June 29 (Reuters) – Paysafe Payment Solutions, Binance’s European banking partner, said on Thursday it will cease offering its embedded wallet solution to the U.S.

cryptocurrency exchange across the European Economic Area (EEA) from Sept.

Securities and Exchange Commission lawsuit claiming it broke the law by failing to register its business. NEW YORK, June 29 (Reuters) – Coinbase, the largest U.S.

cryptocurrency platform, said it will ask a judge to dismiss the U.S.

“The marketplace is not only not transparent and not audited but it’s also, according to the SEC, rife with manipulation,” said John Reed Stark, a former chief of the SEC’s Office of Internet Enforcement said of the cryptocurrency market.

The Boston-based financial firm is also part of a consortium that includes market makers Citadel Securities and Virtu Financial, retail broker Charles Schwab, and venture capital firms Paradigm and Sequoia Capital, which recently launched a crypto exchange called EDX Markets.

The SEC sued Coinbase on June 6, saying it made billions of dollars acting as a middleman including by trading at least 13 crypto assets, or tokens, such as Solana, Cardano and Polygon that should have been registered as securities.

Linking it all has been the relentless rise in interest rates, which was exactly what battered markets in 2022.

But just that this time has been different due to an unshakeable view that the end of the cycle is near.

Coinbase was also sued over a “staking” program where it pools crypto assets to support activity on the blockchain network, in exchange for “rewards” it provides customers after taking commissions for itself.

Securities and Exchange Commission this month sued Binance and its CEO Changpeng Zhao over what the regulator called a “web of deception” to evade U.S. Binance has come under pressure from regulators around the world.

The U.S. Binance denies the charges.

The pair deny the allegations. Securities and Exchange Commission’s move this month to sue crypto giants Coinbase Global and Binance, alleging violation of its rules. The moves have revived investor interest in cyptocurrencies, which have been in the doldrums after a series of crypto company meltdowns including the sudden collapse of exchange FTX late last year.

Compounding negative sentiment has been increased regulatory scrutiny, including the U.S.

“Binance is offering and providing exchange services in Belgium between virtual currencies and legal currencies, as well as custody wallet services, from countries that are not members of the European Economic Area,” the FSMA said.

The original crypto coin has leapt 20% to two-month highs at $30,182 over the past 11 days after BlackRock, the world’s largest asset manager, 币安手续费折扣 revealed hopes for a spot bitcoin exchange-traded fund (ETF) in the United States.

Binance confirmed the news and said it would change the banking provider for euro deposits and withdrawals through the Single Euro Payments Area (SEPA), but did not reveal any details about the new partner.

on alleged violations of securities laws.

Earlier this month, the U.S. Securities and Exchange Commission (SEC) sued major crypto exchanges including Coinbase and Binance.

Binance, which was founded by Changpeng Zhao in Shanghai in 2017, has grown to dominate the crypto industry but also faces scrutiny from regulators keen to clamp down on money-laundering.

BlackRock, the world’s biggest asset manager, filed last week for the exchange which would allow investors to get stakes in the asset class. The Wall Street Journal reported on Tuesday that EDX Markets, a crypto exchange backed by Citadel Securities, Fidelity and Schwab had started operations.

The ETF filing has helped reverse negative sentiment in the bitcoin and broader cryptocurrency markets, after a series of crypto company meltdowns, including the sudden collapse late last year of exchange FTX, which authorities allege was running a multi-billion dollar fraud.

After surprise rate hikes in Australia and Canada, and as the Federal Reserve forecasts two more hikes, investors are now betting that interest rates will remain higher for longer.

The fact that the price of bitcoin held up well after the SEC asked for more information on the bitcoin ETF filings suggested sentiment is not turning bearish, said Ed Moya, senior market analyst at Oanda.

But economic stresses could thwart hopes for a sustained rally, analysts say.

Bitcoin’s gains slowed towards the end of the week, and on Monday it was trading at $30,405.