Welcome to another comprehensive crypto news roundup from your favorite portfolio tracking and trading platform, Coinigy.
While we thought crypto was finally leaving bear season last month, we still have a long way to go before that becomes a reality. A 5% dip in price for Bitcoin came Monday after news of the SEC’s lawsuit against Binance.
Nonetheless, the market has been as vibrant as ever, with brave founders launching new projects and improving on already established ones (Solana, we see you 👏).
This begs the question; are we really in a bear market?
Anyway, here’s what you missed last week.
- SEC Sues Binance, CEO Changpeng Zhao Over Multiple Securities Violation Allegations
- Bitcoin selling for $5K cheaper on Binance Australia
- Crypto Exchange Bybit exits Canada citing recent regulatory development
- Laos government reportedly prioritizes blockchain technology for digital transformation
- Arbitrum-based Jimbos protocol hacked and loses $7.5 million in Ether
SEC Sues Binance, CEO Changpeng Zhao Over Multiple Securities Violation Allegations
The U.S. Securities and Exchange Commission sued crypto exchange Binance, the operating company for Binance.US and Binance founder and CEO Changpeng "CZ" Zhao on allegations of violating federal securities laws on Monday. Binance, Binance.US and CZ offered unregistered securities to the general public in the form of the BNB token and Binance-linked BUSD stablecoin, said the suit, which also alleges that Binance's staking service violated securities law. Read the full story.
Bitcoin selling for $5K cheaper on Binance Australia
Bitcoin, the world's largest cryptocurrency, is experiencing a significant price disparity on Binance Australia compared to other major exchanges. Traders and investors have noticed a price difference of $5,000, raising questions about the factors driving this discrepancy. Read the full story.
Crypto Exchange Bybit exits Canada citing recent regulatory development
Bybit has announced that it will be exiting the Canadian market starting as soon as May 31 due to recent regulatory developments in the country, adding to several other exchanges that pulled out from the country. Here’s the complete story.
Laos government reportedly prioritizes blockchain technology for digital transformation
On May 26, the Laotian government reportedly hosted the inaugural Ministerial Conference on Blockchain 4.0 Digital Transformation in the country’s capital, Vientiane. The main focus of the meeting revolved around expediting Laos’ digital transformation by leveraging digital technology. Notably, it introduced the concept of Blockchain 4.0, emphasizing the significance of open collaboration and positioning Laos as a catalyst and beneficiary of the emerging global digital landscape. Here’s the full story.
Arbitrum-based Jimbos protocol hacked and loses $7.5 million in Ether
Jimbos protocol is the latest decentralized finance (DeFi) system to be hacked, resulting in a substantial loss of funds in the cryptocurrency market. Jimbos protocol, the Arbitrum system’s liquidity mechanism, was hacked on May 28 morning, according to blockchain security company PeckShield. The hack caused a loss of 4,000 Ether, at the time equivalent to almost $7.5 million. Here’s the complete story.
Other Highlights Worth Mentioning
- Dogecoin investors accuse Elon Musk of insider trading in amended class-action lawsuit - Decrypt
- Buying a bank won’t solve crypto’s debanking issue — Binance CEO - CryptoPolitan
- Avalanche hits 1 million monthly active users for the first time – The Block
- Memecoin Fever Drove Record Number Of Traders To Uniswap In May – The Defiant