Binance’s European Problem | Mysten’s Move Against Ethereum

Binance’s arrival in the Baltic nation appeared to be mutually beneficial: The company’s local subsidiary, Bifinity, was Lithuania’s second-largest corporate taxpayer last year, contributing $44 million, and Binance used the unit to process nearly $7 billion in crypto transactions. In addition, Forbes found Bifinity was crucial to Binance’s attempts to get regulated in the United Kingdom—a key goal that would have given the company coveted legitimacy in a global financial hub. But the effort, which involved acquiring a Nasdaq-listed company with a British crypto license, collapsed, and executives are now being accused in a class-action lawsuit of making "materially false” statements that artificially inflated the publicly listed firm’s stock price…Read more.

Claiming the agency “had a dreadful day in court” last week after a federal judge ruled that some digital-asset transactions fall outside the agency’s regulatory purview, the Bronx congressman wrote in a letter to SEC Chairman Gary Gensler that the decision meant that “crypto assets are not securities in themselves but can be sold as part of investment contracts, which do qualify as securities.”