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U.S. SEC vs Binance | Weekly Crypto News Roundup June 13, 2023

Photo for the Article - U.S. SEC vs Binance | Weekly Crypto News Roundup June 13, 2023

News last week was dominated by the one-two punch from the U.S. Securities and Exchange Commission (U.S. SEC), suing both Binance and Coinbase for violations of securities laws.

Arguably, at least in the Philippines, the Binance angle is a more important story, because the company has a local country manager and a sizeable community.

The other important news is that the local SEC finally issues an advisory vs Crypto Hub Finance, more on that in this roundup.

Here’s the top news:

  • U.S. SEC sues Binance and Coinbase, while tagging prominent coins as securities along the way.
  • PH SEC has released multiple advisories vs a number of investment firms, among them Crypto Hub Finance.

Regulation and Policy

Photo for the Article - U.S. SEC vs Binance | Weekly Crypto News Roundup June 13, 2023
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U.S. SEC sues Binance and CEO Changpeng “CZ” Zhao

In what could be the most important story of the month, does the fate of Binance rest in the hands of the U.S. regulator? The lawsuit claimed Binance has had multiple breaches of U.S. securities laws. The Commission also said Binance aided high-value clients to bypass controls so they could trade on the platform. 

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Perhaps most alarming is the accusation that Binance mixed customer funds for its own use. If you remember, this is the most serious issue against FTX, which imploded November last year.

Could the lawsuit affect the regulatory space in the Philippines?

The local regulator has long relied on many of its decisions based on the decisions of its U.S. counterpart. And they have a long history of working together. Case in point, the charges vs crypto scam Forsage.

Read more about this in our article: Crypto community reacts to U.S. SEC vs Binance and Coinbase.

Perhaps it was fitting that we scheduled these two articles last week which delved more into the local crypto regulations:

PH SEC warns vs Crypto Hub Finance 

The SEC has issued an advisory against Crypto Hub Finance, an entity that promises up to 2% daily returns for 75 days, a 5% affiliate bonus, and an additional 5% cashback. This entity has been the subject of community scrutiny over the past weeks.

On its website, Crypto Hub Finance claims to be the platform where cryptocurrency expertise and financial freedom meet, adding that the existence of the platform and its $HUB token, “we believe that we have the solutions in place that are fundamentally embedded on the concepts of transparency and sustainability.“

The community isn’t having it, however, and prominent thought leader Luis Buenaventura noted major problems in the project’s smart contract code. The topic also spurned multiple discussions on influencer responsibility when promoting web3 projects.

Industry Developments

Over 400 merchants now accept Bitcoin in the Philippines via now has over 400 small businesses accepting Bitcoin payments, expanding beyond their initial success in Boracay to key cities like Cebu City, Dumaguete, Iloilo, and Bacolod City.

Blockchain Council of the Philippines now accepting new members

  • Interested individuals and corporations can apply by filling out an application form that includes personal details, contact information, and questions about their involvement in Web3 or blockchain.
  • There are two types of members: individual and corporation. Both individuals and the corporations they own or lead can become members simultaneously. Membership fees are ₱1,000 for individuals and ₱10,000 for corporations.

Web3 firms explore collaboration with local government in Bicol

Photo for the Article - U.S. SEC vs Binance | Weekly Crypto News Roundup June 13, 2023
  • Ownly and revealed that they recently met with the DTI Region V Office, Albay LGU, local business owners, and Bicolano startup founders to discuss the possible integration of blockchain into the region.
  • According to Ownly’s Ismael Jerusalem, this collaboration will be able to introduce how blockchain technology may benefit the grass root level community, MSMEs, local businesses, LGUs, and establishments from the countryside.
  • While for’s Jen Bilango, by partnering with the DTI, and web3 companies Ownly, and SparkPoint, they hope to grow interest and adoption in the region through collaborative and educational programs.

More News: Crypto and Blockchain

  • Bataan officials, including Governor Joet Garcia attended a blockchain workshop on government transactions in Switzerland, sponsored by Bitcoin SV infra provider nChain.
  • Blockchain sleuth uncovers $35million hack of Atomic Wallet.
  • begins “Learn and Earn” campaign for MV token of Gensokishi Online.

More News: Web3 and NFTs

  • Finblox has tapped local web3 communities for its Bloxies NFT launch.
  • More than 1000 fans bought NFT tickets to attend a major concert of prominent local musicians.
  • BlockchainSpace survey reveals creators fail to leverage their data.
  • Crypto community in Mindanao held successful FrolicBlock blockchain event in Davao.
  • YGG co-founder Gabby Dizon on gaming guild ecosystems. 
  • All blockchain coding courses at Metacrafters are free for a limited time.
  • Likha’s Digital Art Mystery at Nuzen Art Gallery.
  • Scarletbox is launching the very first NFT drop of Fete dela Musique in the Philippines.
  • Blocktides and Scarletbox announce strategic partnership.
  • Unlockd offers Gas Fee Cashback. There is no fine print, says the company.
  • Bitskwela conducts online debate on web3 influencers and promotions
  • The BLOKC announces collaboration with Solana Foundation

Fintech News

  • While the news of the Philippine Stock Exchange approving short selling was met with warm reception, some were not happy that only the top 30 stocks in the market will be available for short selling.
  • Also, GCash readies for IPO?

Feature: Cryptocurrencies Tagged as Securities

There are sixty-seven (67) coins now classified by the U.S. SEC as securities. We list the more prominent ones in this article

Things to Note: Bitcoin

Upcoming events and activities:

  • YGG Global COO will be speaking at Proof of Talk event by X Ventures in Paris, France.
  • BlockchainSpace’s Peter Ing will be discussing their Creator Circle program at GM Vietnam.
  • Bull or Bear NFT debate event at Imahica Art Gallery on June 16.

For more on the latest news on cryptocurrency in the Philippines, always check out BitPinas: 

This article, ‘U.S. SEC vs Binance | Weekly Crypto News Roundup June 13, 2023’, is published on BitPinas.

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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