The SEC Is Looking Into Insider Trading On Cryptocurrency Exchanges
According to Fox Business journalist Eleanor Terrett, The Securities and Exchange Commission (SEC) of the United States has written to various cryptocurrency exchanges, requesting information on the lack of insider trading protections. According to Terrett, the material was provided to her by “industry contacts with knowledge of the situation.”
Following several insider trading charges in the crypto sector, the SEC says it wants to protect investors by establishing restrictions. The Securities and Exchange Commission had previously requested that cryptocurrency exchanges register and publish financial data. The Securities and Exchange Commission’s Gary Gensler has recently chastised crypto exchanges for trading against their consumers.
The SEC is investigating insider trading at major cryptocurrency exchanges such as Binance
The SEC is examining whether Binance.US is actually independent of the global exchange and whether staff are engaging in insider trading, according to recent reports.
The SEC is also looking into whether Binance Coin’s (BNB) initial coin offering should have been registered as a security by the crypto exchange.
As outflows reach $102 million, a negative mood prevails
Coinshares reported negative outflows of $102 million in the previous week, indicating that negative sentiment continues to dominate crypto assets. Outflows of $57 million and $41 million, respectively, were seen in Bitcoin and Ethereum during the last week.
On Monday, the cryptocurrency market plummeted, with the bulk of digital assets falling to new yearly lows.
Cryptocurrency market capitalization went below $1 trillion for the first time since February 2021 on Monday, reaching $958 billion. Bitcoin plummeted to an 18-month low of $20,816 before regaining its footing.
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