SEC Sues Binance
Manuel Olumorin
June 05, 2023
GM. This is Lootbox, the bright light at the end of the tunnel.
Here are the gems we found for today
SEC goes after Binance
Apple officially enters the metaverse age
The Sneakies
SEC Goes After Binance
The SEC has been practicing at the shooting range for a while now.
And today, it decided to show that it’s ready to go after the boss level by launching a lawsuit against Binance and its head honcho, Changpeng Zhao, aka CZ.
What the SEC is accusing Binance of
Binance is accused of allegedly getting U.S. investors to trade crypto assets on their unregistered platforms, Binance.com and Binance.US.
They're also accused of offering and selling crypto assets and other investment schemes without proper registration.
The SEC says Binance tricked investors by saying they had controls over manipulative trading on the Binance.US platform, but in reality, they didn't.
Binance is also in trouble for offering securities market functions like exchange, broker-dealer, and clearing agency without registering with the SEC. Some tokens mentioned as securities include gaming tokens like AXS, MANA and SAND.
They're accused of selling their own crypto assets, "BNB" and "BUSD," and profit-generating programs "BNB Vault" and "Simple Earn" without registration.
Binance allegedly lied about controls on the Binance.US platform while raising a whopping $200 million from private investors.
The SEC says Binance dodged U.S. regulatory oversight while providing securities-related services to U.S. customers, putting billions of dollars at risk.
Binance is also accused of not implementing the trade surveillance or manipulative trading controls they promised.
They allegedly offered and sold securities unlawfully, violating the Securities Act.
Binance is in trouble for acting as an exchange, broker, dealer, and clearing agency for the Binance.com platform without registration.
Lastly, Binance is charged with getting money or property through false and misleading statements and engaging in fraudulent transactions and practices.
Lootbringer’s take
Heavy stuff for a Monday, but here we are. Hopefully, much of this is untrue.
A lot of users in the crypto space use Binance, so a takedown would send a tsunami through the industry. Even Coinbase stock took a 9% hit after the news.
Some are speculating that the eventual lawsuit coming to Coinbase after the Wells notice was sent may have similar undertones.
Apple Officially Enters The Metaverse
On a lighter note, the highly anticipated AR/VR headset from Apple has finally entered the chat. And Oculus seriously needs to watch its back.
They called it Apple Vision Pro.
In typical Apple fashion, it looks sleek but seriously reminds me of the Ready Player One headset.
What you should know
The headset blends your physical environment with digital content and gives the option to go fully immersive. It’s basically a screen you can resize to infinity.
Best part? No controllers. Apple came up with a way to navigate with your eyes, your voice and gestures with your hands.
When other people are around you, it makes your eyes visible to them, so you look less like a crazy person.
Gaming came into focus with Apple Arcade working right out of the box. This means any games already on Apple Arcade can be played on the device.
And they have Unity working with Vision OS enabling any creator, including game devs, to use it to create these spatial experiences. Disney is already building cool experiences with it.
Then they did the Apple announcing it would cost a whopping US$3,499. 💔
And it will be in stores in the US next year.
The curious thing we noticed throughout the announcement is the cable that ran into the user’s pockets. Apple did not reveal what that is.
On a side note, they also announced Metal 3, which improves gaming performance, decreases controller and audio latency, and allows you to port games from other platforms.
The Sneakies
NEAR Protocol is sneakily building its gaming capacity with an announcement that it’s collaborating with MARBLEX to further grow web3 gaming in Korea.
Pagaxy and Crypto Unicorns explore the world of interoperability with “Brawl of Fame.” This top-down battle royale will run for 48 hours on the Odyn web3 launcher.
The man who became the real-world version of “Where in the World is Carmen Sandiego” but got caught, Do Kwon, has been granted bail in Montenegro.
YGG continued its rebranding process as YGG SEA officially changed its name to W3GG (said as WE GG).
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