💥Cristiano Ronaldo is facing a proposed class action lawsuit for allegedly promoting unregistered securities through his ties to troubled crypto exchange Binance. The lawsuit, filed on November 27 in Florida District Court, accuses Ronaldo of actively participating in the sale of unregistered securities in collaboration with Binance. The legal action stems from Binance's multi-year partnership with Ronaldo in 2022, in which he promoted his exchange-linked nonfungible token (NFT). These legal developments add to ongoing problems at Binance, with founder Changpeng “CZ” Zhao recently pleading guilty to charges of money laundering and unregistered remittance business, resulting in a $4.3 billion settlement. Binance, which has faced multiple legal challenges, has also been sued by the SEC for allegedly selling unregistered securities and is being investigated for potential misappropriation of customer funds. #BinanceTournament #BTC #link #etf #USTC 👉Follow, Like, Comment & Share 💖

SEC Crackdown Misses Yet Again: A Look at the Kraken Lawsuit. In my Opinion, the Kraken case puts a spotlight on bigger problems in how the U.S regulates cryptocurrencies. In the ongoing showdown between the United States Securities and Exchange Commission (SEC) and Kraken, a major cryptocurrency exchange, the regulatory body seems stuck in a familiar loop of challenges. As we dive into the legal drama, it becomes clear that this struggle isn’t just a replay of past failures but a sign of deeper issues within the regulatory world. The lawsuit, filed in November, claims Kraken operated as an unregistered securities exchange, echoing the SEC’s past struggles in the crypto realm. This legal clash bears a resemblance to the SEC’s previous run-ins with Coinbase, showing a pattern of assertive regulation that misses the quirks of the cryptocurrency universe. Both cases revolve around accusations of unregistered securities exchanges, highlighting a basic misunderstanding of how cryptocurrency exchanges work. Unlike traditional stock markets, Kraken and similar platforms deal with a mix of digital assets that don’t fit neatly into existing regulatory boxes. This mislabeling reveals the SEC’s lack of understanding about cryptocurrencies, which operate as decentralized entities with features akin to utility or currency. The SEC’s tough stance might push crypto businesses to friendlier shores, a phenomenon called regulatory arbitrage. This potential exodus poses a risk to the U.S.’s position as a tech innovation leader. Beyond the legal battle, the Kraken case puts a spotlight on bigger problems in how the U.S regulates cryptocurrencies. Experts urge the SEC to ditch old tactics and connect with the crypto industry in a smart and helpful way. Regulation is vital, but it has to be sensible, well-informed, and crafted to boost innovation, not smother it. Now, it’s up to the SEC to show it can keep up with the ever-changing world of cryptocurrencies. #SECvsCrypto #Kraken #SECImpact #lawsuit #KrakenSECsuit $XRP $SOL $BTC

Executives from Binance, a prominent cryptocurrency exchange, are reported to have informed their top market makers about a potential $4.3 billion settlement with U.S. authorities before it was made public, according to a Bloomberg report published on December 1. During an exclusive dinner held in Singapore in September, Binance traders were apparently given insight into a tentative agreement between the crypto exchange and U.S. officials, roughly two months ahead of the public announcement. Some Binance executives allegedly reassured certain traders that the exchange had the financial capacity to cover the hefty $4.3 billion penalty and continue its operations. Interestingly, Binance’s CEO at the time, Changpeng “CZ” Zhao, was not present at the event. Instead, Richard Teng, who took over from Zhao after the settlement, was reported to be mingling with the guests. A Binance spokesperson disputed the accuracy of the portrayal of the VIP event but did not specify which aspects were incorrect. READ MORE: Coinbase Reports Surge in Law Enforcement Requests, with the U.S. Leading the Pack In September, as per Richard Teng’s posts on X (formerly Twitter), the former head of regional markets was indeed in Singapore for various events, including the Token2049 conference, the Milken Institute Asia Summit, the Singapore Grand Prix for Formula 1, and several side events. Additionally, Cointelegraph was scheduled to release an exclusive interview with the Binance CEO on December 3 at 6:00 pm UTC. As part of the settlement agreement, Binance is obligated to pay $4.3 billion to various U.S. authorities and regulators. Notably, CZ himself is personally responsible for paying $150 million to the U.S. Commodity Futures Trading Commission. At the time of this report, CZ was still on bail in the U.S., awaiting a court decision regarding his request to return to the United Arab Emirates before his sentencing in February. While the settlement largely resolves many of Binance’s legal issues in the U.S., Binance.US and CZ still face a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in June. Furthermore, a group of investors has initiated legal action against soccer star Cristiano Ronaldo for his involvement in promoting Binance nonfungible tokens (NFTs), which are alleged to be unregistered securities. Discover the Crypto Intelligence Blockchain Council

The legal duel between the United States Securities and Exchange Commission (SEC) and Kraken, a leading cryptocurrency exchange, looks like another misguided attempt by the SEC to exert control over an industry that fundamentally challenges an outdated regulatory playbook. The agency’s lawsuit, filed in November, accuses Kraken of operating as an unregistered securities exchange. The lawsuit isn’t just a repeat of the SEC’s past failures. The lawsuit isn’t just a repeat of the SEC’s past failures. Unlike traditional securities exchanges, platforms like Kraken offer a diverse range of digital assets that do not fit neatly into the securities framework. Related: Expect some crypto companies to fail in the wake of Bitcoin's halving One of the most striking issues is the absence of technological neutrality — the principle that regulatory frameworks should apply equally to all forms of technology, without favoring or penalizing any particular one. Read more

Soccer great Cristiano Ronaldo faces a $1 billion class-action lawsuit linked to his commercial relationship with cryptocurrency exchange Binance. The suit, dated Nov. 28 and filed in the District Court for the Southern District of Florida, in Miami, alleges that Ronaldo "promoted, assisted in, and/or actively participated in the offer and sale of unregistered securities in coordination with Binance." The action purports to represent "consumers who purchased unregistered securities offered of sold by Binance." The lead plaintiff was identified as Michael Sizemore, a California resident who allegedly bought unregistered securities from Binance "after being exposed to some or all of defendant's misrepresentations and omissions regarding the Binance platforms." "Mr. Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform," the legal filing said. The suit could add to a growing list of legal matters at Binance. In June, the U.S. Securities and Exchange Commission sued Binance, the operating company for Binance.US and founder Changpeng "CZ" Zhao on allegations of violating federal securities laws. Last week, in a separate case, Binance agreed to pay $4.3 billion to settle charges brought by U.S. prosecutors related to alleged violations of breaking sanctions and money-transmitting laws. Ronaldo partnered with Binance in 2022 in the creation of a non-fungible token (NFT) collection, featuring animated figures depicting moments from his career. He is accused of "soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform." "Mr. Ronaldo’s promotions were published on public websites, television and social media accounts accessible to plaintiffs nationwide, including in Florida," the suit reads. "On information and belief, in exchange for his services, Mr. Ronaldo received a substantial total compensation package which likely included compensation in the form of digital assets transmitted through the Binance platforms." The suit cited prior SEC warnings that virtual tokens may be securities, and that celebrities must disclose when they are getting paid to promote securities. Read More: Binance Has No Real Argument for Dismissing SEC Suit, Regulator Says

The court has issued a warrant for an explanation from the SEC on the “false and misleading” material it used to get a temporary restraining order. U.S. Securities and Exchange Commission lawyers are facing questions from a federal court who believes they lied to get a temporary restraining order. The judge has asked the lawyers to clarify their actions. Judge Robert Shelby of Ohio has issued an order to show cause, demanding that the SEC provide evidence as to why its attorneys should not face sanctions. Shelby has reason to believe that the SEC provided misleading and false information in July 2023 when it decided to freeze the assets of Digital Licensing and DEBT Box, based on conflicting accounts. Following allegations that DEBT Box, doing business as Digital Licensing, offered an unregistered security and deceived investors out of “at least $49 million,” the legal team representing the SEC said that the defendants were trying to transfer assets and investor funds abroad. In its pursuit of a TRO, the SEC presented proof of foreign money transfers via bank records and account closures. Its stated goal in doing so was, among other things, to seize the firm’s assets. According to Shelby’s writing, the defendants were known to have closed 33 bank accounts in under 48 hours when these remarks were made. This, together with allegations that DEBT Box and its associates attempted to prevent the SEC from accessing their social media platforms, was sufficient to issue a TRO for 10 days. In September, two sets of defendants—including relief defendants—filed motions to dissolve the TRO. In their original applications, both groups argued that the SEC had deceived the court. In July 2023, no bank accounts were canceled. Shelby said that the SEC “tacitly acknowledged” that the defendants were not responsible for closing these accounts, but rather the banks. October 2023 saw the dissolution of the TRO. During the dissolution hearing, Welsh told the court that the SEC was unaware of the reasons for the closure of the bank accounts and lacked proof of any offshore transfers of funds after January 2023. According to Shelby, neither Welsh nor the SEC addressed the precise matter of his remarks on the closure of 33 bank accounts within two days. Shelby claimed that despite the fact that two members of the investigation team were not present on-screen during the ex parte TRO hearing, Welsh’s apparent misrepresentation “further troubled the court.” Experts in the field have seen a “troubling pattern” on the part of the SEC as of late, and Thursday’s event is just one more example.

Binance VIP traders got sneak peek of US settlement: Report Executives of cryptocurrency exchange Binance reportedly gave a heads-up to its top market makers regarding a potential $4.3-billion settlement with authorities in the United States.According to a Dec. 1 Bloomberg report, Binance traders at an exclusive September dinner in Singapore were informed about a tentative deal the crypto exchange had with U.S. officials — roughly two months before the details were made public. Some Binance executives reportedly told certain traders at the event that the exchange could easily afford the $4.3-billion penalty to stay in business.According to Teng’s posts on X (formerly Twitter) from September, the then head of regional markets was in Singapore for the Token2049 conference, the Milken Institute Asia Summit, the Singapore Grand Prix for Formula 1 and “plenty of side events.” Cointelegraph will release an exclusive interview with the Binance CEO at 6:00 pm UTC on Dec. 3.As part of its settlement, Binance must pay $4.3 billion to various U.S. authorities and regulators, with CZ personally responsible for paying $150 million to the U.S. Commodity Futures Trading Commission. Zhao was still out on bail in the U.S. at the time of publication, as a court considered his request to return to the United Arab Emirates before sentencing in February.Though the settlement largely settles many of Binance’s legal troubles in the U.S., the exchange Binance.US and Zhao still face a lawsuit filed by the U.S. Securities and Exchange Commission in June. A group of investors has also filed suit against soccer star Cristiano Ronaldo for his role in promoting Binance nonfungible tokens (NFTs), allegedly unregistered securities.

The U.S. Securities and Exchange Commission (SEC) has been facing backlash over its treatment of the digital asset industry. In the latest move, a federal judge has strongly criticized the commission’s conduct of crypto firm Digital Licensing Inc., also known as DEBT Box. US SEC’s conduct questioned As per the report. the judge expressed concern over what he deemed “materially false and misleading representations” made by the SEC to freeze millions of dollars in assets belonging to DEBT Box. The US SEC filed a complaint against DEBT Box alleged that the project defrauded investors of around $50 million by selling unregistered securities known as “node licenses.” In order to freeze assets, the commission used an ex parte application. It is a legal process where the defendant is not initially informed or able to challenge the proceedings. However, U.S. District Judge Robert Shelby granted the SEC’s request based on the agency’s lawyer, Michael Welsh. It claims that DEBT Box was actively closing bank accounts to relocate operations to Abu Dhabi, beyond U.S. regulatory reach. The legal proceedings revealed that these claims were untrue. Judge Shelby found that no bank accounts were closed in the specified timeframe, and the company had transferred much of its operations months before. The report added that the judge criticized the SEC attorney’s misrepresentation. He stated it was “troubled” by the lack of correction from other parties during the proceedings. It is important to note that the judge noted that the SEC accused DEBT Box of blocking investigators from viewing its social media sites without providing evidence that the company was aware of any investigation. Show Cause order issued Show cause order issued by Judge Shelby demands the SEC to provide reasons why the court should not impose sanctions for its behavior. While such orders are unusual against government agencies, the judge expressed concern that the commission’s actions undermined the integrity of the proceedings. The SEC has faced increased scrutiny for handling crypto-related cases, with ongoing lawsuits against major players like Binance, Coinbase and Ripple. Critics argue that the agency, under Chairman Gary Gensler, has been aggressive in its approach to the crypto industry. The judge’s order comes at a critical time for the SEC and may further fuel industry claims of bias and overreach. The SEC has two weeks to respond to the show cause order. An SEC spokesperson stated, “We are in receipt of the order to show cause and will respond to the court as directed.” The post SEC faces backlash as Judge issues “Show cause order” in Crypto Case appeared first on Todayq News.

Cristiano Ronaldo is facing a $1 billion class action lawsuit in Florida for his involvement in promoting cryptocurrency exchange Binance. The lawsuit alleges that Binance sold unregistered securities and operated illegally in the US, and claims that Ronaldo used his celebrity status to drive traffic and investors to the platform. The plaintiffs argue that Ronaldo should have known his promotions were potentially illegal and that he financially benefited from driving traffic to Binance. The lawsuit also highlights Binance's alleged violations, including operating as an unregistered exchange and failing to implement anti-money laundering controls. Last November, Ronaldo released his NFT collection in partnership with Binance. The plaintiffs believe that compensation is the only way for victims to recoup their losses. The Securities and Exchange Commission has previously emphasized the importance of celebrities disclosing any compensation received for promoting crypto assets. Word Count: 140 Read more AI-generated news on: https://app.chaingpt.org/news

A federal judge on Thursday warned Securities and Exchange Commission (SEC) attorneys that he may sanction them for allegedly convincing a court to freeze a crypto firm's assets under "false and misleading" pretenses, a court filing shows. According to an order issued by U.S. District Judge Robert Shelby of the U.S. District Court in Utah, the SEC's attorneys could be sanctioned for making "misleading" arguments about crypto project Debt Box's alleged efforts to transfer its assets and investors' funds overseas, leading a court to freeze the project's bank accounts. The SEC's "misrepresentations… undermined the integrity of [the case's] proceedings," in addition to causing Debt Box "irreparable harm," Judge Shelby said in an order. Sanctions are penalties a court imposes on individuals who sign statements they know to be false or otherwise violate court procedures, according to Law.com's legal dictionary. In civil law, sanctions are usually imposed in the form of monetary fines, according to Law.com. A federal judge first slapped Debt Box with a temporary restraining order, restricting its access to its assets, in August. However, he later dissolved the order after Debt Box demonstrated it had neither moved funds outside the U.S., nor closed its bank accounts two days before a hearing over the SEC's request to freeze its funds, Debt Box's lawyers said in a filing. The SEC's Utah office did not immediately respond to a request for comment. The SEC first sued Debt Box in July, alleging the company schemed to sell unregistered securities called “node licenses," beginning in 2021. Debt Box told investors the licenses would mine cryptocurrency that would increase in value, but they were actually minting the crypto themselves using computer code, the SEC alleged in its original complaint. In Thursday's order, Judge Shelby asked the SEC's attorneys to respond to his findings that their arguments alleging Debt Box had attempted to move its funds overseas lacked context and were not factual. The regulator has two weeks to respond to the inquiry, according to the order.

Football superstar Cristiano Ronaldo has found himself in a tight spot and might need to settle in court for a massive amount over promoting Binance. As it happens, Ronaldo might have to settle the case for $750,000 in order to avoid a public trial in the US connected to a multi-year partnership with the cryptocurrency exchange that launched his line of non-fungible tokens (NFTs), cryptocurrency lawyer Jemma Fleetwood said on November 30. According to Fleetwood, the football field veteran “will likely be discussing with his legal advisers whether the claim has legal merit, what his defense will be, and whether he should make an offer to settle the case,” which might be difficult at an early stage due to the amount, so a public trial is possible, she said. At the same time, the lawyer mentioned similar cases, such as against boxing legend Floyd Mayweather and music producer DJ Khaled over failing to divulge payments from promoting initial coin offerings (ICOs) and who settled those claims for around $750,000, which she thinks Ronaldo could do as well. See Also: Binance, Not Licensed To Render Services To Citizens in Philippines: SEC “Ronaldo may similarly attempt to settle the claims brought against him to avoid a public trial, the escalation of legal costs, and significant time spent on preparing court filings,” she explained. As a reminder, the footballer is facing a $1 billion class action lawsuit in the US, alleging financial losses to Michael Sizemore, Mikey Vongdara, and Gordon Lewis over “promotion, assisting, and/or actively participating in the offer and sale of unregistered securities in coordination with” the crypto trading platform. Indeed, the collaboration between Ronaldo and Binance started in 2022 with the launch of his collection of NFTs, the cheapest of which cost $77 at the time.  The lawsuit asserts that the famous football player was or should have been aware that Binance was selling alleged unregistered crypto securities. The post Cristiano Ronaldo To Pay $750K In Court Settlement Or Face Public Trial appeared first on BitcoinWorld.

Many of the sports star’s millions of friends, followers, and defenders are said to have been told to trade with the Binance platform. Cristiano Ronaldo, a world-renowned soccer player, is facing a class action lawsuit in Florida that aims to sue him for more than $1 billion in damages stemming from his association with the cryptocurrency exchange Binance. The complaint states that Binance was operating unlawfully in the US and offered securities that were not registered. The article states that Ronaldo used his famous status to attract investors and bring in visitors to the site. Adam Moskowitz, the plaintiffs’ attorney, claimed that “the binding legislation… throughout the nation, regulating mass advertising of bitcoin and unregistered securities, was recently clarified and overturned. He said that the new rules meant that “promoters like Cristiano Ronaldo, who have a financial interest in doing so for themselves or for the benefit of the securities issuer (Binance) financially, can be held liable under securities laws for using the internet and social media to call for a lot of cryptocurrency.” Binance is accused of many infractions in the case, such as running an unlicensed clearing agency and exchange, not reporting suspicious activities, and not having anti-money laundering measures in place. The cryptocurrency exchange Binance paid more than $4 billion in fines associated with these actions in early November. Ronaldo reaped financial benefits by directing traffic to Binance, according to the plaintiffs, who also claim that he should have known his advertising may have been unlawful. According to their claims, Ronaldo’s advertising was seen by over 100 million Binance users across various platforms, including TV and social media. “The lawsuit states that Ronaldo’s promotions encouraged his millions of followers, fans, and supporters to invest with the Binance platform, which in turn solicited investments in unregistered securities,” according to the statement. In November of last year, Ronaldo collaborated with Binance to launch his first NFT collection, “CR7,” in anticipation of the 2022 FIFA World Cup. The seven animated digital sculptures that made up the premium NFT series immortalized key events in Ronaldo’s remarkable career. An classic posture from Ronaldo’s childhood in Portugal, a breakthrough trick move (like his famous stepover), or a career-defining bicycle kick goal—all were featured on each rare NFT. Prices for the digital treasures started at around $77 and went all the way up to $10,000. An additional perk for new Binance users who used his promo code was a “CR7 Mystery Box” that may hold one of two unique NFTs. For every kind of NFT, there were 777,777 available.

Coinspeaker Court Rejects Appeal to Dismiss Class Action Suit against Terraform Labs and Do Kwon A federal court in Singapore has denied an appeal to dismiss a class action suit filed against Terraform Labs, the brains behind the former Terra blockchain, and its disgraced co-founder Do Kwon on November 30. According to a Business Insider report, the duo filed a motion of appeal at the High Court in an attempt to get the suit dropped, but the court ruled in favor of the defendants, and the class action suit is now moving forward. Class Action Suit to Move Forward During the court hearing on Thursday, lawyers representing the company and its former CEO, who has recently been cleared for extradition in Montenegro, tried to turn the class action into an arbitration process. Citing the company’s terms of service, the attorneys argued that users had relinquished their right to trial and joining a class-action suit. However, the court ruled against this argument, favoring the continuation of the lawsuit. The so-called class action was one of the many lawsuits brought against the company last year after the Terra-LUNA fiasco that wiped out billions of dollars as investors watched their funds vanish into thin air within a matter of days. Some of the investors, 375 individuals who lost funds during the Terra-LUNA fiasco, gathered together to file the lawsuit in September 2022. Julian Moreno Beltran, a Spanish citizen, and Douglas Gan from Singapore spearheaded the legal action, representing others who collectively claimed losses amounting to $57 million. False Promotion of TerraUST The plaintiffs alleged in the suit that Terraform Labs, Do Kwon, and other executives engaged in fraudulent misrepresentation in the promotion of the company’s algorithmic stablecoin, terraUSD (UST). According to the court document, the false misrepresentations deceived the investors into buying and staking the tokens, TerraUSD and its sister token LUNA, ultimately holding onto them as UST depegged from its 1:1 peg to the United States dollar in May 2022 and was trading at $0.10. With the dismissal of the appeal, the case will now continue its course despite the defendant’s efforts to halt it. In October, Terraform Labs also reportedly filed to dismiss the criminal charges brought against the company by the United States Securities and Exchange Commission (SEC) for violating federal laws and the sale of unregistered securities in the country. The company said the financial watchdogs have been unable to make their case, therefore, the charges should be thrown out. However, the firm later rebutted the report, noting that it did not file such motion. next Court Rejects Appeal to Dismiss Class Action Suit against Terraform Labs and Do Kwon

Terraform Labs and its founder, Do Kwon, may be hit with a class-action lawsuit in Singapore after the High Court dismissed an attempt to have it thrown out, Business Times reported on Thursday. Terraform lawyers tried to shift the action to an arbitration process, citing the website's terms of use, according to the Business Times. The lawyers claimed users had foregone the right to trial and to join a class-action suit. The court ruled otherwise. "To our knowledge, this is the furthest a class-action suit has progressed in the world," Mahesh Rai, a director of Drew & Napier, which represents the claimants, said in an interview. "Now we are approaching discovery stage." The suit was filed in September 2022 by Julian Moreno Beltran and Douglas Gan on behalf of 375 others, who claim they lost a combined $57 million. The claimants are alleging fraudulent misrepresentation by Terraform Labs, Do Kwon and his co-founders in their promotion of the algorithmic stablecoin terraUSD (UST), which led them to purchase and stake the tokens and hold on to them as UST lost its peg to the U.S. dollar in May 2022 and plunged to less than $0.10. Terraform also faces charges of fraud in the U.S. brought by the Securities and Exchange Commission, which alleges it was selling unregistered securities. In October, Terraform asked for this case to be dismissed on the grounds that the regulator had been unable to make its case. The company did not immediately respond to CoinDesk's request for further comment. Read More: Do Kwon’s Extradition Approved by Montenegro Court

Key Points: The Binance withdrawal wave sees stability in fund outflows after over $1 billion was lost after founder Changpeng Zhao's departure and legal challenges. The fallout from the Binance settlement's $4.3 billion with the US government and CZ's resignation extends globally. Binance's efforts to establish a cryptocurrency exchange in Thailand and its promotional activities in the Philippines face legal roadblocks as regulatory scrutiny intensifies. In the aftermath of Binance's recent challenges, data monitored by Nansen reveals a shift in fund dynamics. Following a significant Binance withdrawal wave prompted by the departure of founder Changpeng Zhao (CZ) and legal issues, the outflow from the exchange has stabilized. Source: Nansen   Binance Withdrawal Wave Has Stabilized Amidst Shifting Tides According to Nansen, over the past 7 days, the Ethereum chain experienced a notable $86.7 million net inflow, contrasting with multi-chain tokens witnessing a $68 million net outflow. Despite fluctuations, current exchange holdings, as of the latest data, stand at $65.1 billion, reflecting a marginal dip from the pre-announcement figure of $65.8 billion.   CZ's resignation led to a remarkable event where the Binance withdrawal wave reached over $1 billion in a 24-hour span, excluding Bitcoin. This incident mirrors a historical pattern observed when the exchange and its founder faced 13 securities violations from the SEC, resulting in a $4.3 billion settlement with the US government.   The consequences of the $4.3 billion deal and CZ's resignation extend beyond the United States, impacting Binance's attempts to establish a cryptocurrency exchange in Thailand. Partnering with Gulf Energy, owned by Thai billionaire Sarath Ratanavadi, the venture faces potential legal hurdles.   Meanwhile, in the Philippines, the Securities and Exchange Commission (SEC) has raised concerns about Binance's promotional activities on social media. In response, the Philippine SEC is gearing up to take action, considering blocking access to Binance to secure the public from unregistered investment products.   DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

TL;DR Ripple vs. SEC Legal Struggle: Ripple is engaged in a nearly three-year legal battle with the SEC over allegations of selling XRP as an unregistered security, having secured some partial court victories. Speculation of Early Settlement: A confidential SEC meeting has sparked online speculation about a possible early settlement in the Ripple case. Potential XRP Price Surge: Predictions suggest a Ripple victory could lead to a significant increase in XRP’s value, with short-term forecasts ranging from $0.71 to $0.88. Is the Ripple/SEC Saga Close to an End? The drama between Ripple and the United States Securities and Exchange Commission (SEC) has been ongoing for almost three years. In December 2020, the regulator filed a lawsuit against the blockchain enterprise, accusing it of breaching several laws and selling billions of dollars worth of XRP as unregistered security. Both sides have been firing shots at each other over the years, with Ripple currently having the upper hand in the battle. The company secured three vital (yet partial) court victories against its enemy. The first occurred in July when a Federal Judge ruled that its programmatic XRP sales did not constitute an offer of investment contracts. In the following months, the magistrates dismissed the SEC’s attempt to appeal the initial decision, while CEO – Brad Garlinghouse – and Executive Chairman – Chris Larsen – were cleared of all charges brought by the watchdog. And while the outcome of the dispute is supposed to come in the spring of 2024 (during a grand trial involving the two organizations), some X (Twitter) users believe such a development could happen relatively soon. The SEC was set to convene a confidential meeting yesterday and discuss specific topics such as Institution and settlement of injunctive actions, Institution and settlement of administrative proceedings, Resolution of litigation claims, and others.  This has given conspiracy theory fans the opportunity to predict that some kind of resolution with Ripple might also be in the cards and would be announced in the near future. Some members who hinted about such a settlement are the X users JackTheRippler and XRP Captain. XRP Poised for a Rally in the Event of a Ripple Win? Numerous experts, and even the AI-powered language model ChatGPT, have suggested that a decisive Ripple victory could trigger an XRP price explosion. Recall that the asset’s valuation spiked by over 70% in mid-July following the company’s first partial win against the SEC. Analysts like Dark Defender and EGRAG CRYPTO have also laid out short-term predictions. The former believes XRP might jump to $0.88 at the beginning of December, while the latter thinks the coin could finish the year at around $0.71. Those willing to dive deeper into the matter and explore how the token might perform in the last quarter of 2023 could take a look at our video below: The post Ripple (XRP) v. SEC Settlement Rumors Run Rampant on Twitter (X) appeared first on CryptoPotato.

Footballer Cristiano Ronaldo has been sued by three investors for promoting Binance’s unregistered sale of securities. The investors allege that Ronaldo has been responsible for their losses as his promotions prompted them to invest in Binance. The complaint claims that Ronaldo should have known about Binance’s sale of unregistered securities. Portuguese footballer Cristiano Ronaldo has been sued for actively promoting and participating in the sale of the deemed unregistered securities of Binance. In a $1 billion proposed class action lawsuit filed on November 27, three investors, claiming to have suffered losses from Binance, accused Ronaldo of being partially responsible for their losses. Reportedly, Ronaldo entered into a strategic partnership with Binance last year, promoting Binance’s NFT collections. The lawsuit alleged that Ronaldo’s fame and influence had driven Binance to reach remarkable heights, prompting his 850 million+ followers to invest in the exchange. The plaintiffs argued, Ronaldo’s promotions solicited or assisted Binance in soliciting investments in unregistered securities by encouraging his millions of followers, fans, and supporters to invest with the Binance platform. The complaint also sheds light on the gigantic growth of Binance immediately after Ronaldo’s promotion. For instance, there has been more than a 500% increase in individuals who search Google for the keyword “Binance” following Ronaldo’s involvement in the NFT sale. The accusers, namely, Michael Sizemore, Mikey Vongdara, and Gordon Lewis, argued that Ronaldo, who boasts “investment experience and vast resources to obtain outside advisers,” should have known about the platform’s sale of unregistered securities. These investors ask for financial compensation for the losses and legal expenses via the lawsuit. The allegations came in light of the recent incidents involving Binance and its former CEO, Changpeng Zhao, that shook the whole crypto community. The platform had been under scrutiny by U.S. regulators for the unregistered sale of securities. In a $4.3 billion settlement, Zhao pleaded guilty to breaching anti-money laundering rules and resigned from his position as the CEO of Binance. The post Cristiano Ronaldo’s Partnership with Binance Results in a Lawsuit appeared first on Coin Edition.

Binance, a major cryptocurrency exchange, has announced that it will no longer support Binance USD (BUSD) products as of December 15. This decision comes after Paxos, the issuer of BUSD, halted the minting of new coins. Binance has advised users to withdraw or convert their existing BUSD holdings before December 15. Withdrawals for BUSD will be disabled from December 31 onwards. Existing balances will be automatically converted into First Digital USD (FDUSD) for certain users. Binance had previously communicated its plan to gradually stop supporting BUSD before February 2024, starting with the cessation of borrowing and lending services in October. These actions by Binance are in response to the United States Securities and Exchange Commission's suggestion that BUSD was an unregistered security. The settlement agreement between Binance, former CEO Changpeng Zhao, and U.S. authorities required them to pay $4.3 billion and resulted in Zhao's resignation. The market capitalization of BUSD has fallen by over 92% in the past year, from over $23.3 billion in November 2022 to approximately $1.7 billion currently. Read more AI-generated news on: https://app.chaingpt.org/news