Terraform Labs to restrict US access, withdraw $23 million of liquidity following SEC ruling

Terraform Labs to restrict US access, withdraw $23 million of liquidity following SEC ruling
фото показано с : cryptoslate.com

2024-4-26 01:24

Terraform Labs (TFL) announced changes to its operations on April 25 in light of a recent court ruling related to the SEC’s case against the company.

TFL said it expects to receive a conduct injunction soon that will bar it from certain activities in the US. The company added that it will prepare for the injunction by barring US users from accessing some products and features starting in the week of April 28.

TFL called the development “frustrating” and said it is “against geoblocking as a matter of principle” but has no choice but to adapt.

The policy change will not affect some projects, including Alliance, an open-source Cosmos SDK module, and the Terra blockchain itself.

Liquidity closures

TFL must also withdraw liquidity from positions on various platforms due to the injunction

The company said it will start withdrawing liquidity worth $23.8 million across three platforms — Astroport, Ura, and White Whale — on April 26. Each position is a LUNA pair.

Terraform Labs said it would store the withdrawn LUNA tokens in a multisig account through the bankruptcy proceedings.

SEC requested injunctions

The SEC filed charges against Terraform Labs in February 2023. The trial began this March, and a jury found Terra and its former CEO, Do Kwon, liable for fraud in early April.

The SEC requested various injunctions against the defendants on April 19.

Specifically, the SEC asked for restrictions on each party’s ability to purchase, offer, and sell crypto asset securities — including but not limited to LUNA. The SEC also said the defendants should be barred from inducing other parties into such transactions.

The SEC also requested monetary fines and penalties totaling $5.3 billion

Terraform continues to operate and offer certain products despite its bankruptcy and the collapse of its stablecoin, TerraUSD, which depegged from the dollar in May 2022.

The post Terraform Labs to restrict US access, withdraw $23 million of liquidity following SEC ruling appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

SIRIN LABS Token (SRN) на Currencies.ru

$ 0.001184 (-0.04%)
Объем 24H $1.512k
Изменеия 24h: 6.74 %, 7d: 1.42 %
Cегодня L: $0.001184 - H: $0.001184
Капитализация $0 Rank 5028
Доступно / Всего 0 SRN

ruling sec tfl terraform labs receive expects

Источник: cryptoslate.com

ruling sec → Результатов: 126


Фото:

Ripple secures digital payments license in Singapore

In yet another win for blockchain technology company Ripple, it has received full approval for its license to operate as a Major Payments Institution (MPI) in Singapore. This development comes on the heels of a recent ruling in the United States that denied the Securities and Exchange Commission (SEC) the ability to file an appeal […] The post Ripple secures digital payments license in Singapore appeared first on Invezz.

2023-10-5 10:54


Фото:

Ripple wins again as judge denies SEC’s appeal

The US Securities and Exchange Commission (SEC) has lost its motion to appeal an earlier ruling that declared Ripple‘s cryptocurrency XRP not a security. According to US District Court Analisa Torres, the SEC has failed to convince the court why the ruling that sales of XRP directly to investors wasn’t a security offering should be […] The post Ripple wins again as judge denies SEC’s appeal appeared first on Invezz.

2023-10-5 10:40


Фото:

XRP Lawsuit: SEC Pleads With Court to Grant Appeal against Ripple

The U.S. Securities and Exchange Commission (SEC) has intensified its efforts to seek a mid-case appeal against Ripple, in the wake of the groundbreaking XRP ruling. This legal dispute, which started off in December 2020, centres on the question of whether Ripple violated securities laws when it made XRP available to retail investors through various […]

2023-9-18 21:24


ETF season continues as Ether application lodged while markets plod along

Key Takeaways The crypto market has seen increased volatility off the back of ETF developments in the last couple of weeks Grayscale secured a positive ruling in its case against the SEC regarding its ETF application Markets subsequently fell as the regulator pushed out the approval date of all ETF applications Cathie Wood’s ARK Invest […] The post ETF season continues as Ether application lodged while markets plod along appeared first on CoinJournal.

2023-9-7 12:39


Grayscale Bitcoin trust discount narrowing, SEC pushed out ETF deadline

Key Takeaways Crypto volatility has picked up in the last two weeks A positive court ruling regarding the conversion of Grayscale’s Bitcoin trust into an ETF propelled markets last week Gains have since been given up as SEC pushed out assessment date for ETF filings After a long period of calm, the crypto markets have […] The post Grayscale Bitcoin trust discount narrowing, SEC pushed out ETF deadline appeared first on CoinJournal.

2023-9-5 08:44


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Australia court sets precedent for crypto in non-cash payments

Australia’s securities regulator has marked its first court victory, setting a precedent regarding a non-cash payment facility involving crypto. The Australian Securities & Investments Commission (ASIC) has set a legal precedent in the local crypto market after the Federal Court…