Crypto

Latest Crypto News: Binance Ordered to Stop Crypto Services in Belgium, FC Barcelona To Collaborate On NFTs

Here are some latest developments from the world of crypto over the past few days

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Latest Crypto News: Binance Ordered to Stop Crypto Services in Belgium, FC Barcelona To Collaborate On NFTs
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Belgium’s top market regulator has ordered embattled crypto exchange Binance to cease serving local customers immediately, CoinDesk reported.

The Financial Services and Markets Authority (FSMA) said 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,” a violation of its rules. “The FSMA has therefore ordered Binance to cease, with immediate effect, offering or providing any and all such services in Belgium,” the FSMA notice said.

Binance is in the regulatory hot seat as it battles US SEC on charges of violating securities laws and was recently been the subject of an investigation by French authorities. The exchange has also pulled out of European markets like the Netherlands and Cyprus over regulatory issues.

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In a statement, a Binance spokesperson said, “We are disappointed to learn that the FSMA has come to this decision despite our ongoing conversations. We are reviewing the details of their notice and will continue to work collaboratively with regulators in Belgium and around the world in compliance with our obligations.”

FC Barcelona Partners with World of Women for NFT Collection

European football franchise FC Barcelona is teaming up with the World of Women for a non-fungible token (NFT) collection, the second collection as part of the World of Women’s 10-piece “Masterpiece”. Quoting a press release, CoinDesk said the NFT, titled “Empowerment”, is a one-of-one token created by World of Women artist Rhi Madeline. It will be available to purchase via auction on the marketplace OpenSea from June 26 to 28.

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The artwork is inspired by Spanish soccer player Alexia Putellas, who helped Barcelona win the semi-final match of the Women’s Champion League game against German team Wolfsburg in April 2022. With almost 92,000 viewers watching the game, the NFT pays tribute to the historic victory of the Spanish football team.

Coinbase Receives Reprieve from US Supreme Court

US Supreme Court has granted crypto exchange Coinbase a temporary reprieve by ruling that a lawsuit filed by one of its users cannot proceed. The court said the lawsuit would not proceed until Coinbase defends an appeal against a lower court ruling, a CoinDesk report said.

The ruling, which won a 5-4 majority, allows Coinbase to continue its effort to compel arbitration against the putative class action lawsuit, halting the lawsuit's progress through the federal court system in the meantime, CoinDesk reported.

While this marks a win for Coinbase, it has little direct effect on the crypto industry. “The sole question here is whether the district court must stay its pre-trial and trial proceedings while the interlocutory appeal is ongoing. The answer is yes: The district court must stay its proceedings,” wrote Justice Brett Kavanaugh on behalf of the majority.

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