Cryptocurrency exchange Bybit will suspend its services in the UK following a “final warning” from the Financial Conduct Authority (FCA). Binance and its US counterpart, as well as CEO Changpeng Zhao, filed a joint motion seeking to dismiss the lawsuit filed by the US Securities and Exchange Commission. Meanwhile, the company behind Tether has taken a stake in Bitcoin mining company Northern Data.
Bybit will suspend its services in the UK following a “final warning” from the financial regulator
Cryptocurrency exchange Bybit, a Dubai-based company, announced the suspension of services to the UK in response to pending rules from the country’s Financial Conduct Authority, or FCA.
Starting October 1, Bybit will begin suspending services for UK residents and stop allowing new applicants to sign up for services.
This move will be followed by the suspension of new deposits, new contracts and position changes for existing users on October 8.
“In light of the UK Financial Conduct Authority introducing new rules regarding marketing and communications by cryptocurrency companies. […] “Bybit has made the choice to proactively embrace the regulation and pause our services in this market,” the company said.
Due to recent regulatory changes in the UK, Bybit will suspend its services in the UK. New account requests stop as of October 1, 2023, 8 AM UTC. For existing UK users, please manage your positions before January 8, 2024, 8am UTC. #babybit
– Bybit (@Bybit_Official) September 22, 2023
Binance and CEO Changpeng Zhao ask the court to dismiss the SEC lawsuit
Binance Holdings, its US counterpart and CEO Changpeng Zhao have a joint motion seeking to dismiss the lawsuit brought against them by the Securities and Exchange Commission.
According to September 21 Deposit To the US District Court, Binance Holdings and Zhao claimed that the financial regulator had exceeded its authority in the lawsuit against them.
It accused the SEC of failing to provide clear guidelines for the sector prior to the lawsuit against the cryptocurrency exchange and, as a result, retroactively imposing its regulatory authority on the cryptocurrency sector.
Did you know that the CFTC filed a lawsuit against Binance in March, claiming that BUSD is a commodity?
Just 3 months later, the SEC filed a lawsuit against Binance, claiming that BUSD is a security?
– Jeremy Hogan (@attorneyjeremy1) September 22, 2023
Binance’s lawyers also asserted that the regulator is fundamentally misinterpreting securities laws and applying them to crypto assets.
In addition to Binance and Zhao’s petition, US cryptocurrency exchange Binance.US — known legally as BAM Trading Services Inc. — has also moved. – also to dismiss the charges against her in a separate 56-page filing filed the same month. day.
Tether has taken a stake in Bitcoin mining company Northern Data, signaling collaboration in the field of artificial intelligence
The company behind Tether has invested an undisclosed sum in Germany-based cryptocurrency mining company Northern Data Group in a move that supports artificial intelligence (AI) initiatives.
The company denied a report from Forbes regarding a $420 million investment, but declined to give a specific amount when Cointelegraph reached out for comment.
Tether, whose USDT is the largest stablecoin by market cap at more than $83 billion, says the investment is “separate from [its] Reserves” and will not affect clients’ funds.
According to a press release from Northern Data Group, the funds are involved in purchasing hardware typically used in the AI sector:
“Damoon Designated Activity Company (Damoon), a company recently acquired by Northern Data Group, with the transaction expected to close in Q4 2023, has purchased more than 10,000 NVIDIA H100 Tensor Core GPUs, at a total cost of approximately €400 million “
Tether is making a strategic investment in Northern Data Group – set to become the largest independent AI player in Europe
— Tether (@Tether_to) September 21, 2023
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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