This is The Crypto Explorer! your Crypto tour guide.

A warm welcome to the 69 folks who joined us yesterday

Here’s what we got for you today:

• 😱 CoinEx Banned in NYC!

• 🌠 BlackRock Aims for Bitcoin ETF!

• 🧱 Around The Block: FTX founder Sam Bankman-Fried now faces two criminal trials.

 😱 CoinEx Banned in NYC!

CoinEX, a Hong Kong-based cryptocurrency exchange has been banned from operating in New York by Attorney General Letitia James.

The ban is the result of a lawsuit against CoinEX for failing to register as a securities and commodities broker-dealer and for falsely representing itself as a crypto exchange.

And it’s not just the ban.🤯

CoinEx must return over $1.1 million to 4,691 investors from New York, and more than $600,000 will be paid in penalties to the state.

Furthermore, CoinEx is required to implement geo-blocking measures to prevent access by New York IP addresses and is forbidden from creating new accounts for U.S. customers.

Basically their American dreams just went down the digital drain.😔

But don’t panic if you’re a CoinEx user; you have a golden opportunity to recover your crypto funds.

According to the announcement, investors can receive their refund in the form of cryptocurrency directly from CoinEx over the next 90 days.

However, after 90 days, eligible investors can receive their refund as U.S. currency from OAG by emailing [email protected].

If you want that refund in crypto, better act fast!🏃

 🌠BlackRock Aims for Bitcoin ETF!

BlackRock, the largest investment company in the world, has filed an application with the SEC for a Bitcoin spot exchange-traded fund (ETF),which, if approved, would be the first of its kind in the United States.

According to a filing made by the Nasdaq stock exchange with the SEC, the custodian of the fund's Bitcoin holdings would be Coinbase Custody Trust Company, while the fiat currency would be held by the Bank of New York Mellon.

Also, the BlackRock iShares Bitcoin Trust would be traded as Commodity-Based Trust Shares, aimed at overcoming the complexities and operational burdens associated with direct investments in Bitcoin.

And here's the cherry on top:

The price of Bitcoin will be updated at least every 15 seconds during regular market trading using the CF Benchmarks Index.

Looks like they’re trying hard to cover all the bases so their application isn’t rejected like others.😣

The SEC has not granted such approval thus far.

Cathie Wood's ARK Invest and European investment firm 21Shares have been advocating for spot Bitcoin ETF approval and filed their third applications in April.

While Grayscale appealed to the court after the SEC rejected its application for a spot Bitcoin ETF, arguing for the reliability of Bitcoin futures.

You gotta love their resilence.💪

So, while we wait with bated breath for the SEC's decision, let’s hope Blackrock will be the first to do what seems doable.🤞

🧱 Around The Block: FTX founder Sam Bankman-Fried now faces two criminal trials.

• ⚖️ FTX Lawsuit: FTX founder Sam Bankman-Fried now faces two criminal trials.

• 🗣️ Request: Blockchain Assoc. requests info on Prometheum over ‘suspicious’ approval.

• 😮 Insolvency: Crypto lender Abra has been insolvent since March, says Texas regulator.

• 📑 Report: Fed, SEC investigate Goldman Sachs over Silicon Valley Bank’s securities portfolio.

That's all we've got for you today.

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In any case, see you tomorrow, or on Twitter, if you're there: @danielakpobare

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions. Please be careful and do your own research.