Category: Exchanges

SEC Chair Gary Gensler Blasts Crypto Exchanges, Avoids Issue of Appeal in Landmark Ripple Ruling

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U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler is once again sounding the alarm on crypto exchanges, saying that the platforms are not working in the best interests of their users.  In a new Bloomberg interview, Gensler says that companies issuing crypto tokens are not being 100% honest with their investors.   The SEC chair zeroes in on crypto exchanges, saying that the centralized platforms are operating in an unacceptable manner by taking advantage of their users. “A lot of investors should be aware, it’s not only a highly speculative…

Indian Supreme Court Demands Government Action on Cryptocurrency Regulation

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The Indian Supreme Court has ordered the Union government to explain its position on creating a federal body to handle criminal cases involving cryptocurrency. The court voiced its displeasure with the current crypto regulatory landscape, highlighting the necessity for a national specialised body to handle complicated enquiries in the public interest. The existing condition has been harshly criticised by Justices Surya Kant and Dipankar Datta. They noted that huge sums of money are being stolen from the nation via crypto scams, and that without a legal structure in place, it…

SEC Warns Accountants Not To Partake in Mislabeled ‘Audits’ for Crypto Exchanges

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The U.S. Securities and Exchange Commission (SEC) issued a warning to accountants this week, cautioning them to avoid partaking in misrepresented “audits” for crypto firms. Paul Munter, the chief accountant at the SEC, says in a new statement that crypto exchanges and other digital asset companies have been tapping accounting firms to review parts of their businesses and then passing those partial reviews off as “audits.” “As accounting firms increasingly engage in this sort of non-audit work, their clients’ marketing and terminology risks misleadingly suggesting that these alternative, non-audit arrangements…

Substituting cryptocurrency for gold exposure may be a costly mistake

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Viewing cryptocurrency as “digital gold” may be a mistake. State Street Global Advisors’ George Milling-Stanley, whose firm runs the world’s largest gold exchange-traded fund, believes cryptocurrency is no substitute for the real thing due its vulnerability to big losses. “Volatility does not back up any claims for crypto to be a long-term strategic asset as a competitor to gold,” the firm’s chief gold strategist told CNBC’s “ETF Edge” earlier this week. Milling-Stanley’s firm is behind SPDR Gold Shares, the world’s largest physically backed gold ETF. It has a total asset…

Spain Registers eToro as Crypto Exchange, Custody Services Provider

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The Bank of Spain has registered eToro as a virtual asset exchange and electronic wallet custody services provider in the country. The Israel-based social trading and investment firm announced the development today (Friday), noting that it secured the registration about a month ago. Get up to 12 months for Free on 50+ Alibaba Cloud Products and Solutions! Enjoy 50% more budget-friendly with cutting-edge enterprise-grade cloud computing services. Click to Start Now! eToro said the registration is to enable the company to provide fiat-to-crypto exchange services in Spain. The registration was…

Bitcoin price risks ‘major volatility’ as 10K BTC hits exchanges

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Bitcoin (BTC) returned to exchanges en masse on July 27 in a sign that “major volatility” could come next. According to data from on-chain analytics firm Glassnode, intraday BTC exchange inflows have hit multi-month highs. Trader warns of BTC price volatility “spike” BTC price action continues to linger below $30,000, and traders have consistently warned that further downside could come next. At current levels, Bitcoin’s largest-volume investor cohort, the whales, appear to be in a state of flux in an unclear market. Now, with large tranches of coins on the move…

CFTC Overreached in Suing Binance, Crypto Exchange Says

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The filing leans heavily on the view that the CFTC is overreaching in suing Binance, which does not operate in the U.S., and its CEO Changpeng “CZ” Zhao, who does not reside in the U.S., the filing said. The first six of the CFTC’s charges “do not apply to the foreign conduct alleged here,” and several of the charges don’t meet the legal standards set out by statutory requirements, it added. Source

Cryptocurrency Bill Advances Out of U.S. House Agriculture Committee

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However, the House Agriculture Committee markup sharply contrasted with the verbal scrum down the hall in the Financial Services Committee Thursday. While the Financial Services Committee saw Democrats argue for more time to work on the bill and shouting on the floor, the Agriculture Committee worked through various amendments, adopting proposals from both Democrats and Republicans. Source

Binance and Changpeng Zhao Look To File Motions Compelling the CFTC To Dismiss Lawsuit Against Crypto Exchange

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Crypto exchange Binance and its CEO Changpeng Zhao are planning to submit legal motions requesting the dismissal of the Commodity Futures Trading Commission’s (CFTC) lawsuit against the company. According to a new court filing, several Binance business entities, Zhao and Binance’s former chief compliance officer Samuel Lim intend to file two separate motions by July 27th asking the judge to dismiss the lawsuit. The CFTC filed the complaint against Binance in March alleging a long list of regulatory violations, including that the exchange did not properly register with the regulator.…