Binance to Turn ‚Zombie Assets‘ Into Stablecoins, Protect Users‘ Funds

• Crypto industry speaks out against SEC’s attempt to conflate DeFi with centralized exchanges
• Binance clarifies terms of use; plans to turn ‘zombie assets’ into stablecoins
• Ripple’s chief legal officer calls for investigation after release of Hinman docs

Crypto Industry Opposes SEC’s Attempt to Conflate DeFi with Centralized Exchanges

The crypto industry has spoken out against the U.S. Securities and Exchange Commission’s (SEC) attempt to equate decentralized finance (DeFi) platforms with centralized exchanges. Binance, one of the world’s largest cryptocurrency exchanges, clarified its terms of use in response and announced plans to convert „zombie assets“ into stablecoins. In addition, Ripple’s Chief Legal Officer asked for an investigation into the release of documents from William Hinman, the SEC Director of Corporation Finance.

Binance Clarifies Terms of Use

Last week, several Binance users raised concerns about the platform’s updated terms of use, which gave it exclusive rights to convert delisted cryptocurrencies into different digital assets after a specified period. In response, Binance said in a June 13 email shared with CryptoSlate that it would convert “zombie assets” into stablecoins in order to protect user funds from getting “stuck in limbo.” Zombie assets are cryptocurrencies whose networks are no longer supported by the exchange. However, Binance did not specify which stablecoin these assets would be converted into.

Ripple Calls for Investigation

Ripple’s Chief Legal Officer Stuart Alderoty wrote an open letter calling for an investigation into William Hinman’s leaked documents regarding cryptocurrency regulation and whether they were falsified or not. The letter stated that if true, these documents could have serious implications on how crypto companies interpret regulations when building their products and services around them.

Cardano’s DeFi TVL Surges Past 500 Million ADA

Cardano’s total value locked (TVL) in decentralized finance (DeFi) protocols has surged past 500 million ADA amid growing interest in its ecosystem. This marks a significant milestone as more users take advantage of Cardano-based projects such as Plutus and Mary smart contracts on its blockchain network.

Taiwan Telecoms Company Explores Crypto Investments

Taiwan’s second-largest telecoms company Chunghwa Telecom is exploring investments in local cryptocurrency firms as part of its long-term strategy plan for 2021-2025 fiscal year. The firm is reportedly interested in blockchain technology development and wants to build up local talent pools related to distributed ledger technology (DLT).