Binance.US suspends dollar deposits for First Mover Americas.

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Binance.US has announced that it will temporarily become an all-crypto exchange starting on June 13, due to pressures from the U.S. Securities and Exchange Commission (SEC), which recently took major enforcement action against the company. In a tweet, Binance’s U.S. arm said that USD deposits will be suspended as of June 9, and USD-based trading pairs will be delisted shortly thereafter. Trading, staking, and deposits and withdrawals in cryptocurrency will remain fully operational.

Cryptocurrency custody firm BitGo has reached a preliminary agreement to buy Prime Trust, another crypto custody specialist that is regulated in the state of Nevada. In a blog post, BitGo confirmed an earlier story from blockchain that a tentative deal had been agreed upon. In a statement, Prime Trust Interim CEO Jor Law called the move “a significant enhancement for the industry.” BitGo President Mike Belshe described the deal as a “landmark transaction … With the expected acquisition of Prime Trust, BitGo is well positioned to enhance its best-in-class, trusted solutions and to service the combined customer base.”

Investment bank Berenberg said in a research report on Thursday that Coinbase (COIN) shares are “uninvestable” in the near term. The company was already expected to report weak second-quarter 2023 trading volumes before the SEC filed a lawsuit against it on Tuesday, said analyst Mark Palmer. This weakness may now persist and intensify thanks to the overhang from the SEC action, he added. “The upshot is that we view COIN shares as uninvestable in the near term.” Palmer maintained his hold rating on the stock, but slashed his price target to $39 from $55, suggesting nearly 30% downside from last night’s close of $54.90.

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Edited by Stephen Alpher.