The U.S. Justice Department has reportedly initiated a criminal probe into a security incident at Coinbase Global Inc., the nation’s premier cryptocurrency exchange, as disclosed by a Bloomberg source with knowledge of the situation. Intruders corrupted customer support staff and third-party contractors in India, gaining illicit access to sensitive user information. Following the breach, the […]

DOJ Launches Criminal Probe Into Coinbase Breach Involving Bribed Employees

Ripple is revolutionizing cross-border finance in the UAE, launching with Zand 
and Mamo just months after securing groundbreaking regulatory approval, 
unleashing real-time blockchain-powered payments. Ripple Payments Gains First 
Major Foothold in UAE with Zand and Mamo Integration Ripple announced on May 
19 that Zand Bank and Mamo have become the first customers in the United […]

Ripple Expands in UAE With License Powering Blockchain Payment Surge

Crypto exchange Binance has asked a US federal judge to send all members of a 
class-action lawsuit alleging it sold securities to arbitration, arguing that 
the group waived their ability to form a class action under the company&#8217;s 
terms.
The exchange said in a May 16 filing to a New York federal court that its 
terms of service, which it claimed the class group agreed to, has a clause 
that users agree to arbitrate all claims, along with a clause preventing users 
from launching class actions against the crypto exchange.
&#8220;The Court should hold that Plaintiffs are required to arbitrate claims that 
accrued after Feb. 20, 2019, even if the Court adheres to its initial decision 
as to claims that accrued before then and that the class-action waiver in the 
2019 Terms of Use is enforceable for all of Plaintiffs&#8217; claims,&#8221; Binance said.
_Binance argues that its terms of service have a clause about users agreeing 
to arbitrate all claims. Source: PACER_
In March, Judge Andrew Carter denied Binance&#8217;s request to have all of the 
class action&#8217;s claims sent to arbitration for users who bought tokens on the 
exchange between April 1, 2017, and Feb. 20, 2019, and partially denied the 
motion for users who bought tokens after 2019 until a decision could be made 
to what extend the arbitration clause would apply. 
Binance said in its latest filings that it updated its terms in February 2019 
to include the arbitration clause and argued that an earlier version of the 
terms of service included a clause that informed users that Binance could 
amend the terms as needed without any individual notice..
## Binance case was previously dismissed
Judge Carter had sided with Binance and dismissed the suit in March 2022. 
Binance had argued that it isn&#8217;t beholden to US securities laws because it 
doesn&#8217;t have a physical headquarters in the country.
The US Court of Appeals for the Second Circuit overturned that decision in 
March 2024, and the Supreme Court later declined to hear Binance&#8217;s appeal in 
January of that year.
_**Related:**__**US judge transfers Binance lawsuit to Florida, citing first- 
to-file rule**_
Binance&#8217;s legal entanglements in the US have escalated since mid-2023, when 
the Securities and Exchange Commission sued the company for selling 
unregistered securities, which was settled for $4.3 billion in November 2023.
Binance was also slapped with a class action in Canada in April 2024 for 
allegedly violating securities laws after it announced its departure from the 
country in May 2023.
_**Magazine:**__**Arthur Hayes $1M Bitcoin tip, altcoins &#8216; powerful rally&#8217; 
looms: Hodler&#8217;s Digest, May 11 &#8211; 17**_

Binance wants arbitration for all members of securities class suit

Bitcoin price started a fresh increase and cleared the $106,000 zone. BTC is 
now rising and might aim for another increase toward $110,000 Bitcoin started 
a fresh upward move from the $102,000 zone. The price is trading above 
$105,500 and the 100 hourly Simple moving average. There is a short-term 
bullish trend line forming with support at $105,800 on the hourly chart of the 
BTC/USD pair (data feed from Kraken). The pair could gain bullish momentum if 
it clears the $107,000 resistance. Bitcoin Price Starts Fresh Surge Bitcoin 
price started a fresh increase from the $102,000 support zone. BTC formed a 
base and was able to clear the $104,200 resistance zone. The bulls pushed the 
price above $105,000. There was a clear move above the 50% Fib retracement 
level of the downward move from the $107,042 swing high to the $102,100 low. 
It opened the doors for a move above the $106,000 resistance zone. The current 
price action is positive since the price settled above the 76.4% Fib 
retracement level of the downward move from the $107,042 swing high to the 
$102,100 low. There is also a short-term bullish trend line forming with 
support at $105,800 on the hourly chart of the BTC/USD pair. Bitcoin is now 
trading above $105,500 and the 100 hourly Simple moving average. On the 
upside, immediate resistance is near the $107,000 level. The first key 
resistance is near the $107,200 level. The next key resistance could be 
$107,500. A close above the $107,500 resistance might send the price further 
higher. In the stated case, the price could rise and test the $108,800 
resistance level. Any more gains might send the price toward the $110,000 
level and a new all-time high. Another Drop In BTC? If Bitcoin fails to rise 
above the $107,000 resistance zone, it could start another correction. 
Immediate support on the downside is near the $105,800 level. The first major 
support is near the $105,000 level. The next support is now near the $104,200 
zone. Any more losses might send the price toward the $103,500 support in the 
near term. The main support sits at $102,500, below which BTC might gain 
bearish momentum. Technical indicators: Hourly MACD – The MACD is now gaining 
pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for 
BTC/USD is now above the 50 level. Major Support Levels – $104,200, followed 
by $103,500. Major Resistance Levels – $107,000 and $107,500.

Bitcoin Price Breakout Looms: Charts Signal Run Toward New ATH

Jamie Dimon, the CEO of JPMorgan, said his bank will soon allow its clients to 
buy Bitcoin, but it won&#8217;t custody the cryptocurrency.
&#8220;We are going to allow you to buy it,&#8221; Dimon said at JPMorgan&#8217;s annual 
investor day on May 19. &#8220;We&#8217;re not going to custody it. We&#8217;re going to put it 
in statements for clients.&#8221;
CNBC reported that Dimon also remarked on his long-held skepticism about 
crypto assets, pointing to their use in money laundering, sex trafficking and 
terrorism.
&#8220;I don&#8217;t think you should smoke, but I defend your right to smoke. I defend 
your right to buy Bitcoin,&#8221; he said.
_Michael Saylor comments on Dimon &#8216;s announcement. Source: __Michael Saylor_
JPMorgan will offer clients access to Bitcoin (BTC) exchange-traded funds 
(ETFs), CNBC reported, citing sources familiar with the situation. Until now, 
the firm has limited its crypto exposure primarily to futures-based products, 
not direct ownership of digital assets.
_**Related:**__**Morgan Stanley advisers can officially pitch Bitcoin ETFs**_
JPMorgan rival Morgan Stanley has also moved to offer spot Bitcoin ETFs to 
qualifying clients. Spot Bitcoin ETFs in the US have seen significant 
adoption, with almost $42 billion in total aggregate inflows since they 
launched in January 2024.
## Dimon&#8217;s Bitcoin bashing history
Dimon has long been skeptical of Bitcoin, labeling it a scam that he had no 
interest in buying in 2018 and calling it &#8220;worthless&#8221; during the 2021 crypto 
bull market.
&#8220;I&#8217;ve always been deeply opposed to crypto, Bitcoin, etc.,&#8221; he said during a 
Senate Banking Committee hearing in 2023. &#8220;The only true use case for it is 
criminals, drug traffickers, money laundering, tax avoidance.&#8221;
&#8220;If I were the government, I&#8217;d close it down,&#8221; he said.
At the 2024 World Economic Forum in Davos, Switzerland, Dimon said Bitcoin 
&#8220;does nothing. I call it the pet rock,&#8221; which came after the asset topped 
$100,000 for the first time. 
_**Magazine:**__**Arthur Hayes $1M Bitcoin tip, altcoins &#8216;powerful rally&#8217; 
looms: Hodler&#8217;s Digest**_

JPMorgan boss says bank users can soon buy Bitcoin

The US Senate has voted to advance a key stablecoin-regulating bill after 
Democrat Senators blocked an attempt to move the bill forward earlier in May 
over concerns about President Donald Trump&#8217;s sprawling crypto empire.
A key procedural vote on the Guiding and Establishing National Innovation for 
US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 20.
Several Democrats changed their votes to pass the motion to invoke cloture, 
which will now set the bill up for debate on the Senate floor.
Republican Senator Cynthia Lummis, one of the bill&#8217;s key backers, said on May 
15 that she thinks it&#8217;s a &#8220;fair target&#8221; to have the GENIUS Act passed by May 
26 &#8212; Memorial Day in the US. 
_Source:__MartyParty_ 
The GENIUS Act was introduced on Feb. 4 by US Senator Bill Hagerty and seeks 
to regulate the nearly $250 billion stablecoin market &#8212; currently dominated 
by Tether (USDT) and Circle&#8217;s USDC (USDC).
The bill requires stablecoins be fully backed, have regular security audits 
and approval from federal or state regulators. Only licensed entities can 
issue stablecoins, while algorithmic stablecoins are restricted.
Several Democratic senators withdrew support for the bill on May 8, blocking a 
motion to move it forward, citing concerns over potential conflicts of 
interest involving Trump&#8217;s crypto ventures and anti-money laundering 
provisions.
_**Related:**__**Circle plans IPO but talks with Ripple, Coinbase could lead 
to sale: Report**_
The bill was revised soon after to receive enough bipartisan support to 
proceed to a vote.
Hagerty&#8217;s stablecoin bill builds on the discussion draft he submitted for 
former Representative Patrick McHenry&#8217;s Clarity for Payment Stablecoins Act in 
October.
_**Magazine:**__**Crypto wanted to overthrow banks, now it &#8216;s becoming them in 
stablecoin fight**_