• Binance and CZ sued by SEC for breaching securities law
• Decentralized-to-centralized exchange trade volume ratio sets new all-time high at 22%
• JP Morgan eyes blockchain-tech to improve interbank dollar settlement in India
Binance and CZ Sued by SEC for Breaching Securities Law
The U.S. Securities and Exchange Commission (SEC) has filed a lawsuit against the crypto exchange Binance and its CEO Changpeng Zhao (CZ) for allegedly violating securities laws. The agency claims that the company facilitated unregistered trading activities related to digital assets, including digital tokens, security tokens, and initial coin offerings (ICOs). In response, Binance has denied the allegations and said it will vigorously defend itself in court.
Decentralized-to-Centralized Exchange Trade Volume Ratio Sets New All-Time High at 22%
Data shows that the decentralized exchange (DEX) to centralized exchange (CEX) trading volume ratio is up. According to founder of Your Crypto Community Duo Nine, “DEXs are eating CEXs market share” due to more regulation leading to DEXs exploding. The chart below shows the DEX to CEX trade volume ratio since January 2019 which peaked at 16% by September 2020 and reached a new top of approximately 17% by January 2022 before bottoming out at 8% by September 2021.
JP Morgan Eyes Blockchain-Tech To Improve Interbank Dollar Settlement In India
JP Morgan is exploring how blockchain technology can help improve interbank dollar settlement in India. The banking giant hopes that using distributed ledger technology can speed up the process of settling payments between banks located in different countries while reducing costs associated with intermediary fees. JP Morgan plans on testing their proposed system in partnership with Bank of America later this year.
Multichain’s MULTI Soars 30% as Cross-Chain Bridge Services Resume
Multichain’s native token MULTI surged 30 percent after its cross-chain bridge services resumed operations following a period of downtime caused by an exploit attack on its network earlier this week. The project enables users to securely transfer assets from one blockchain network to another without relying on centralized third parties such as exchanges or custodianships for assistance.