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Crypto.com Winding Down U.S. Institutional Business

The move won’t affect the company’s retail operations.

Singapore-based crypto exchange Crypto.com will no longer be offering its services to institutional clients in the U.S., effective June 21, the company announced Friday.

The exchange cited “limited demand” from institutional customers in light of the “current market landscape.”

Retail investors will not be impacted by this decision, said the firm, and will continue to be able to use the platform in the U.S., including Crypto.com’s CFTC-regulated UpDown Options.

The decision comes in the same week as crypto exchanges Binance and Coinbase were sued by the U.S. Securities and Exchange Commission (SEC) on allegations that they have violated securities laws.

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Bitcoin Payments Firm Strike Moves Custody In-House After Ditching Third-Party Services

The move is a “culmination of over two years of effort,” according to Strike CEO and cofounder Jack Mallers.

Digital payments firm Strike has moved all customer bitcoin (BTC) and U.S. dollar (USD) assets to its own in-house infrastructure, according to a June 8 blog post by CEO and cofounder Jack Mallers.

Mallers says the move is part of a two-year effort and will reduce counterparty risk while ensuring the robustness and performance of the company’s products and services. His announcement comes in the wake of bankruptcy rumors about Strike’s former custodian, Prime Trust, which has agreed to sell itself to digital asset custody rival BitGo. Fellow Bitcoin financial services firm Swan Bitcoin also recently abandoned Prime Trust.

Strike declined to comment on the situation surrounding its former custodian, emphasizing that its plan to move custody in-house has been two years in the making. The company’s customer base, spread across more than 65 countries, will now custody bitcoin and fiat directly with Strike.

“I’m proud to announce Strike now owns and operates all of its own infrastructure for customers,” Mallers wrote. “Strike now custodies customer bitcoin and dollars, which means no custodial intermediaries between us and our users.”

Benefits of the transition

Mallers says the transition to in-house custody brings short and long-term benefits to users.

“Because of our infrastructure enhancements, we’ve begun rolling out a lot of awesome new features and capabilities that are now live,” Mallers explained.

Strike users can now send bitcoin directly to other users on a peer-to-peer basis. They can also opt to receive funds as cash or bitcoin. Bitcoin payments can be made directly on-chain or via the Bitcoin Lightning Network – a second layer payment system for cheaper and faster bitcoin transactions.

Deposit limits have been increased and on-chain payments are now tiered, allowing users to pay higher fees for faster payments and lower fees for slower, less urgent transactions.

The 29-year-old says his company has “some serious ambitions” in the long-term.

“Global on/off ramps, instant withdrawals, new DCA [dollar cost averaging] capabilities, continuing to improve our limits, more cross-currency capabilities, and more things we hope to bring soon,” Mallers said.

Binance’s BNB Token Saw Millions in Sell Orders Right Before SEC Lawsuits

In the first nine hours of June 5, BNB’s open interest increased nearly $30 million.

In trading, timing is everything and it appears that some traders put in well-timed sell orders for BNB tokens, ahead of the massive SEC crackdown against crypto exchange Binance on June 5.

A surge in aggregated sell orders of about 125,000 BNB worth $37 million hit the BNB/USDT order book on Binance at 11:45 p.m. UTC on June 4 and 1:45 am UTC on June 5 in the lead-up to the U.S. Securities and Exchange Commission (SEC) suing Binance, data from TradingView shows.

BNB’s open interest, the total number of outstanding derivative contracts held by investors, also increased in the first nine hours of June 5 by nearly $30 million, according to Coinalyze, which also occurred before the 11:15 am news of the SEC alleging Binance commingled customer funds and operated an unregistered securities exchange.

A rise in open interest indicates new traders entering and creating new positions in the market, instead of closing existing positions.

The price of BNB, the native token for the Binance ecosystem that the SEC says is a security, dropped more than 9% from $300 to $272 in the hour following SEC’s crackdown against Binance on Monday.

Crypto traders who bet that the price of Binance’s BNB token would decrease before June 5 at 11:15 am, have profited heavily from the price action of BNB following the reveal of SEC’s lawsuit against the largest crypto exchange by trading volume.

An SEC spokesperson did not return a request for comment on the trades made before the SEC lawsuits against the crypto exchange.

CFTC Wins Lawsuit Against Ooki DAO

The regulator’s victory serves as proof decentralized entities can face legal consequences for their dealings, contrary to popular beliefs.

A federal judge has sided with the U.S. Commodity Futures Trading Commission (CFTC) in a lawsuit alleging decentralized autonomous organization (DAO) Ooki DAO offered unregistered commodities, quashing an industry-wide perception that decentralized finance (DeFi) actors are immune to regulatory scrutiny.

U.S. District Judge William H. Orrick ruled on Thursday that Ooki DAO operated an illegal trading platform and unlawfully acted as an unregistered futures commission merchant (FCM), granting the CFTC a default judgment. He ordered the organization to pay $643,542 in penalty, to permanently cease its operations and shut down its website.

The original lawsuit, filed in the U.S. District Court for the Northern District of California last September, alleged the DAO offered “leveraged and margined” commodities transactions to retail customers and neglected to observe know-your-consumer laws while serving those traders.

In January, the CFTC requested a federal judge go ahead with a ruling that the DAO violated federal commodities laws after the DAO missed a deadline to respond to the lawsuit. A judge dismissed the request, however.

While Ooki DAO never formally responded to – or even acknowledged – the lawsuit, it did geofence the U.S. after the suit was filed.

Players in the decentralized finance (DeFI) space have long evaded the legal scrutiny faced by their centralized counterparts, but that could be changing. In March, a California court ruled bZx protocol and its token-holding community members’ were liable for losses resulting from an exploit that drained their DAO’s treasury. And, in April, the Securities Exchange Commission (SEC) subpoenaed SushiSwap Head Chef Jared Grey.

SEC Clampdown Spurs $4B Deposit Flight From Binance, Coinbase and Binance.US

The exchanges, targeted by the SEC for violating federal securities laws, have suffered a significant wave of user withdrawals but managed to process transactions in an orderly fashion so far.

U.S. Securities and Exchange Commission (SEC) lawsuits against Binance, Binance.US and Coinbase have spurred the exodus of some $4 billion of deposits from the crypto exchange giants, according to blockchain data.

The three exchanges suffered a combined net outflow of $3.1 billion via the Ethereum network and $864 million in bitcoin (BTC) between Monday and Thursday, data from blockchain analytics firms Nansen and Glassnode shows. Net outflow means withdrawals outpaced incoming deposits.

The exchanges processed withdrawals in an orderly fashion through the week.

The SEC first filed a lawsuit Monday against Binance, its U.S.-based entity Binance.US and chief executive Changpeng “CZ” Zhao, for a slew of federal securities law violations. Then, the agency sued Coinbase on Tuesday for offering unregistered securities to the public.

The actions unsettled the cryptocurrency market, with tokens the SEC characterized as securities in the suits, including Binance’s BNB, Cardano’s ADA and Polygon’s MATIC tumbling the most during the week. The SEC is seeking to freeze assets on Binance.US, which caused BTC and ether (ETH) to trade at a significant premium for a period compared to other platforms, as traders and market makers retreat from the platform.

Crypto traders, spooked by the regulatory clampdown, took their funds en masse from the exchanges targeted by the SEC.

Binance, the world’s largest crypto exchange by trading volume, experienced a $2 billion net outflow on the Ethereum blockchain over the course of four days, Nansen data shows. The metric includes ETH and all Ethereum-based tokens.

BTC withdrawals also outpaced deposits by some $838 million (31,868 BTC) during this period, according to Glassnode data.

Wednesday’s net outflow of 13,953 BTC was the largest daily drawdown since last December, when a botched reserve report shook investors confidence – already shaky after the collapse of Sam Bankman-Fried’s rival exchange FTX – in the exchange.

While this week’s outflows were significant, they represent only about 5% of all assets on the exchange, according to Binance’s crypto wallets.

Coinbase endured $1 billion of net outflows via Ethereum from Monday to Thursday, according to Nansen. BTC outflows totaled $25 million, per Glassnode.

Binance.US net outflows totaled $75 million on Ethereum, Nansen data shows. Glassnode does not track the platform.

The U.S.-based exchange said on Friday that users should withdraw USD as soon as possible following the SEC’s “extremely aggressive and intimidating tactics” against the company. The platform has suspended U.S. dollar deposits and will delist USD trading pairs shortly, while it temporarily transitions to a crypto-only exchange.

This article was written and edited by CoinDesk journalists with the sole purpose of informing the reader with accurate information. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our Ethics Policy.

Custodia’s Suit Against Fed Over Denial of Master Account Can Proceed, Court Rules

The crypto-friendly bank was also denied immediate membership with the Federal Reserve, with the court saying Custodia could pursue membership through other channels.

Custodia’s challenge of the Federal Reserve Bank of Kansas City’s decision to deny the crypto-friendly bank access to the Fed banking services can continue, a U.S. district court ruled Thursday, rejecting a Fed motion to dismiss the case.

The U.S. District Court of Wyoming, however, did reject Custodia’s request that the Fed be compelled to grant it a so-called master account and membership with the Fed, Instead, Custodia must continue its claims via normal channels.

“Custodia Bank will get its day in court,” Patrick Toomey, retired U.S. senator from Pennsylvania, tweeted about the decision on Friday afternoon. Toomey, along with the state of Wyoming, filed amicus briefs to support Custodia’s suit.

Even though the court declined to grant Wyoming-based Custodia’s request, it said that it was only rejecting the request because there was another avenue Custodia could pursue,

“Custodia has stated a plausible claim for relief … against FRBKC [Federal Reserve Bank of Kansas]. However, relief under the Mandamus Act is not available to Custodia against the Board of Directors because the APA (Administrative Procedure Act) provides an adequate remedy,” the ruling said.

The district court also said that if the Kansas City Fed had been alone in denying Custodia its master license, Custodia’s claim would fail. However, the court said Custodia’s claim that the Fed Board of Governors had weighed in on the decision was plausible.

“The alleged occurrence of certain events, and the timing of those events, plausibly suggest the Board of Governors had at least some hand in controlling the outcome of Custodia’s master account application,” the court wrote in its ruling.

In October 2020, Custodia applied to the Kansas City Fed for a master account. Without such an account, banks can’t offer the same services as institutions with such accounts. Then in August the next year, Custodia applied to the Fed Board of Governors for membership, which would subject the bank to the Fed’s oversight and regulations.

Eighteen months later, in January 2023, Custodia was rejected in every single category the Fed assesses, partly because of its crypto friendliness and part because it was a state-chartered bank, not a nationally chartered one.

In its rejection, the central bank claimed Custodia’s decision not to federally insure deposits and Custodia’s dependence on a vibrant crypto market made it a danger to itself and its customers.

SOL, ADA, MATIC Tokens Slide 20% in Sudden Move Days After SEC Lawsuit Allegations

Several tokens were alleged as securities earlier this week, leading to a possible risk-off among traders.

Tokens of major blockchain networks slid more than 20% in the past 24 hours amid a likely risk-off event days after 13 tokens were alleged as securities in a U.S. Securities and Exchange Commission (SEC) lawsuit against crypto exchanges Binance and Coinbase.

The bulk of these losses came in the wee hours of Saturday, data shows. Solana (SOL), polygon (MATIC) and cardano (ADA) fell as much as 25% within hours – leading some on Crypto Twitter to wonder if a major crypto fund sold their holdings amid rather illiquid market conditions.

Such moves pushed weekly declines for these tokens to as much as 34%, the data shows.

As such, major tokens such as bnb (BNB), dogecoin (DOGE), xrp (XRP) fell over 11%. Bitcoin (BTC) dropped 3.6% while ether (ETH) slid 4.5%.

Crypto-tracked futures saw nearly $300 million in liquidations in the early hours on Saturday, data from Coinglass show, exceeding the nine-month record liquidation figures from earlier this week.

Crypto liquidation refers to the process of forcibly closing a trader’s positions in the cryptocurrency market. It occurs when a trader’s margin account can no longer support their open positions due to significant losses or a lack of sufficient margin to meet the maintenance requirements.

Earlier this week, the SEC identified tokens issued by foundations and companies or tied to protocols Polygon (MATIC), Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH) and Nexo (NEXO) as securities.

This has led to some major retail trading avenues such as Robinhood to end support for tokens ADA, SOL and MATIC, likely as a response to the regulatory filings.

Millions in Polygon’s MATIC Tokens Were Sent to Binance and Coinbase Ahead of 30% Slide, Data Shows

“Altcoins can crash this weekend even more as trading volumes are thin and market makers such as Binance have become less active,” one crypto firm warned.

Millions worth of polygon (MATIC) appeared to be sent by key market makers Jump Trading and Cumberland to crypto exchanges on Friday night ahead of a nearly 30% drop, blockchain data shows.

Analytics firm Lookonchain said in multiple tweets on Saturday that Cumberland had deposited 9 million MATIC, worth over $6.3 million, to Binance and 5 million MATIC, worth $3.5 million, to Coinbase.

The firm added that another crypto wallet related to Cumberland, Jump Trading and Robinhood deposited a cumulative 9.4 million to crypto exchanges.

These deposits were likely sold on crypto exchanges amid an illiquid environment, contributing to a sudden price decline in MATIC tokens. Similar price movements were seen in cardano (ADA) and solana (SOL) tokens – which fell as much as 25% in the past 24 hours.

The tokens were likely impacted after being alleged as securities in multiple U.S. Securities and Exchange Commission (SEC) filings against crypto exchanges Binance and Coinbase earlier this week.

As such, crypto services firm Matrixport said in a note to CoinDesk that further selling of major tokens can be expected over the weekend.

“Altcoins can crash this weekend even more as trading volumes are thin and market makers such as Binance have become less active,” the firm said.

Omkar Godbole contributed reporting.

Binance’s Nigeria Unit Ordered to Halt ‘Illegal’ Operations by Securities Watchdog

The order against Binance Nigeria Limited follows U.S. SEC allegations that the exchange had violated federal securities laws.

Crypto exchange Binance’s Nigerian unit was ordered to immediately halt operations in the country by the local Securities and Exchange Commission, according to a Friday circular.

“Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal,” the notice said.

Nigeria’s order follows a lawsuit by the U.S. securities watchdog last Monday against the largest global crypto exchange by market capitalization, alleging it failed to register as a broker or exchange, and that it sold offered unregistered securities the general public.

Although Nigeria’s SEC had previously said it viewed all crypto assets to be securities by default, this appears to be the first action taken by the regulator against a major exchange platform. In May, Bloomberg reported the country’s SEC was processing crypto firms’ applications for registration on a trial basis but would not officially start registering them until it has reached an agreement with the country’s central bank.

Banks in the country are prohibited from offering services to crypto platforms.

“The Commission shall provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter,” Friday’s order said.

Bitcoin Dominance Surges, Accounting For Nearly Half of The $1T Crypto Market, Amid Altcoin Selloff

Bitcoin’s dominance rate neared the 50% mark early Saturday as altcoin crash triggered a flight to safety.

Bitcoin’s (BTC) dominance rate or share in the total crypto market capitalization rose early Saturday, nearing the 50% mark for the first time since April 2021, according to data tracked by charting platform TradingView.

The uptick came as alternative cryptocurrencies (altcoins) like SOL, MATIC, DOGE, and ADA suffered double-digit losses amid rumors of a $2 billion portfolio dump by a proprietary trading firm.

Meanwhile, bitcoin lost just 3%. The relative outperformance perhaps stemmed from increased haven demand – investors moving money out of altcoins and into bitcoin, the world’s largest and most liquid cryptocurrency.

“Bitcoin’s relative dominance mooning amid altcoin market sell-off. Flight to majors (1st stage before crashes occur),” pseudonymous crypto trader and analyst @52kskew tweeted.

BTC’s dominance rate has been steadily rising since November and surged during the March U.S. banking crisis. The indicator now looks to be breaking out of its three-year oscillation pattern, a sign of continued bitcoin outperformance in months ahead, according to Decentral Park Capital’s Lewis Harland.

Tether, the world’s largest dollar-pegged stablecoin, also likely benefitted from Saturday’s risk aversion. Its dominance rate jumped 5% to 7.82%, the highest since Jan. 8, TradingView data showed.