanged. The Fed is expected to hold off on cutting rates for the most part of this year following three consecutive rate cuts last year.
Fed Rate Cut: Federal Reserve Keeps Rates Unchanged
In a press release, the Federal Reserve announced that it will keep interest rates steady at the 4.25% to 4.5% range. This decision is in line with expectations, as traders predicted that there was a 99.5% chance the Fed would reach this decision.
This comes despite calls from US President Donald Trump for the Fed to lower rates while reaffirming his commitment to make the US the crypto capital. The Fed’s decision to keep interest rates unchanged is significant for the crypto market, considering how such a move could create a bearish sentiment among investors.
Investors are less likely to invest in risk assets like cryptocurrencies in such situations, especially if the Fed is hawkish. Now, all eyes will be on the Federal Reserve Chair Jerome Powell’s speech to determine where the US Central Bank stands regarding its outlook on the economy.
The crypto market could witness a significant rebound if Powell projects a dovish stance from the Fed in his speech. However, the Bitcoin price risks another decline if the Fed Chair projects a hawkish stance.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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