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Binance​.US hires former SEC enforcement official

Binance.US has reportedly hired a former enforcement official for the U.S. Securities and Exchange Commission as part of the legal team to defend itself against allegations of operating as an unregistered securities exchange.

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Binance.US has reportedly hired a former enforcement official for the U.S. Securities and Exchange Commission as part of the legal team to defend itself against allegations of operating as an unregistered securities exchange.

According to a June 12 report from Bloomberg, Binance.US has hired former SEC enforcement co-director George Canellos, currently with the international law firm Milbank LLP, along with three other lawyers. Canellos left the SEC in 2014 after serving for more than four years in different leadership positions.

“Binance is clearly preparing for a criminal prosecution and continuing to hire the best defence attorneys in the world,” said former SEC internet enforcement chief John Reed Stark on Twitter.

Canellos’ addition to the Binance.US legal team comes amid the U.S. firm facing a lawsuit from the SEC alleging it failed to register as an exchange, broker and clearing agency. The SEC made similar allegations against global exchange Binance in the same filing and Coinbase in a subsequent filing, and attempted to freeze the assets of the U.S. exchange through a temporary restraining order.

“If the Court does address the merits of the SEC’s motion, it should deny that motion,” said Binance.US in a June 12 filing on the SEC’s court petition to freeze assets. The SEC seeks, among many other things, a draconian and unduly burdensome freeze of all the company’s operations without any exceptions.”

Following the SEC’s actions, Binance.US announced on June 9 it would be suspending U.S dollar deposits and potentially pausing fiat withdrawals starting as early as June 13. The exchange cited the SEC’s extremely aggressive and intimidating tactics in its reasons for the move.

U.S. lawmakers and industry leaders have criticized the SEC for its seemingly heavy-handed approach to crypto enforcement. On June 12, Representative Warren Davidson called for the firing of SEC chair Gary Gensler through a proposed bill aimed at restructuring the commission.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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