• BlackRock filed for a Bitcoin ETF and Coinbase will serve as custodian for BTC holdings.
• Binance.US reportedly cut 50 staff following SEC charges, while Do Kwon’s detention was extended six months by Montenegrin court.
• Prosecutors withdrew 5 charges against Sam Bankman-Fried to ensure trial proceeds on schedule; Prometheum sets Twitter ablaze with speculation.
BlackRock Files For Spot Bitcoin ETF With Coinbase As Custodian
Blackrock has recently filed for a spot Bitcoin exchange-traded fund (ETF) and Coinbase has been selected to serve as custodian for its BTC holdings. The news marks an important step forward in the development of the cryptocurrency industry, as it is the first time a major financial institution has taken such an action. This could open the door to further institutional adoption of digital assets as investments, particularly if approved by regulators.
Binance US Cuts Staff Following SEC Charges
Binance US reportedly cut 50 staff members following charges leveled by the U.S Securities and Exchange Commission (SEC). The move comes after the agency accused Binance US of operating unregistered securities exchanges and trading platforms and of providing access to users outside of the country without proper licensing or registration. It is unclear whether these layoffs are connected to this case, but it does raise questions about how much money Binance US may have lost due to fines or other penalties resulting from SEC’s enforcement actions.
Do Kwon’s Detention Extended Six Months By Montenegrin Court
Do Kwon, CEO of South Korean crypto exchange Upbit, had his detention extended six months by a Montenegrin court yesterday. He was charged with embezzlement related to funds held in escrow by Upbit prior to its launch in 2017 and faces up to five years imprisonment if found guilty. His defense team argued that he was unaware of any potential wrongdoing at Upbit when making decisions concerning the escrowed funds; however, prosecutors maintain their stance that he should be held accountable for his actions during his tenure at Upbit regardless of his knowledge or lack thereof about any illegal activity taking place there at the time.
Prosecutors Withdraw Five Charges Against Sam Bankman-Fried To Ensure Trial Proceeds On Schedule
Prosecutors have withdrawn five out of seven charges against Sam Bankman-Fried, CEO of Alameda Research and FTX trading platform, in order to ensure that proceedings can begin on schedule despite legal challenges being raised against some aspects of their case. The withdrawal follows Bankman-Fried’s motion challenging the constitutionality under which he was charged under California law regarding allegedly unregistered securities offerings conducted through Alameda Research in 2018 and 2019 respectively; although all seven accusations still stand in principle despite this action taken by prosecutors ahead of trial proceedings slated for later this month on June 28th 2021 .
Prometheum Sets Twitter Ablaze With Speculation
Prometheum set Twitter ablaze with speculation after co-founder and co-CEO Aaron Kaplan testified before U.S Financial Services House Committee on June 13th 2021 . Questions and speculations surround Prometheum as some allege ties between it and Chinese Communist Party due Kaplan’s pro-SEC stance during testimony which contradicted majority industry leaders who favor regulatory clarity within cryptospace . Despite these rumors , Prometheum continues offering comprehensive services for investors including full service market brokerage , security token issuance , private market trading capabilities , managed accounts amongst other features all while remaining compliant with existing regulations across United States .