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<p>Hey, crypto champs! We welcome you to a new version of MelegaSwap&#39;s Weekly Crypto News Recap! Brace yourself as we unleash the most interesting topics from the cryptocurrency world since last week (June 4–10, 2023).</p><p>The crypto market was under massive fire as the American Securities and Exchange Commission (SEC) filed lawsuits against several leading players in the industry. On Tuesday, the SEC sued Coinbase, the largest cryptocurrency exchange in the United States, alleging that the company has been operating as an unregistered securities exchange. The crypto-skeptic agency also sued Binance, the world&#39;s largest cryptocurrency exchange, and its founder, Changpeng Zhao, alleging that the company has engaged in multiple securities violations.</p><p>These regulatory actions could ultimately have a significant impact on the cryptocurrency market and make it more difficult for companies to operate in the US. Meanwhile, they also contributed to how Bitcoin (BTC) and other cryptocurrencies experienced a massive plunge during the week, where most of them fell to levels not seen in a while.</p><h2 id="header-0">TOP CRYPTO NEWS RECAP: (JUNE 04 - 10, 2023)</h2><p>●  Coinbase faces SEC lawsuit over securities rule violations</p><p>●  SEC sues Binance and CEO over multiple securities violations</p><p>●  Binance announces support for Bitcoin NFTs on its marketplace</p><p>●  Do Kwon could serve jail time in both the US and South Korea</p><p>●  USDC stablecoin launches on Arbitrum</p><p>●  CFTC wins lawsuit against Ooki DAO</p><h3 id="coinbase-faces-sec-lawsuit-over-securities-rule-violations">Coinbase faces SEC lawsuit over securities rule violations</h3><p>The Securities and Exchange Commission (SEC) has sued Coinbase, the largest cryptocurrency exchange in the United States, for violating securities laws. <a href="https://www.sec.gov/news/press-release/2023-102" rel="noopener noreferrer nofollow">According to the SEC,</a> Coinbase lets clients trade unregistered assets such as Solana (SOL), Cardano (ADA), Polygon (MATIC), Axie Infinity, etc. The regulator also maintained that Coinbase failed to register as a broker-dealer, as required by law for organizations that trade “securities”</p><p>While this revelation caused a roughly 20% drop in Coinbase&#39;s stock price, the exchange has disputed the charges and stated that <a href="https://twitter.com/coinbase/status/1666132791254298638?s&#61;20" rel="noopener noreferrer nofollow">it will defend itself in court</a>. Moreover, the action is another harsh step in the SEC&#39;s attack on the cryptocurrency sector, and the outcome might have enormous effects on the industry&#39;s future in the country.</p><h3 id="sec-sues-binance-and-ceo-over-multiple-securities-violations">SEC sues Binance and CEO over multiple securities violations</h3><p>The SEC has <a href="https://www.sec.gov/files/litigation/complaints/2023/comp-pr2023-101.pdf" rel="noopener noreferrer nofollow">filed a lawsuit</a> against Binance and its CEO, Changpeng Zhao (CZ), for allegedly violating federal securities laws. According to the SEC, Binance sold unregistered securities to the public in the form of the BNB token and the Binance-linked BUSD stablecoin. Furthermore, the SEC contends that Binance&#39;s staking service violated securities legislation and that CZ surreptitiously controlled and manipulated Binance.US&#39;s trading volume.</p><p>The SEC action against Binance has had an immense effect on the platform, with a net outflow of over $700 million in the first 24 hours. This has also impacted the broader crypto market, with Bitcoin, Ethereum, and other coin prices plummeting while several crypto stocks incurred losses. However, just like Coinbase, Binance denies wrongdoing and says it will fight the claims.</p><h3 id="binance-announces-support-for-bitcoin-nfts-on-its-marketplace">Binance announces support for Bitcoin NFTs on its marketplace</h3><p>Binance is not allowing its ongoing legal battles with the SEC to dampen its non-fungible token (NFT) goals. The world&#39;s largest cryptocurrency exchange has <a href="https://www.binance.com/en/support/faq/supported-bitcoin-nft-collections-on-binance-566a47f0ad50498cb7fb4bc00a7f4ee2" rel="noopener noreferrer nofollow">launched </a>Bitcoin NFT functionality on its dedicated NFT marketplace. This ground-breaking innovation enables Binance users to conduct Bitcoin NFT transactions straight from their accounts.</p><p>The Bitcoin NFT ecosystem has witnessed significant growth despite its relative newness to the market. Researchers have predicted that the ecosystem will be worth over $4.5 billion by 2025.</p><h3 id="do-kwon-could-serve-jail-time-in-both-the-us-and-south-korea">Do Kwon could serve jail time in both the US and South Korea</h3><p>Terraform Labs CEO Do Kwon could face consecutive jail-term in both the United States and South Korea. Kwon was apprehended in Montenegro for attempting to flee the country using forged passports and is currently under house arrest. Both the United States and South Korea have requested extradition. However, Dan Sunghan, a prominent South Korean prosecutor, <a href="https://www.bloomberg.com/news/articles/2023-06-08/fallen-crypto-mogul-kwon-could-face-jail-in-south-korea-and-us-prosecutor-says#xj4y7vzkg" rel="noopener noreferrer nofollow">told Bloomberg</a> that Kwon should be deported to South Korea for justice and restitution, pointing out that local authorities have more evidence.</p><p>Sunghan also admitted that Kwon might face trials in both countries, perhaps ending in a total sentence of over 40 years. Even though Kwon’s defense team continues to deny the claims made by prosecutors in both nations, many analysts have suggested that this is the largest financial fraud in South Korean history.</p><h3 id="usdc-stablecoin-launches-on-arbitrum">USDC stablecoin launches on Arbitrum</h3><p>Circle, the company that created <a href="https://coinmarketcap.com/currencies/usd-coin/" rel="noopener noreferrer nofollow">USDC </a>(a stablecoin), now <a href="https://www.circle.com/blog/arbitrum-usdc-now-available?hs_amp&#61;true" rel="noopener noreferrer nofollow">supports</a> Arbitrum, an Ethereum layer-2 scaling solution. This means that the stablecoin is now available natively on Arbitrum and accessible to developers and their users without bridging requirements.</p><p>Circle will also bring its Cross-Chain Transfer Protocol to Arbitrum, allowing USDC to move natively between blockchains by minting and burning tokens on each network.</p><h3 id="cftc-wins-lawsuit-against-ooki-dao">CFTC wins lawsuit against Ooki DAO</h3><p>A district court has emphatically backed the US Commodity Futures Trading Commission (CFTC) in its action against Ooki DAO, a decentralized autonomous organization. Ooki DAO was found guilty of operating an illegal trading platform and functioning as an unregistered futures commission merchant. In a <a href="https://www.cftc.gov/PressRoom/PressReleases/8715-23" rel="noopener noreferrer nofollow">default judgment</a>, the judge orders Ooki DAO to pay a $643,542 penalty and shut down the website permanently.</p><p>The DAO was accused of providing leveraged and marginal commodity transactions to retail consumers while failing to comply with crucial know-your-customer standards in the case, which was initially filed in September.</p><h2 id="header-1">NEW LISTINGS ON MELEGASWAP</h2><p>Here are the new cryptocurrency listings on our native <a href="https://melega.finance/swap" rel="noopener noreferrer nofollow">Melegaswap decentralized exchange platform</a>. You can now trade, farm, stake, and earn the following tokens securely and transparently.</p><h3 id="a-href-https-gogucoin-com-rel-noopener-noreferrer-nofollow-gogu-coin-gogu-a"><a href="https://gogucoin.com/" rel="noopener noreferrer nofollow">GOGU COIN (GOGU)</a></h3><p>GOGU aims to create a fun and engaging platform for the crypto community where users can participate in farming/staking, collect unique MEME NFTs, and influence the future of the project through governance tokens. The ultimate goal is to create a community-driven project that offers real value to its users.</p><h2 id="header-2">•••</h2><p><em><strong>Risk warning: </strong>Cryptocurrency investment or trading is subject to high market risk. Hence, you might lose your money in the process. Please do adequate research and plan your investments cautiously. We at MelegaSwap will always make the best efforts to list high-quality and potential coins, but we will not be responsible for your losses.</em></p><h3 id="trade-with-the-best-decentralized-amm-cryptocurrency-exchange">Trade with the best decentralized AMM cryptocurrency exchange</h3><p><em>Do you want to buy, sell, and invest in cryptocurrencies and still have 100% control over your crypto assets? If yes, then Melega Finance is for you. MelegaSwap is a leading automated market maker (AMM) decentralized exchange that provides users with various options to trade and earn free tokens at extraordinarily high-interest rates and low charges.</em></p><p><em>At Melega, nobody manages your funds for you because you manage them directly from your wallet, while smart contracts transparently take care of everything else.</em></p><p><strong>Learn More About the Melega Ecosystem</strong></p><p>Website: <a href="https://melegaswap.finance/" rel="noopener noreferrer nofollow">https://melegaswap.finance</a></p><p>Telegram: <a href="https://t.me/melegacommunity" rel="noopener noreferrer nofollow">https://t.me/melegacommunity</a></p><p>Twitter: <a href="https://twitter.com/meleganza" rel="noopener noreferrer nofollow">https://twitter.com/meleganza</a></p><p>Instagram: <a href="https://www.instagram.com/melega.finance/" rel="noopener noreferrer nofollow">https://www.instagram.com/melega.finance/</a></p><p>YouTube:<a href="https://www.youtube.com/channel/UC_kjHoXOkPSSB4HeHNZMq-Q" rel="noopener noreferrer nofollow"> Melega Finance Official</a></p><p>DAPP: <a href="https://melega.finance/" rel="noopener noreferrer nofollow">https://melega.finance/</a></p><p>Crypto Services Hub: <a href="https://melega.space/" rel="noopener noreferrer nofollow">https://melega.space/</a></p>

Top Crypto News Recap: Binance & Coinbase under fire; Ooki DAO shuts down; Kwon faces dual imprisonment (Jun 04 - 10, 2023)

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