Ed Moya – SEC Sues Binance, What This Means For The Larger Crypto Space and US Markets
Ed Moya, Senior Market Analyst at OANDA joins us to discuss the news form this morning announcing the SEC has filled charges against the crypto exchange Binance. We focus on how this news impacts possible new investors and larger institutions from entering the sector. We also discuss how the AI boom has taken interest away from cryptos.
Click here to visit the OANDA website and read over Ed’s daily market overview.
Just like the last dozen times the cryptoverse has been rocked to the downside on bad sector news, it is all coming from the shady financial and disclosure tactics of the 3rd party crypto exchanges. From Bitconnect to FTX to Binance…. the scandals and financial malfeasance isn’t coming from the coins or altcoins in most cases, but rather from the totally inept and criminal crypto exchanges, that the masses have gleefully flocked to as the answer.
For an industry constantly pushing the validity of “Decentralized Finance” in the business marketplace for transparency, security, and tracking of financial data; it sure is tragically ironic that it is actually the “Centralized” crypto exchanges have had an overall abysmal record of the just the opposite, with terrible transparency, financial disclosure, and user safety. (as millions of people have found out the hard way in multiple countries over the last dozen years).
As mentioned in the interview, maybe these exchanges need to spend a little more time “eating their own cooking” and implement better DeFi or CeFi as it were….
What is even more ironic is that people that purport the advantages of decentralized cryptocurrencies, throw all of that right out the window the minute they introduce a 3rd-party centralized exchange to buy and hold coins as their custodians. When are people going to wake up to the paradox they are holding in their own messaging in this sector?
Over A Million Are Owed Money By Failed Crypto Exchange
16 November 2022
Gavin Brown, Associate Professor in Financial Technology at the University of Liverpool, pointed to a recent report which suggested that “42% of exchanges which failed simply disappeared without a trace”.
Prof Brown told the BBC: “In the event of exchange failure, or even bankruptcy, it is the investors who are on the hook for losses.”
He and other experts warned that often small investors will go to the back of the queue when what remains of a crypto business is divided up among creditors.
Mr Gerard argued that in many of these failures there are “real liabilities but imaginary assets” and that a huge proportion of the assets are in exchanges’ own tokens – such as FTX’s FTT token – to which “they’ve assigned a spurious value in the billions”.
Since when has “Lying To Regulators” been a crime. I guess the markets will be closed for the foreseeable future when everyone turns themselves in. The lines will be worse than Disneyworld.
Haha! Good one Lakedweller2! 😆
BBB Fibonacci fan and speed line breakout…
https://stockcharts.com/h-sc/ui?s=BBB.V&p=D&yr=1&mn=0&dy=0&id=p48896849699&a=1365850513
Looking forward to newsflow coming out going forward.
There’s a lot of potential this year regardless of the action in gold and silver.
Weekly:
https://stockcharts.com/h-sc/ui?s=BBB.V&p=W&yr=3&mn=3&dy=0&id=p10678533953&a=1338055905
SEC Sues Binance And CEO Zhao Over Alleged Mishandling Funds, Lying To Regulators
Jacquelyn Melinek – TechCrunch – June 5, 2023
“The SEC is accusing Binance, the world’s largest crypto exchange, its CEO Changpeng Zhao and BAM Trading and BAM Management, of lying to regulators about its operations, according to a federal suit filed Monday. The regulator filed 13 charges against the defendants.”
https://techcrunch.com/2023/06/05/sec-sues-binance-and-ceo-zhao-over-alleged-mishandling-funds-lying-to-regulators/