There have been several significant developments that have affected the crypto industry and the cryptocurrency market this week. As markets were dragged into uncertainty with fake ETF news, Gemini, Genesis, and Digital Currency Group were sued by the New York Attorney General’s Office. Additionally, there have been important developments in the long-standing legal battle between Ripple and the SEC, resulting in the dismissal of the case against Ripple executives. Furthermore, Binance, which has recently witnessed significant decreases in trading volume and market share, saw another high-level executive resign.
Case Against Ripple Executives Dismissed
Another significant development this week occurred in the long-standing legal battle between the U.S. Securities and Exchange Commission (SEC) and Ripple. The case against Ripple CEO Brad Garlinghouse and Ripple’s co-founder and Executive Chairman Chris Larsen has been dismissed.
Brad Garlinghouse took to Twitter to make a brief statement about the dismissal. In his statement, Garlinghouse criticized the SEC and used the phrase “it’s nice to be right” regarding the case dismissal. Although the ongoing court process between the SEC and Ripple has not yet concluded, the dismissal of the case against Brad Garlinghouse and Chris Larsen is considered a significant victory for Ripple in the public eye.
Fake ETF News
On the other hand, fake ETF news circulated in the media at the beginning of the week, leading to uncertainty in the cryptocurrency markets. On Monday, Cointelegraph’s Twitter account shared a post stating that BlackRock’s Spot Bitcoin ETF had been approved by the SEC. However, it was later revealed that the news of the ETF approval was false.
Cointelegraph apologized to the public for the misleading ETF news and announced that an internal investigation had been initiated regarding the false information. However, the period between the news being reported and debunked saw a significant increase in volatility in the cryptocurrency markets.
Binance France Director Resigns
Binance, the largest cryptocurrency exchange in terms of trading volume globally, has faced a challenging period in recent months. Binance has experienced significant decreases in trading volume and market share during this period, leading to the resignation of several high-level executives.
Another resignation was added to the succession of resignations at Binance this week. Stéphanie Cabossioras, the Director of Binance France, resigned from her position. Binance France President David Prinçay made a brief statement on social media regarding Stéphanie Cabossioras’ resignation, thanking her for her strong contributions to Binance France and wishing her the best in her future endeavors.
Warning from German Regulator about MEXC Exchange
The German Federal Financial Supervisory Authority (BaFin) issued a warning regarding the cryptocurrency trading platform MEXC exchange. BaFin reported that MEXC exchange was providing financial services without permission from the German Federal Financial Supervisory Authority. The statement also emphasized that corporate companies providing financial services must obtain permission from BaFin.
Gemini, Genesis, and Digital Currency Group Face Fraud Charges
A highly significant development occurred this week in relation to three cryptocurrency companies. The New York Attorney General’s Office filed a lawsuit against Gemini, Genesis, and Digital Currency Group, accusing them of defrauding more than 200,000 users of over $1 billion. New York State Attorney General Letitia James is seeking to ban the three cryptocurrency companies from the financial investment sector in New York.
