Results 1 to 3 of 3

Thread: Bitcoin Dives After SEC Says Crypto Platforms Must Be Registered

  1. #1

    Default Bitcoin Dives After SEC Says Crypto Platforms Must Be Registered

    https://www.bloomberg.com/news/artic...-be-registered

    Bitcoin slumped back below $10,000 after the U.S. Securities and Exchange Commission reiterated that many online trading platforms for digital assets should register with the agency as exchanges.

    The largest cryptocurrency dropped as much as 13 percent to $9,416 after the SEC statement boosted concern that tightening regulation may limit trading. Bitcoin is down about 50 percent from its high of almost $20,000 in December in part because regulators worldwide have clamped down on trading, mining and initial coin offerings. Adding to concern is speculation that Asia-based Binance, one of the largest exchanges, has been hacked.

    “If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration,” the SEC said in the statement Wednesday.

    Some of the largest cryptocurrency trading platforms, like Coinbase Inc.’s GDAX, aren’t registered as a exchange with the SEC, and instead have money transmission licenses with separate states. In the case of Gemini, it’s regulated by the New York State Department of Financial Services as a trust company, according to its website. Templum LLC is an affiliate to Liquid M Capital, which is registered as an alternative trading system with the SEC. Overstock.com Inc.’s tZero says it aims to be a fully-compliant trading platform.

    Many platforms are referring to themselves as “exchanges,” which can give the “misimpression” to investors that they are regulated or meet the regulatory standards of a national securities exchange, the SEC said in its statement, warning that it doesn’t review the trading protocols used by these platforms and that access to a platform’s trading services may not be the same for all users.

    The SEC statement was issued by its trading and markets unit and its enforcement division, which investigates misconduct and fines firms for violating securities rules. The enforcement division’s involvement shows the potential pitfalls for digital-coin platforms that don’t heed the SEC’s warning to register with the agency: they could be sued and shut down.

    Exchanges that register with the agency have a high compliance burden, including being subject to inspections. They are also required to police their markets and follow SEC rules designed to ensure fair trading.

    Users of Binance complained online that their accounts got hacked. Binance users on social networks Reddit and Twitter said hackers sold their smaller coins and bought a cryptocurrency called Viacoin, which is up 28 percent today, according to CoinMarketCap.
    Quote Originally Posted by NorthCarolinaLiberty View Post

    Half the crap I write here is just to entertain myself.
    I am Zippy and I approve of this post. But you don't have to.



  2. Remove this section of ads by registering.
  3. #2

    Default

    Quote Originally Posted by Zippyjuan View Post
    https://www.bloomberg.com/news/artic...-be-registered


    Users of Binance complained online that their accounts got hacked. Binance users on social networks Reddit and Twitter said hackers sold their smaller coins and bought a cryptocurrency called Viacoin, which is up 28 percent today, according to CoinMarketCap.





    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  4. #3

    Default

    the decentralized exchanges may become more popular because of this
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

    BTC: 1AFbCLYU3G1dkbsSJnk3spWeEwpqYVC2Pq



Similar Threads

  1. Yacuna Launches No-Verification Bitcoin Buying for Crypto Novices
    By muh_roads in forum Bitcoin / Cryptocurrencies
    Replies: 0
    Last Post: 11-13-2014, 07:19 PM
  2. Replies: 76
    Last Post: 07-06-2014, 08:03 AM
  3. 'Babes of Bitcoin' crash the crypto-currency party
    By Keith and stuff in forum Bitcoin / Cryptocurrencies
    Replies: 0
    Last Post: 02-28-2014, 05:27 PM
  4. Crypto-currency for NSA leaker: Snowden fund accepts Bitcoin
    By tangent4ronpaul in forum U.S. Political News
    Replies: 1
    Last Post: 08-12-2013, 03:27 PM
  5. 10/16 Gold dives under $800; Silver under $10
    By Cowlesy in forum Economy & Markets
    Replies: 44
    Last Post: 10-16-2008, 06:28 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •