Daily Digest - 13 June 2023

Headlines

▌Binance US: The SEC's move to seek an asset freeze will put the company in trouble

Binance.us is urging a federal judge to reject a request by the U.S. Securities and Exchange Commission (SEC) to freeze billions of dollars in the cryptocurrency exchange's assets, arguing that the move would cripple its business and harm customers. Lawyers for Binance US stated in a court filing on Monday (June 12) that if the company cannot afford to pay salaries and accounts for employees, suppliers, suppliers and professionals, and cannot maintain the trading platform, Its operations will soon come to a standstill. And with all company assets frozen, banking partners are likely to stop fulfilling requests to transfer funds for any purpose, including redemption of client funds.

Policies

▌Source: Thailand’s CBDC digital baht pilot is underway

The Bank of Thailand has started working with three domestic payment service providers to launch the country’s retail central bank digital currency, the digital baht, according to local sources. Testing is taking place in a regulatory sandbox and is expected to run until August this year, with plans to involve as many as 10,000 participants. While the central bank has yet to commit to a formal launch decision, it continues to study potential use cases to make payments more efficient and ramp up the country's push for digitization.

Blockchain application

▌Encrypted social application Geojam signed a contract with Hollywood agency WME

Geojam, the blockchain-powered social media platform backed by pop star Maria Carey, has signed with top Hollywood talent agency WME. WME, whose portfolio includes many traditional Hollywood talents including Keanu Reeves, Dwayne Johnson and Martin Scorsese, has been slowly building up a web3 client list, including early NFT pioneer Mack Flavelle, who co-founded CryptoKitties people. The talent agency says its goal is to secure a Geojam brand deal while exploring ways creators can engage with fans.

Through Geojam, users can create and share content in response to AI prompts, while also earning the platform's native token.

Cryptocurrency

▌Binance US Hires Former SEC Enforcement Division Co-Director to Defend

Binance US has hired four attorneys from Milbank LLP, including George Canellos, former co-director of the SEC’s Enforcement Division. Binance US is preparing to defend against U.S. charges against it for operating an illegal stock exchange.

Canellos, global head of Milbank's litigation and arbitration team, previously oversaw some 1,300 attorneys at the SEC in investigations, including insider trading actions against Raj Rajaratnam and hedge fund managers linked to SAC Capital. Before that, he was chief of the Major Crimes Division of the U.S. Attorney's Office for the Southern District of New York.

▌BlockFi: Customers may start withdrawing funds this summer

Encrypted lending firm BlockFi said on Monday that work to allow customers to withdraw funds will be completed by this summer. BlockFi was forced to suspend withdrawals last year after the FTX exchange crashed. Any withdrawals will have to be made in batches, BlockFi said, and those who qualify will receive an email from the company. In the meantime, the company advises users to set up third-party wallets to withdraw funds.