Biggest digital coin breaches $10,000 in three-day decline
Attempted theft from Binance accounts adds to investor worries
SEC StanceIn the U.S., the SEC said for the first time that platforms serving as venues for digital assets that are securities will need to register with the agency as a national exchange, or qualify for an exemption. 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, which was issued by the agency’s trading and markets unit and its enforcement division. 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. Some of the largest cryptocurrency trading platforms, including Coinbase Inc.’s GDAX, aren’t registered as a exchange with the SEC, and instead have money transmission licenses with separate states. Gemini is regulated by the New York State Department of Financial Services as a trust company, according to its website, while 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. Coinbase said in a statement that it complies with all applicable laws. “Under the current SEC guidance, Coinbase and the GDAX exchange are exempt from registration requirements as they do not list assets that could be considered securities,” it said. The company said it plans to continue discussing regulation of cryptocurrencies with authorities. “We applaud the SEC’s statement,” Gemini President Cameron Winklevoss said in a statement. “The trading of ICO tokens that are unregistered securities on unlicensed exchanges has gone on for far too long. This is dangerous for consumers and bad for the cryptocurrency ecosystem as whole.”
Binance ComplaintsUsers of Binance complained online that their accounts had been hacked, and took to social networks Reddit and Twitter to say that hackers had sold their smaller coins and purchased a cryptocurrency called Viacoin.
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