Binance.US, the U.S. arm of the cryptocurrency exchange, announced that it will be temporarily transitioning to an all-crypto exchange as of June 13. This move comes after the U.S. Securities and Exchange Commission (SEC) targeted the company with a major enforcement action this week. According to a tweet, USD and deposits will be suspended as of June 9, and USD-based trading pairs will be de-listed shortly after. Trading, staking, and deposits and withdrawals in crypto will remain fully operational.
Cryptocurrency custody firm BitGo has reached a preliminary agreement to buy Prime Trust, another crypto custody specialist regulated in the state of Nevada. In a blog post, BitGo confirmed an earlier story from journalists that a tentative deal had been agreed upon. Jor Law, Interim CEO of Prime Trust, called the move a significant enhancement for the industry. Mike Belshe, President of BitGo, described the deal as a “landmark transaction … With the expected acquisition of Prime Trust, BitGo is well positioned to enhance its best-in-class, trusted solutions and to service the combined customer base.”
Investment bank Berenberg said in a research report Thursday that Coinbase (COIN) shares are uninvestable in the near term. Analyst Mark Palmer noted that the company was already expected to report weak second-quarter 2023 trading volumes before the SEC filed a lawsuit against it on Tuesday. This weakness may now persist and intensify thanks to the overhang from the SEC action. Palmer maintained his hold rating on the stock, but slashed his price target to $39 from $55, suggesting nearly 30% downside from last night’s close of $54.90.