Happy Saturday!
In today’s Snapshot, Binance is reducing its workforce amid legal problems, according to media reports, but company head Changpeng Zhao takes to Twitter to say no, they got it wrong again. Meanwhile, BlackRock chief Larry Fink has a lot to say about crypto, ETFs and corporate responsibility, while disgraced crypto executive Sam Bankman-Fried wants more visitors while under house arrest. This and more!
These are some stories we’re looking at right now.
Binance reduces workforce by 1,000
Binance, the world’s biggest cryptocurrency exchange, has in recent weeks laid off more than 1,000 workers as it faces a lawsuit from the US Securities and Exchange Commission and potential action from the Justice Department, the Wall Street Journal reported.
The staff reductions may eventually decrease Binance’s workforce of about 8,000 by one-third, the Journal reported, citing a source with knowledge of the situation. Still, Binance CEO Changpeng Zhao tweeted in response that such media reports were incorrect.
Fink looks to ‘democratise investing’
BlackRock CEO Larry Fink said that the asset manager’s crypto foray is part of its responsibility to “democratise investing” with easy-to-use products that are affordable, CNBC reported.
On June 15, BlackRock filed for SEC approval of a spot Bitcoin ETF, which was followed by similar filings from other firms. Fink said that “the role of ETFs in the world is transforming investing,” when he was interviewed on CNBC’s “Squawk on the Street.”
Coinbase stops staking in four states
Coinbase, the biggest US crypto exchange, said in a statement that it will stop staking for new customers in four states where regulatory actions are ongoing.
Coinbase said: “Due to the actions taken by state regulators in California, New Jersey, South Carolina, and Wisconsin, customers in those states will be unable to stake additional assets through Coinbase while these actions are pending.”
SBF requests easing for visitors
Disgraced FTX chief Sam Bankman-Fried’s lawyers asked a judge to ease conditions for some visitors to his family home in Palo Alto, California, where he is under house arrest, according to a court filing.
Manhattan Federal Judge Lewis Kaplan was asked to grant visiting permission to a list of guests and household help, all of whom were aware of a prohibition against sharing “prohibited electronic devices,” Decrypt reported.
Congressman wants investigations into SEC
Congressman Ritchie Torres has requested two investigations into the US Securities and Exchange Commission for its “haphazard and heavy-handed approach to digital assets,” according to letters he published on Twitter.
Torres, a New York Democrat, asked for probes into the SEC granting a licence to Prometheum, “a trading digital assets platform that does not trade digital assets,” and for its failure to create a workable registration process for crypto platforms, CoinDesk reported.
What we’re reading around the web
Ripple Effects: How an ‘Alt Coin’ Is Breathing New Life into Crypto — Barron’s
Jay-Z’s Roc Nation and Puma Drop NFT-Enhanced Sneakers — Decrypt
BlockFi Management Ignored Warnings About FTX and Alameda, Creditors Allege — Bloomberg