US regulators have filed a lawsuit against Binance, the world’s largest crypto exchange,alleging that it commingled client funds and misled investors in what it termed a “web of deception.” The Securities and Exchange Commission filed 13 civil charges against the company, accusing it of manipulating trading volumes, operating unregistered platforms, and misrepresenting trading controls. Binance denied the allegations, writing in a blog post that it had cooperated with the SEC’s investigations and vowed to fight the suit “vigorously.”

The crypto market hasn’t taken this well: BTC, the most traded cryptocurrency, more than 6% to its lowest level since March. Binance’s stablecoin is down almost 9% while Ethereum lost 4.3%.

ALSO WORTH NOTING-

  • US regulators move to shore up banks with new capital requirements: Large US banks could see capital requirements rise by about 20% under plans by regulators to shore up the banking system following the recent failures of a series of mid-sized lenders. (Wall Street Journal)
  • Commercial real estate could be the next flashpoint in the US financial system:Some US lenders are planning to offload commercial real estate loans at a loss amid growing signs of stress in the USD 5.6 tn industry due to rising borrowing costs and slow post-covid demand. (Financial Times)
  • Elon Musk’s brain chip startup more than doubles in value: Recent stock trades have put Elon Musk's brain implant startup Neuralink at a valuation of nearly USD 5 bn — more than double the USD 2 bn in 2021 — despite expectations that it would take Neuralink at least another decade to take its brain implant to market. The company last month received regulatory approval in the US to start testing its technology on humans. (Reuters)

EGX30

17,346

-0.6% (YTD: +18.8%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,294

+0.6% (YTD: +7.8%)

ADX

9,376

-0.3% (YTD: -8.2%)

DFM

3,653

+1.4% (YTD: +9.5%)

S&P 500

4,274

-0.2% (YTD: +11.3%)

FTSE 100

7,600

-0.1% (YTD: +2.0%)

Euro Stoxx 50

4,293

-0.7% (YTD: +13.2%)

Brent crude

USD 76.46

+0.4%

Natural gas (Nymex)

USD 2.27

+4.5%

Gold

USD 1,977.50

+0.4%

BTC

USD 25,606

-6.1% (YTD: +55.2%)

THE CLOSING BELL-

The EGX30 fell 0.6% at yesterday’s close on turnover of EGP 3.05 bn. Foreign investors were net sellers. The index is up 18.8% YTD.

In the green: Rameda (+4.3%), EFG Holding (+2.7%) and Mopco (+2.5%).

In the red: Ibnsina Pharma (-4.0%), Abu Qir Fertilizers (-3.5%) and Edita (-3.2%).

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