![]() Firms run by self-proclaimed altruists are scams. Stable coins are scams exchanges are scams NFT schemes are scams initial coin offerings are scams tokens are scams. In the world of crypto, big firms are scams. It is definitely down, written off by thousands of individual and institutional investors. Beset by long-standing problems of its own invention, the industry now faces not just a regulatory crisis but an existential one too: Is crypto down, or is it dead? Dozens of firms had failed, millions of individual investors had plunged into the red or cashed out, and billions of dollars of institutional investment had moved on. “We are very confident in the way we run our business-the same business we presented to the SEC in order for us to become a public company,” Paul Grewal, Coinbase’s chief legal officer, said in response.Įven before the SEC announcements, crypto was in trouble. Binance “should not be the subject of an SEC enforcement action, let alone on an emergency basis,” the firm said in a statement. And both firms vowed to fight the charges and remain operational. The government actions did not move the price of bitcoin much, nor did they crater Coinbase stock traders and investors had been expecting the enforcement actions for months. crypto business, with failing to register as a broker-dealer. It also charged Coinbase, a public company and the biggest U.S. ![]() ![]() L ast week, the Securities and Exchange Commission filed 13 charges against Binance, the world’s largest crypto exchange, accusing it of mishandling customer funds and a litany of other white-collar crimes. ![]()
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