October 2, 2022

Today in Crypto: Elad Roisman to be New SEC Chairman|Ripple Partners Respond To SEC Lawsuit|Binance Korea Shuts Down|Bitcoin Remains Above $23,000

3 min read

The SEC lawsuit against Ripple the other day controlled the headlines today with several of its key strategic partners officially attending to the problem and using their stand in regards to their association with the crypto business. Another major news that made the headlines was the announcement of the new SEC chairman after the previous one exited early. Let us take a look at a few of the essential stories of the day,

  • Elad Roisman is replacing Jay Clayton as the new SEC chairman
  • Ripple essential partners SBI Holdings and MoneyGram respond to the SEC suit.
  • Binance Korea closes down within a year of opening owing to low trading volume.
  • Bitcoin Remains Above $23,000 While XRP Slips Below $0.25.

Pro-Crypto Elad Roisman Takes Over as The New SEC Chairman

Elad Roisman is the new chairman of the Security and Exchange Commission (SEC) changing Jay Clayton, a Trump appointee. Roisman’s consultation was well gotten by the crypto neighborhood since he is understood to be pro-bitcoin and cryptocurrencies in basic. The news was broken by SEC commissioner Hester Pierce.

Jay Clayton was arranged to step down by June 2021, however, owing to the US Presidential election results Clayton has concluded his term 6 months early. Clayton’s period was viewed as a little regressive and the crypto community mostly hold against him for rejecting several Bitcoin Exchange Traded Fund (BTC ETF) propositions. The new chairman on the other hand is viewed as pro-crypto and lots of think he might lead the way for favorable policies in his period.

Ripple Key Partners SBI Holdings and MoneyGram Respond to SEC Lawsuit

The SEC suit against Ripple and two of its executives are currently the hottest topic in the crypto space. Yesterday multiple exchanges revealed the delisting of XRP token, while today two of its crucial tactical partners SBI Holdings and MoneyGram also officially attended to the problem, however offered quite contrasting responses.

SBI Holdings extended its genuine assistance to Ripple and assured that even if the lawsuit goes against them, they truly need not stress as 90% of its clients are outside the United States while 80% of the remittance volume it produces also comes from outside the United States. On the other hand, MoneyGram is taking a cautionary approach and recommended they would wait for the suit to unfold and up until then they won’t be utilizing its remittance corridors. They went on to declare that even though Ripple is one of their key remittance partners they don’t use their ODL services.

Binance Korea Shuts Its Operation Within a Year of Launch

Binance today revealed the closure of its Korean subsidiary also referred to as Binance KR owing to low trading volumes and liquidity within a year of its launch. The official statement read,

Binance KR will end the local exchange operations due to low use and volume with restricted trading pairs of BKRW, leading to limited liquidity for its users.

Binance also revealed a closure schedule post which clients will not be able to access their accounts on the exchange. The closing schedule is as follows:

  • Closure of BKRW charge up and new registrations at Binance KR: 24th December 2020 at 1:00 PM KST
  • Closure of all trading services at Binance KR: 10th January 2021 at 1:00 PM KST
  • Tough Shutdown (anticipated): 29th January 2021 at 1:00 PM KST
  • Delisting of BKRW/BUSD Liquid Swap and BKRW trading sets: 29th January 2021 at 1:00 PM KST

Bitcoin Remains Above $23,000 While XRP Nosedives Below $0.25

The crypto market remained in recovery mode today after a substantial dump yesterday owing to the Ripple lawsuit which saw the third-largest cryptocurrency lose its position to Tether owing to a 40% rate crash. XRP before the SEC suit was consolidating above $0.50 but was up to $0.25 and currently trading at $0.26.

Bitcoin on the other hand continues to keep its position above $23,000 despite the majority of the altcoins registering a dump with numerous millions worth of positions liquidated yesterday.

The post Today in Crypto: Elad Roisman to be New SEC Chairman|Ripple Partners Respond To SEC Lawsuit|Binance Korea Shuts Down|Bitcoin Remains Above $23,000 appeared initially on Coingape.