The Capital Markets Authority (CMA) of Kuwait recently took action to make its position on cryptocurrencies crystal clear. It did so by issuing a thorough circular that forbids the majority of transactions involving digital currencies, including the well-known cryptocurrency Bitcoin. This circular, which enforces a "absolute prohibition" on important use cases including payments, investments, and mining, leaves no space for doubt and effectively halts cryptocurrency-related operations in the nation.

Additionally, the CMA has barred local regulators from granting licenses to commercial businesses that provide virtual asset services.

• Kuwait's CMA bans most cryptocurrency operations, citing risks and lack of legal status.
• Securities are exempt, but caution is urged for dealing with virtual assets.
• The ban aligns with anti-money laundering efforts and involves multiple regulatory authorities.

Official announcement - https://www.cma.gov.kw/en/web/cma/cma-board-releases/resolutions-and-regulations/-/cmaboardreleases/detail/1384960

🚨 Twitter users are once again facing an influx of fraudulent accounts related to Ripple and XRP! 😱 Legal expert John Deaton has appealed to Elon Musk on Twitter for help in tackling this issue. As a lawyer defining XRP holders, Deaton hopes that the tech billionaire will lend his expertise to resolve these scams, which are causing widespread frustration among users. 💼

Tweet - https://twitter.com/JohnEDeaton1/status/1681117420927295488

The recent court ruling declaring that XRP is not a security has triggered a surge in scam bots and frauds on Twitter, reaching a tipping point. 😤 These fraudulent accounts not only undermine the integrity of social media platforms but also pose risks to unsuspecting users who may fall victim to their schemes. 🛡️

🔹 An influx of fraudulent accounts related to Ripple and XRP on Twitter.
🔹 Legal expert John Deaton appeals to Elon Musk for help.
🔹 Court ruling declares XRP as not a security, triggering a surge in scam bots and frauds.
🔹 Scams causing frustration among users and posing risks to unsuspecting individuals.

Let's raise awareness about this issue and encourage a united effort to combat these scams!

Binance US now supports XRP deposits and trading, making it easier than ever to invest in this popular cryptocurrency. 💪💸

Binance US has announced that it now accepts deposits for XRP, the digital currency associated with Ripple. Trading for the XRP/USDT pair will begin on July 14 at 9 a.m. EST. XRP was created to enhance and simplify value transfers, making cross-border transactions faster and more affordable for banks and financial institutions. Ripple’s focus on blockchain technology has gained recognition in the financial industry for its potential to revolutionize cross-border payments, improving transaction speed, transparency, and effectiveness. Binance US’s inclusion of XRP trading expands accessibility to this digital asset, encouraging wider adoption of cryptocurrencies and challenging traditional payment systems.

Official announcement - https://support.binance.us/hc/en-us/articles/16014822528663/
Official Twitteer announcement  - https://twitter.com/BinanceUS/status/1679725709957242882

💡 Why choose Binance US for your crypto trading needs?

• Extensive range of cryptocurrencies available for trading, providing you with diverse investment options. 💼💼
• Advanced trading tools and charts to help you make informed decisions and maximize your profits. 📈📊
• Competitive fees and fast transaction processing ensure a smooth trading experience. 💱💨
• Responsive customer support team ready to assist you with any queries or concerns. 📞🤝

[/list]

Senior executives at Coinbase, including CEO Brian Armstrong, have made a surprising move, selling their shares in the company. Even with the stock value soaring by 50% over the last month, reaching an impressive $78.7 on 7 July, Armstrong and colleagues decided to cash in. 📈💸

In total, 88,058 shares worth $6.9m were sold, raising eyebrows in the cryptocurrency community. This decision comes at a crucial time, as Coinbase is currently facing legal action in the US regarding securities violations. 📚⚖️

It's intriguing to see how the market responds to such moves, especially considering the substantial growth in the past six months, with the value of the shares skyrocketing by 133%. However, amidst this scenario, Cathie Wood's investment company, Ark Invest, has demonstrated faith in Coinbase, holding its 400,000 shares since June. 💪🤝

Do you think it's a wise move by Coinbase executives? Share your insights in the comments below! ⬇️💭

✨ Stay tuned and be informed about the latest Fintech and cryptocurrency updates! ✨

Binance, the renowned cryptocurrency exchange, is currently grappling with a wave of turmoil as key executives step down this week due to concerns over CEO Changpeng Zhao‘s handling of regulatory investigations.

The departures come at a crucial time for Binance, which has been under intense scrutiny and has experienced severed banking relationships globally due to mounting regulatory pressure.

Resignations Shake the Company

High-Level Departures -
In a surprising turn of events, several high-ranking executives have decided to resign from their positions at Binance. These departures include key figures who played integral roles in the company's growth and success. The decision to step down signals a loss of faith in the leadership's ability to address the mounting challenges facing the organization.

Reasons Behind the Resignations -
While the exact reasons for each executive's resignation may vary, the common thread appears to be their dissatisfaction with the CEO's handling of the investigations. Concerns over potential legal repercussions, reputational damage, and regulatory compliance have likely contributed to their decisions. The resignations send a strong message that there is a need for change in the company's approach to crisis management and communication.

Binance Remains Silent
Binance has not yet responded to requests for comment regarding the recent departures. However, in a message to Fortune, Zhao acknowledged that a new general counsel was promoted a month ago, and Chief Compliance Officer Noah Perlman will continue in his role. Zhao also clarified that Hillmann’s departure was due to personal reasons.

Source tweet - https://twitter.com/PRHillmann/status/1677070523740884992

The Australian Securities and Investment Commission (ASIC) has carried out a search at Binance’s offices in Australia as a part of an ongoing inquiry into the crypto exchange’s former derivative businesses.

Fast facts in last few weeks -

• The regulator’s probe includes Binance Australia’s retail and wholesale clients, Bloomberg said in its report citing people familiar with the matter.
• In April, the ASIC canceled Binance Australia’s derivatives license a day after it received a cancellation request from the exchange.
• “We are winding down our local derivatives exchange to focus our efforts on our locally registered spot exchange,” Binance Australia said on Twitter on April 6.
• Binance, the world’s biggest crypto exchange, faces a series of investigations globally. The U.S. SEC has filed a lawsuit against Binance.US, a crypto exchange set up by Binance chief Changpeng “CZ” Zhao to serve U.S. clients, for allegedly breaching securities laws.
• The SEC also named several altcoins as securities, including BNB, the native token of Binance, and therefore requiring appropriate registration.
• Binance’s French unit has also come under scrutiny after being accused of illegally operating in the country, despite the crypto exchange being registered as a digital asset service provider with France’s markets regulator since May 2022.

Binance take on this -
The search, which happened on Tuesday, concentrated on Binance’s adherence to Australian regulations. A Binance spokesperson recently said that the exchange is “ Committed to complying with applicable laws and regulations and cooperating with regulators”. Binance’s derivatives division was shut down in December 2020, following actions taken by international authorities cautious about the lack of safeguards for investors in the digital currency industry.

SEC’s Allegations Against Binance and CZ -
Furthermore, the U.S. Securities and Exchange Commission (SEC) has accused Binance and its founder, Changpeng ‘CZ’ Zhao, of mishandling customer funds, misleading investors and regulators, and violating securities regulations.

Binance expressed disappointment with the SEC’s actions and affirmed its determination to vigorously defend its platform.

Bittrex, the global cryptocurrency exchange, and its founder, William Shihara, have taken a stance against the SEC’s complaint, refusing to succumb to a swift settlement. Even though it was closing its US operations, Bittrex hired prestigious law firms to defend its position, claiming that secondary market cryptocurrencies aren't securities and that the SEC has overstepped its bounds.

A Battle Against Regulatory Overreach
The firm’s bold move is seen as a pushback against the SEC’s regulatory overreach, sparking dialogue about the necessity and the cost of such lawsuits to taxpayers.

https://twitter.com/MetaLawMan/status/1674961321140338691

The Core Arguments: A Triple Threat
Bittrex’s motion to dismiss the SEC’s complaint is grounded in three key arguments:

• Cryptocurrency assets trading on secondary markets are not securities.
• Under the Major Questions Doctrine, the SEC lacks authority in this area.
• The SEC has violated Due Process by failing to provide fair notice of its claims.

These arguments, as Murphy notes, are expertly articulated and present a compelling case against the SEC’s allegations.

A question remains: Why is the SEC suing Bittrex for failing to register as a securities exchange after it has already exited the U.S. market?

OKX, the second-largest crypto exchange, published its eighth consecutive monthly Proof of Reserves (PoR) showing balances of $11.3 billion in BTC, ETH, and USDT. The PoR covers 22 digital assets and reveals OKX’s reserve ratio exceeding 100% for eight months. The majority of reserves are stored in off-chain cold storage for enhanced security. Current reserve ratios are BTC: 103%, ETH: 103%, and USDT: 103%, reinforcing OKX’s transparency and reliability in the crypto industry.

Official Source - https://twitter.com/okx/status/1673890484387717122

Offline cold storage
OKX prioritizes offline cold storage for its reserves to enhance security measures and mitigate online vulnerabilities and potential attacks.

About OKX Exchange -
With over 210,000 addresses released as part of its PoR initiative, OKX allows the public to monitor the circulation of assets. Users can access the latest PoR report on the dedicated site, check reserve ratios, and independently verify OKX’s solvency.

**Not sponsored but the below video is for beginners for OKX