Commission-free trading platform Robinhood has announced it will delist a number of assets from its platform that have been deemed unregistered securities by the U.S. Securities and Exchange Commission (SEC).

The U.S. Department of Justice (DOJ) has accused Russian nationals Alexey Bilyuchenko and Aleksandr Verner of being behind the notorious 2011 hack of the now-defunct cryptocurrency exchange Mt. Gox.

The Nigerian unit of cryptocurrency exchange Binance was ordered by the country’s local Securities and Exchange Commission to immediately halt its operations in the country, with the regulator saying it’s “neither registered nor regulated” by the Commission.

Top stories in the Crypto Roundup today:

• Robinhood to Delist ADA, MATIC, and SOL Amid SEC Crackdown
• DOJ Charges Russian Hackers for Mt. Gox Bitcoin Theft
• Nigeria’s SEC Orders Binance to Stop ‘Illegally’ Operating in the Country
• Derivatives Volume Market Share Reaches New All-Time High

Robinhood to Delist ADA, MATIC, and SOL Amid SEC Crackdown

Commission-free trading platform Robinhood has announced it will delist a number of assets from its platform that have been deemed unregistered securities by the U.S. Securities and Exchange Commission (SEC).

The digital assets being delisted are Cardano (ADA), Polygon (MATIC), and Solana (SOL), with the move coming in light of the SEC’s recent lawsuits against leading cryptocurrency exchanges Binance and Coinbase.

Robinhood’s decision, slated to go into effect on June 27, 2023, came with a comprehensive timeline and detailed explanation, outlining the implications for its broad user base. The trading platform assured its users that until the set deadline, they could continue transacting in ADA, MATIC, and SOL.

However, Robinhood cautioned that any residual ADA, MATIC, and SOL in its users' crypto wallets post-deadline will be liquidated at market prices. The revenue generated from these transactions will be credited to the users' Robinhood accounts, ready for future trading activity on the platform.

This decision is exclusive to ADA, MATIC, and SOL, leaving other cryptocurrencies listed on Robinhood untouched. Robinhood’s move is seen as a precautionary measure in response to the SEC’s recent charges against Binance and Coinbase.

DOJ Charges Russian Hackers for Mt. Gox Bitcoin Theft

The U.S. Department of Justice (DOJ) has accused Russian nationals Alexey Bilyuchenko and Aleksandr Verner of being behind the notorious 2011 hack of the now-defunct cryptocurrency exchange Mt. Gox.

The DOJ alleges that they not only orchestrated the cyber breach but also laundered the stolen bitcoin and ran an unlawful cryptocurrency exchange of their own. According to the DOJ, back in September 2011, Bilyuchenko, Verner, and unnamed co-conspirators allegedly penetrated the server hosting Mt. Gox's cryptocurrency wallets.

Mt. Gox was back then the leading cryptocurrency exchange, and according to the DOJ, the group’s operation managed to persist for nearly three years, from September 2011 until May 2014.

Bilyuchenko, Verner, and their co-conspirators allegedly stole approximately 647,000 bitcoins from Mt. Gox during this time. The DOJ claims that these stolen bitcoins were laundered via bitcoin addresses associated with accounts under their control on two other online bitcoin exchanges, in addition to a specific user account on Mt. Gox itself.

The DOJ's allegations further insinuate that the defendants forged agreements with a New York-based bitcoin broker to launder the ill-gotten bitcoins from Mt. Gox. Mt. Gox declared bankruptcy in 2014, leaving many without access to their BTC, with the majority still awaiting the disbursement of the remaining assets from the Mt. Gox estate.

Nigeria’s SEC Orders Binance to Stop ‘Illegally’ Operating in the Country

The Nigerian unit of cryptocurrency exchange Binance was ordered by the country’s local Securities and Exchange Commission to immediately halt its operations in the country, with the regulator saying it’s “neither registered nor regulated” by the Commission.

Nigeria’s order, which adds that Binance’s operation in the country is illegal, follows the lawsuit filed by the U.S. Securities and Exchange Commission against the cryptocurrency exchange, alleging it failed to register as a broker, and that it offered its users unregistered securities.

While Nigeria’s SEC has previously said it views crypto assets to be securities by default, this is seemingly the regulator’s first move taken against a major cryptocurrency exchange. In Nigeria, banks aren’t allowed to offer services to crypto platforms.

In its order, the Nigerian SEC noted it shall “provide updates on further regulatory actions with respect to the activities of Binance Nigeria Limited, and other similar platforms and shall work with other regulators in Nigeria to provide further guidance on this matter.”

Derivatives Volume Market Share Reaches New All-Time High

The derivatives market shrank by 14.4% in May to $1.92 trillion to now account for 79.5% of the total crypto market (up from 78.3% in April). This is the highest-ever share of derivatives in the crypto market, showing the increased use of leverage as the major crypto assets remain stuck in a price range, unable to break key levels of support and resistance.

Binance also saw its share of the derivatives market drop for the third month in a row to 57.4%, indicating that the recent slowdown in trading activity may be more than just a result of stopping zero-fee trading of USDT pairs on the platform.

Find out more via CCData’s latest Exchange Review report, which captures the key developments within the cryptocurrency exchange market.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.