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Crypto exchange platform Binance.US faces ongoing challenges intensified by regulatory scrutiny, especially in Florida and Alaska, where its operations have been suspended. Alaska and Florida regulators deliver blows to Binance.US The Florida Office of Financial Regulation recently decided against Binance. US, known as BAM Trading under section 120.60(6) of the Florida statutes. This permits immediate suspension in case an operation is threatening public health, safety or welfare. The suspension seeks to protect the public’s interests as a result of findings that BAM Trading works posed an immediate danger. Binance.US has experienced challenges with regulatory issues in Alaska, as its banking division rejected license renewal for reasons not known yet.  These actions underscore the regulator s’ increasing scrutiny and commitment to enforcing compliance within the U.S. cryptocurrency market. The regulatory hurdles in Alaska and Florida are part of a broader crackdown on Bin...

Beijing is seeking a way to put regulatory burden on the yet-to-be-developed next internet iteration. China is set to form a working group to develop standards for the metaverse as the country sees a big future for the technology. According to a report by Reuters, China’s Ministry of Industry and Information Technology (MIIT) has released a draft proposal to establish a working group for the metaverse, putting the technology among emerging tech sectors vital for China. The MIIT claims the metaverse still “faces many challenges,” so the government should keep “healthy and orderly development of the metaverse industry through standardization and guidance.” Although the ministry admitted that the metaverse represents “an integrated innovation combining various cutting-edge technologies,” it also pointed out the concept of virtual reality still suffers from a lack of clear definitions, allowing capitalists and companies to speculate in th...

Coinbase CEO Brian Armstrong has affirmed their commitment to remain in the US, dismissing any notion of departure.  Earlier, Armstrong had raised concerns about the uncertain crypto regulatory landscape in the country and hinted at the possibility of relocating Coinbase overseas if circumstances warranted such a move. In an interview, Armstrong emphasized that Coinbase had no intention of departing and underlined the immense significance of the US market for the exchange.  He reiterated its dedication to adhering to US regulations. Despite acknowledging the region’s potential as a robust crypto market, Armstrong admitted the challenges posed by regulatory ambiguity. Nonetheless, Coinbase remain s determined to navigate these complexities and foster a more straightforward crypto regulatory framework. You might also like: Coinbase Q2 report exceeds analyst expectations despite legal battle with SEC On Aug. 4, Coinbase’s counsel Paul Grewal formally request...

Support for cryptocurrency regulation in the United States is “bipartisan & bicameral” according to Ripple CEO Brad Garlinghouse. Ripple's CEO, Brad Garlinghouse, shared in a Jan. 3 Twitter thread he's “cautiously optimistic ” about the United States gaining "breakthrough" regulatory clarity for the crypto currency industry in 2023. To mark the first day of the 118th Congress, Garlinghouse shared his hopes of 2023 being the year the U.S. gained regulatory clarity for crypto and added support for regulation is “bipartisan & bicameral.” Today is the first day of the 118th Congress. While prior efforts at regulatory clarity for crypto in the US have stalled, I am cautiously optimistic that 2023 is the year we will (finally!) see a breakthrough. A thread on why… — Brad Garlinghouse (@bgarlinghouse) January 3, 2023 Garlinghouse said the U.S. was not starting with a “blank slate” for regulation, referencing bills such as the Securities Clarity Act, the Responsi...