Is Binance the Next FTX?🤔

Coinigy Team -

✋😀 Hey there!

Welcome to another crypto news roundup.

Now, we know that no one loves to see Binance and FTX in the same sentence—for any reason 😅

We’ve explained the reason why the DOJ feels so in this newsletter. However, these headlines did cause the price of Bitcoin and Binance's BNB token to immediately fall following the report.

Plus, always track your assets using Coinigy so you can be in the know if there are any changes in the market.

Here are the highlights of this week:

  • Coinbase plans Friday filing to seek dismissal of SEC's case "in its entirety".
  • Worldcoin cryptocurrency project suspended in Kenya
  • Whale reclaims $74M in ETH locked in ENS auction
  • US DoJ is concerned about a run on Binance should prosecutors bring fraud charges

Coinbase plans Friday filing to seek dismissal of SEC's case "in its entirety".

Coinbase is planning to file an order in court on Friday to dismiss the Securities and Exchange Commission’s lawsuit against it "in its entirety" after the agency accused the exchange of violating securities laws earlier this summer.

Coinbase has “full confidence” in its arguments made to the court, Paul Grewal, chief legal officer at Coinbase stated, in an earnings call on Thursday.

Here’s the full story.

Worldcoin cryptocurrency project suspended in Kenya

The new cryptocurrency and digital identity project, Worldcoin, is facing a rough start in Kenya, with the government halting all local activity associated with it.

Kenya’s minister of internal security took to Facebook on Aug. 2 to announce that the country has suspended the activities of Worldcoin until relevant public agencies had certified the absence of risks to Kenyans.

Here’s the complete story.

Whale reclaims $74M in ETH locked in ENS auction

An Ethereum “whale” has reclaimed 39,712 ETH, equivalent to $119 million, from the Ethereum Name Service (ENS) auction. The funds, associated with the domain “darkmarket.eth,” were locked in the ENS auction and remained unclaimed for over two years and seven months.

On-chain analytics firm Lookonchain announced that darkmarket.eth’s 63,734 ETH were transferred to a different wallet on July 31.

Here’s the full story.

Binance Could Face U.S. Fraud Charges, but Prosecutors Worry About Risk of Bank Run

Crypto exchange Binance could face U.S. Department of Justice fraud charges, though prosecutors are weighing alternatives given the risk of an FTX-style bank run, Semafor reported, citing people familiar with the matter.

The price of bitcoin (BTC) and Binance's BNB token immediately fell following the report.

Read the full story.

PayPal Launches a Stablecoin in Latest Crypto Payments Push

Payments firm PayPal on Monday launched a U.S. dollar stablecoin in a bid to boost the adoption of digital currencies for payments and transfers. The stablecoin, known as PayPal USD, is backed by U.S. dollar deposits and short-term U.S Treasuries, according to the company.

Here’s the full story.

Other highlights worth mentioning

  • Prediction of the week. BTC price upside ‘yet to come’ at $29K after Bitcoin RSI reset - Cointelegraph
  • Australian financial regulator sues eToro over ‘volatile’ trading products - Decrypt
  • Ripple CEO slams SEC over the use of XRP report in lawsuit - Binance
  • Hong Kong debuts retail crypto trading with HashKey and OSL - CoinDesk