Chair Benham noted that “ there is confusion ” with the ongoing crypto regulatory action.Īs reported by Blackworks, Behnam suggested that “there is a regulatory vacuum… a gap in regulation over digital commodity assets.” In the aftermath of the SEC lawsuits against Binance and Coinbase, CFTC chair Rostin Behnam told the House Agriculture Committee that it would take one to two years to implement cryptocurrency regulations. This would allow crypto brokers, dealers, and exchanges to operate without the strict disclosure compliances that companies dealing in securities are subjected to. Crypto insiders are lobbying for cryptocurrencies to be classified as commodities and not securities. The market is hoping that the CFTC will come to its rescue. Meanwhile, in the equity market, Coinbase stock closed 12% lower on June 6 following the news. The company added:ĭata firm Nansen reported that users on Binance withdrew over $3 billion within 24 hours of the SEC lawsuit. SEC’s approach and called out the regulator’s refusal to engage with the crypto industry to provide “much-needed clarity and guidance to the digital asset industry.”īinance added that the SEC’s priority did not lie in protecting investors but in claiming “jurisdictional ground from other regulators” such as the Commodity Futures Trading Commission (CFTC). In response to the court case, Binance put up a defiant tone and said that it will “vigorously” defend itself. regulator followed up on the Binance lawsuit, filing a motion to issue a restraining order to freeze assets held by Binance, Binance.US, and its founder Changpeng Zhao. Accusations that Binance commingled customer’s funds for its own interest are similar to those made against now-fallen US crypto exchange FTX and its sister hedge fund Alameda Research. When comparing the SEC’s allegations made against Binance and Coinbase, the charges against the former look more serious.
Concealing efforts to ensure high-value US investors continue trading on its main platform, despite claiming that the company did not allow US citizens to use.Not allowing Binance.US to operate independently.Misrepresenting how investor protection controls are implemented at the Binance.US platform.Offering staking and profit-generating programs called BNB Vault and Simple Earn.
Selling Binance-owned cryptos BNB and BUSD stablecoin.
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