US SEC crackdown on Coinbase, Binance puts crypto exchanges on notice

ВопросыРубрика: ВопросыUS SEC crackdown on Coinbase, Binance puts crypto exchanges on notice
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Belle Dutcher спросил 2 года назад

A group of French crypto investors filed a criminal complaint against Binance in December, accusing it of misleading the public and promoting its services before it was legally allowed to do so.

But the blows against Binance and Coinbase hit the industry with an accusation that stung: some crypto currencies are securities that must be traded under strict rules and not an alternative to dollars, yen or euros and outside the reach of regulators.

«This is a serious matter,» Senator Elizabeth Warren and Chris Van Hollen wrote in a letter to the Justice Department, saying a bipartisan group of lawmakers in March were seeking information from the industry as they weighed potential new laws.

DUBAI, June 15 (Reuters) — OKX, one of the world’s largest cryptocurrency exchanges, is seeking regulatory approval to operate in Dubai as it plans to expand the company’s Middle East operations, an executive told Reuters on Thursday.

Declining exchange balances of stablecoins and ether suggest that users are removing their assets from exchanges, although it is difficult to gauge what proportion of assets are moving to custody solutions, said Martin Lee, data journalist at blockchain tracker Nansen.

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Binance Coin —
Binance is the largest crypto exchange and it has native token binance coin BNB. Binance Coin has expanded past merely facilitating trades on Binance’s exchange platform.
The Binance platform includes the Binance smart chain, Binance chain, Binance academy, Trust wallet, and research projects.

«Crypto will be regulated soon with the new Market in Crypto Assets Regulation but this legislation does not apply to the social media companies benefiting from the advertising of crypto at the expense of consumers,» BEUC Director General Monique Goyens said in a statement.

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Trading bots are the programs designed to automate the crypto trading on your behalf. Make sure to choose the right trading bot from the right trading platform to automate the process. As a novice trader or a beginner, you might not be familiar with how these bots work and how they are used. Bots can gather market data, interpret it, and then calculate the potential risks, and further execute the buying and selling process.

«The fact that BlackRock, a well-respected and established asset management company, has filed for a Bitcoin ETF could be seen as a positive development in the quest for regulatory approval,» said Joshua Chu, group chief risk officer at blockchain technology group XBE, Coinllectibles and Marvion.

«We wish to see from regulators a bit more proactive guidance and legislation rather than regulation by enforcement,» said Paolo Ardoino, chief technology officer at Bitfinex, a cryptocurrency trading company that was fined by another US regulator, the CFTC, in 2021.

Cryptocurrency operator Circle Internet Financial said on Thursday it has hired Heath Tarbert, former chair of the Commodity Futures Trading Commission, as chief legal officer and head of corporate affairs, effective July 1.

«I don’t think that this SEC under this leadership necessarily cares whether they win or lose in the courts. I think what they are engaging in is a coordinated campaign to essentially destroy the crypto economy in the United States,» Stuart Alderoty, chief legal officer at Ripple, told the Piper Sandler Global Exchange & Fintech Conference in New York on Wednesday.

«Today’s agreement should serve as a warning to crypto companies that there are hefty consequences for ignoring New York’s laws.»

«Unregistered crypto platforms pose a risk to investors, consumers, and the broader economy,» James said in a statement.

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