Biggest Movers: ETC up Nearly 30% on Tuesday, as Merge Timeline Is Set
Biggest Movers: ETC up Nearly 30% on Tuesday, as Merge Timeline Is Set Ethereum classic was a notable mover in today’s session, as the token rose by nearly 30% on Tuesday. T
SEC Scrutinizing Crypto Exchange Binance US — Chair Gensler Stresses ‘Basic Investor Protection’
News Feed
-
2022-02-17 02:02:14
SEC Scrutinizing Crypto Exchange Binance US — Chair Gensler Stresses "Basic Investor Protection"
The U.S. Securities and Exchange Commission (SEC) is reportedly scrutinizing the U.S. arm of cryptocurrency exchange Binance over trading firms with links to Binance CEO Changpeng Zhao. SEC Chairman Gary Gensler emphasizes the need for “basic investor protection” in the crypto space. Binance US Probed by SEC
The U.S. Securities and Exchange Commission (SEC) is reportedly probing the U.S. arm of the cryptocurrency exchange Binance (Binance US).
The securities watchdog is examining the relationship between Binance US and two trading firms with ties to Binance CEO Changpeng Zhao (CZ), the Wall Street Journal reported Tuesday, citing people familiar with the matter.
The two firms are Sigma Chain AG and Merit Peak Ltd. They act as market makers that trade cryptocurrencies on the Binance US exchange.
However, the SEC alleges that Binance US did not disclose to its customers the links between the exchange and the two trading firms, the people say, adding that the SEC has requested information about the two companies from Binance US.
On Wednesday, Fox Business interviewed SEC Chairman Gary Gensler about the Binance US news and the SEC’s efforts to regulate the crypto space. While the SEC chief did not specifically comment on the Binance US probe, he cited “basic investor protection” as the key driver for all SEC actions.
Chair Gensler detailed: Most of the activity in this asset class, $2 trillion, is happening on centralized exchanges or lending platforms.
He proceeded to talk about the enforcement action taken against cryptocurrency lender Blockfi. The company has agreed to pay $100 million to settle charges with the SEC and state regulators.
Gensler emphasized the importance of ensuring “basic investor protection — protection against fraud and manipulation.” He reiterated that many of the tokens on crypto exchange platforms may be securities. Tags in this story Binance.us, Gary Gensler, investor protection, SEC, SEC binance, SEC investigating binance, SEC probing binance
What do you think about the SEC probing Binance US? Let us know in the comments section below. Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. President Lukashenko Signs Decree to Create Crypto Wallet Register in Belarus REGULATION | 16 hours ago SEC Warns Against Interest-Bearing Crypto Accounts — Says They"re Riskier Than Bank Deposits REGULATION | 19 hours ago
Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articlePowerTrade Management Team Explains the Benefits of Automated Market Makers Next articleTechnical Analysis: AVAX Enters Crypto Top 10, as NEO, THETA Also Gain Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMcDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants
Following a slew of well known brands filing trademarks for metaverse related products and virtual goods, the American fast food firm founded in 1940, McDonald’s, has filed for ten trademark applications that describe plans to offer virtual restaurants and other ... read more.Topps Plans to Auction Rare 1952 Mickey Mantle NFT Card Minted on Ethereum JPMorgan Predicts Long-Term Bitcoin Price of $150K — Outlines Challenges Ahead Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks RBI: Cryptocurrency Is a Big Threat to Macroeconomic and Financial Stability in India