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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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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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