The US Securities and Exchange Commission has filed a lawsuit against Binance, the operating corporation for Binance.US, and Changpeng “CZ” Zhao, the business’ founder and CEO, for allegedly breaking federal securities laws.
Here are some of the major developments from the world of crypto over the past few days
The US Securities and Exchange Commission has filed a lawsuit against Binance, the operating corporation for Binance.US, and Changpeng “CZ” Zhao, the business’ founder and CEO, for allegedly breaking federal securities laws.
The lawsuit claims that Binance’s staking service breached securities law and that Binance, Binance.US, and CZ provided unregistered securities to the general public in the form of the BNB token and Binance-linked BUSD Stablecoin.
Accusations also include those related to failing to register as a clearing agency, a broker, or an exchange against BAM Trading, the business that runs Binance.US, besides those against Binance itself.
Additionally, the SEC claimed that Binance permitted the mixing of customer funds, and that CZ was “secretly” in charge of Binance.US, and also that a CZ-owned and managed firm was artificially boosting Binance US’s trading volume.
Incidentally, the company already faces a suit from the Commodity Futures Trading Commission.
Cumberland Labs Unveils SaaS API For Public Blockchains, DeFi Protocols when Cumberland Labs looked for a gateway between Blockchains and decentralised finance (DeFi) protocols, it came up with its own universal API service.
The incubator division of the Chicago-based cryptocurrency trading firm has now released the beta version of a new application programming interface (API) tool that might make it easier to connect to Blockchain and decentralised finance protocols. An API is used when two different types of programs need to communicate.
According to Cumberland Labs, DRW Holdings LCC’s trading business, Cumberland used to spend a lot of time manually and one-at-a-time connecting to different protocols. As a result of failing to locate a tool to make these activities simpler, the company used its own developers and engineers from its incubation arm to create an API service.
The tool has been in beta testing since November 2022, and is now open to the general public.
Nike NFTs To Be Integrated With EA Sports Games Nike said that its “Swoosh” non-fungible token (NFT) platform would soon be integrated with EA Sports games. The integration is a significant step towards the widespread adoption of Web 3.0 technology in gaming.
The platform declared that Nike’s “virtual creations” would be featured into EA Sports games in the upcoming months. It, however, did not specify which titles will feature them. Ron Faris, CEO of Nike Virtual Studios, claimed that it would “unlock” fresh experiences for the neighbourhood.