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#SEC crypto priorities
nightpool · 4 months
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> "A highly anticipated decision by the US Securities and Exchange Commission on whether to approve a spot-Bitcoin exchange-traded fund quickly morphed into a major cybersecurity incident on Tuesday.
> "The SEC’s X account was compromised and a fake post claiming that the agency had green lit plans for the products fueled a brief surge in the price of the world’s biggest cryptocurrency. It also has sparked an investigation by US authorities into how a social media account at Wall Street’s main regulator was compromised. …"
Look, I have no inside information, but most of the reporting I have read about spot Bitcoin ETFs has said that 1. the SEC is going to approve them, 2. by the end of today, and 3. this is public knowledge that everyone believes.
So you would think it would be pretty priced in? It just does not seem to me like there would be a ton of alpha in (1) constantly refreshing the SEC’s Twitter account, (2) looking for a tweet saying “okay spot Bitcoin ETFs are cool now,” and (3) buying Bitcoin on the news. Which implies there would not be a ton of alpha in (1) buying a bunch of Bitcoin, (2) hacking the SEC’s Twitter account, (3) tweeting “okay spot Bitcoin ETFs are cool now” and (4) selling your Bitcoin into the resulting enthusiasm.
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Doesn’t it seem at least possible that this hack was just trolling? It didn’t move Bitcoin prices that much, and it shouldn’t have: The fake announcement was something that everyone expects to actually be true today. But it is very funny? The key element of online trolling is irony, and there is plenty of irony here. Like:
1. The crypto community and the SEC do not particularly like each other: Gensler’s SEC has launched a broad and aggressive crackdown on crypto, and it is only going to (probably!) approve spot Bitcoin ETFs today because a court forced it to. If you’re a Bitcoin enthusiast with the skills to hack the SEC’s Twitter, you might want to manipulate the price of Bitcoin, but you might also just want to make the SEC look bad.
2. Having the SEC (1) announce that Bitcoin ETFS are approved, (2) walk back that announcement, and then (3) announce it again, for real this time, the next day, really is quite embarrassing. Like if the hacker made the SEC say something outlandish and false, that would be a little funny. But making the SEC say something true a day early is extremely funny.
3. In addition to cracking down on crypto, one of the SEC’s big regulatory priorities under Gensler has been punishing companies for cybersecurity incidents.[2] The SEC once sued a company for using weak passwords, and its enforcement director said that the case “underscores our message to issuers: implement strong controls calibrated to your risk environments.” But apparently the SEC’s Twitter was compromised because it didn’t turn on two-factor authentication. Nyah nyah nyah nyah nyah!
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Anyway, the great counter-troll here would be for the SEC to announce today “you know what, all the Bitcoin ETF applications are rejected, we’ll see you in court again. We were going to approve them, but it turns out that the Bitcoin market is still too vulnerable to manipulation, as you can tell by the fact that someone hacked our Twitter to manipulate Bitcoin.”
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authoropen90 · 2 years
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Central African Financial Institution Regulator Reminds States Of Crypto Ban
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thenewsart · 4 months
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Crypto Community's Voices Grow Louder: Ousting Gensler Becomes A Priority For 2024
In a year when numerous countries have embraced cryptocurrencies as a means to foster economic growth and innovation, the United States Securities and Exchange Commission (SEC) has faced mounting criticism from the crypto industry. Since assuming the role of SEC Chair in April 2021, Gary Gensler’s tenure has been marked by an aggressive approach towards enforcement actions, lawsuits, and…
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ailtrahq · 7 months
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Digital assets should not be seen as “somehow special,” nor should action against Coinbase be seen as “novel or extraordinary,” argues an association of North American securities regulators.In an Oct. 10 filing in a New York District Court supporting the United States Securities and Exchange Commission, the North American Securities Administrators Association (NASAA) argued that digital assets need not be given any special treatment when it comes to applying securities laws. TradFi grey hairs file Amicus Curiae on behalf *drum roll* the SEC, in SEC vs. Coinbasehttps://t.co/ukeHcfcX8BNASAA landing page screenshot and story attached. PROTECT. pic.twitter.com/DczmmRVlm5— Mikko Ohtamaa (@moo9000) October 10, 2023 In June, the SEC sued Coinbase accusing the publicly traded crypto exchange of violating federal securities laws. Coinbase fired back arguing that digital assets and services it provided did not qualify as securities and that the agency was overreaching.However, NASAA general counsel Vincente Martinez argued the SEC’s position is neither “novel or extraordinary.” “The SEC’s theory in this case is consistent with the agency’s longstanding public position [...] It is also well within the bounds of established law.”The agency argued that it’s unnecessary for the SEC to get explicit Congressional authorization before applying established law to digital assets. Howey test sufficientOne of the cornerstones of the lawsuit is expected to come from the judge’s interpretation of the Howey test — used to determine what qualifies as an investment contract. Coinbase has argued digital assets don’t satisfy all prongs of the test. Martinez argued the Howey test was designed to be flexible enough to encompass all manner of technological advancements in the securities markets, including securities sold and traded on blockchains — similar to arguments previously made by the SEC. “The Court should reject Coinbase’s attempt to narrow and misapply the established legal framework in order to avoid being subject to the same regulatory obligations as all other participants in the Nation’s securities markets,” said Martinez, adding: “The Court should decline to treat digital assets as somehow special.”Crypto impact overstatedMartinez also took a swipe at Coinbase’s argument invoking the “major questions doctrine” which claimed executive agencies like the SEC need Congressional approval when it comes to issues of major political or economic significance.“Coinbase dubiously casts the ‘digital asset industry’ as ‘a significant portion of the American economy,’” said Martinez.However, Martinez said digital assets can’t be reasonably considered a significant component of the American economy as there is no practical economic use case or wide adoption of the vast majority of digital assets other than for speculation. “With very few exceptions, digital assets are not widely accepted to pay for goods or services, nor can they be used to satisfy obligations to the government such as fees or taxes,” he wrote.“As a class of assets, digital assets are not economically useful,” he said, adding: “Coinbase overstates both the size and significance of this ‘industry,’ particularly the portion that securities regulators oversee.”NASAA’s submission joined the SEC in asking the judge to deny Coinbase’s attempt to have the SEC lawsuit dismissed.Under the leadership of NASAA President Claire McHenry, NASAA members are advocating for investor protection in an era of technological innovation. Learn more about our legislative and regulatory priorities in this changing landscape: pic.twitter.com/4Gs5XU0NDt— NASAA (@NASAA) October 10, 2023 NASAA comprises 68 members inclusive of securities regulators from all 50 U.S. states along with securities regulators in Canada, Mexico and several U.S. territories. “NASAA and its members have a substantial interest in this case,” said Martinez.
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coinmystique · 8 months
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In a shocking flip of occasions, Shiba Inu (SHIB) skilled a quick consolidation break, reaching a 10-day excessive of $0.00000850, following the general market uptrend on Tuesday. This upswing was additional fueled by Grayscale’s authorized victory towards the US Securities and Trade Fee (SEC). Nevertheless, Shibarium, the Ethereum layer-2 community backed by SHIB tokens, was essentially the most vital catalyst for the newfound optimism. Shibarium’s Resurgence Fuels Bullish Sentiment For SHIB ValueShibarium, the layer-2 blockchain explicitly designed for the Shiba Inu token SHIB, has achieved a major milestone with a outstanding surge in pockets rely, reaching 337,100.This surge in new pockets addresses signifies renewed curiosity and heightened expectations, following current challenges confronted by the SHIB-backed layer-2 platform.Shibarium’s metric surge in pockets accounts and each day transactions. Supply: SHIBARIUM Explorer.The surge in pockets exercise clearly demonstrates restored confidence in Shibarium and its potential to offer an “enhanced user experience.” Furthermore, the transaction rely has rebounded considerably, recovering from a dip that noticed each day transactions drop to 40,000 on August 27, after peaking at 132,000 on August 25.The resurgence, rising confidence, and surge in new wallets and each day transactions have made Shibarium a pretty choice for retail traders searching for quicker, more cost effective, and personal off-chain transactions whereas benefiting from the underlying safety of the blockchain.After a troublesome begin, Shiba Inu delivered constructive information by saying the profitable performance of the extremely anticipated Shibarium Bridge on August 28, 2023. This bridge facilitates seamless motion of funds from the Ethereum Layer-1 to the Layer-2 Shibarium platform, enhancing transaction pace and lowering charges.Shibarium initially encountered challenges upon its launch, experiencing vital consumer and transaction volumes that prompted an “outage.” To deal with this subject, according to crypto influencer Keyur Rohit, Shytoshi Kusama, co-founder of SHIB, sought help from Sandeep Nailwal, co-founder of Polygon Labs. Collectively, they resolved the issues, making certain the security of funds. Kusama expressed gratitude to Sandeep for his assist.Notably, within the aftermath of the preliminary challenges, Shibarium undertook vital enhancements. The group expanded their server infrastructure by a formidable 1500% to “better handle” on-chain congestion. These corrective measures have resulted in speedy progress of the consumer base and a rise within the worth of the SHIB token.Moreover, Shibarium has achieved a notable Whole Worth Locked (TVL) of $1.42 million. This achievement signifies a major milestone and displays the rising enthusiasm throughout the Shiba Inu community.SHIB’s Uptrend At Threat? SHIB’s current restoration and constructive developments inside its native ecosystem have didn't maintain the preliminary pleasure, because the token’s worth motion has skilled a pointy decline. Over the previous 24 hours, SHIB has misplaced greater than 3% of its worth, at present buying and selling at $0.00000813.SHIB’s decline on the each day chart. Supply: SHIBUSDT on TradingView.comIncluding to the priority is the token’s incapability to surpass its 50-day Transferring Common, as depicted by the brown line on the each day chart above. Since July 2023, when SHIB briefly surged to the $0.000001137 mark, it has struggled to interrupt above this key transferring common.Nevertheless, there's a glimmer of hope if the general market, significantly the flagship cryptocurrency, Bitcoin (BTC), paves the way in which for improved liquidity within the rising sector. If SHIB manages to surpass this vital transferring common, it might sign the potential for one more sturdy uptrend, much like those witnessed in July and January, throughout which the token reached its yearly excessive.Featured picture from iStock, chart from TradingView.
com Supply: https://www.newsbtc.com/shib/shibarium-reaches-key-goals-is-shib-poised-for-new-heights/
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ladookhotnikov · 10 months
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The SEC Speeded Up Processing of Application for a Spot Bitcoin-ETF
Late in the evening of July 13, the status of BlackRock's application to place the cryptocurrency fund’s securities on the market was changed. The application was moved to the official list, which means its priority status.
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Note that the application was submitted a month ago, which, after the rejection of similar applications from Bitwise, Fidelity and Invesco was accepted by the cryptocurrency community with enthusiasm.
According to the regulations public hearings on the BlackRock application must now be initiated within 21 days.
The BlackRock platform operates on the spot market. Following the authorization of Bitcoin ETF futures earlier this year the crypto community has been keeping a close eye on the battle between the regulator and the spot ETF.
After the first judicial defeat in the cryptocurrency field, special attention is paid to the actions of the SEC. It looks like the SEC representatives decided to speed up all the processes related to the regulation of the cryptocurrency market. And it’s not a fact that now their position will be softer, most likely everything will be the other way around.
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etiennekissborlase · 1 year
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Gemini To Launch Non-US Crypto Derivatives Platform
Gemini To Launch Non-US Crypto Derivatives Platform https://bitcoinist.com/gemini-plan-to-launch-derivatives-platform/ Cryptocurrency exchange Gemini has announced its plans to open a crypto derivatives platform outside the United States. This is amidst the current mass withdrawal of crypto organizations from the US. Just after disclosing its decision to relocate its engineering hub and developers to India, US-based Gemini looks set to make another big move with the launch of its crypto derivatives platform. Gemini Foundation To Enable Users To Trade Spots And Derivatives On Friday, 21st of April, Gemini revealed its plans to launch an offshore derivatives trading platform – a new division named Gemini Foundation. This platform will allow users – outside the US – to trade on both spot and derivatives markets.  As per the exchange’s official announcement, the first product to debut on the platform will be a BTC perpetual contract denominated in GUSD (the exchange’s US-dollar-pegged stablecoin). An Ethereum perpetual contract (ETH/GUSD) is expected to launch soon afterwards. Gemini Foundation will enable eligible users to leverage their crypto assets to gain exposure to an underlying asset’s price without actually owning it. The crypto derivatives trading platform will be available to customers in Singapore, Hong Kong, India, Israel, Thailand, and several other countries in Central and South America and Asia. While the launch date was not specified in the announcement blog post, a link was provided for users to sign up for priority access and be notified when the platform is ready. Gemini Continues Search For Favorable Regulatory Environment Since the turn of the year, the United States’ Securities and Exchange Commission (SEC) has leveled several regulatory charges against various crypto firms in the country. While these actions may be viewed as a ripple effect of – and necessary reaction to – catastrophic events such as the FTX implosion and TerraUSD collapse in 2022, the fact remains that it has been a difficult few months for many centralized crypto entities in the United States. As mentioned earlier, Gemini recently announced its decision to relocate its engineering hub and developers to India. Although India is yet to fully embrace the cryptocurrency idea, it seems to be easing its stance on digital assets. This evolving crypto environment in South Asia may have encouraged the exchange to move its engineering hub there. Earlier this month, India’s finance minister Nirmala Sitharaman, proposed that the G20 countries – which the United States and India are part of – should develop a standard framework for cryptocurrencies and digital assets. via Bitcoinist.com https://bitcoinist.com April 22, 2023 at 09:35AM
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smarthomeease · 1 year
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Committee Advises SEC to 'Aggressively Assert Authority' on Crypto - Says Virtually All Crypto Tokens Are Securities
The U.S. Securities and Exchange Commission’s Investor Advisory Committee has advised the SEC to “aggressively” assert its authority over crypto assets that are securities. The advisory board believes that “virtually all, if not all, crypto tokens are securities,” urging the regulator to “make enforcement of crypto assets a top priority.” SEC urged to ‘aggressively’ assert authority over crypto…
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newsgola · 1 year
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SEC targets registered crypto advisors as top priority for 2023
The U.S. Securities and Exchange Commission (SEC) released its top priorities for 2023 on Feb. 7, in which it highlighted the need for greater attention to those advising investors to participate in crypto projects without proper accreditations. Alongside an initiative to ensure registered investment advisers (RIAs) have “adopted and implemented written policies and procedures that are reasonably…
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cryptoonus · 1 year
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SEC Tightens Grip on Crypto Industry: Scrutiny of Brokers & Advisors Ahead
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U.S. securities watchdog, the Securities and Exchange Commission (SEC), plans to scrutinize crypto brokers and investment advisors that provide or offer guidance on cryptocurrencies in the coming year. The SEC's Division of Examinations outlined its 2023 priorities, requiring brokers and advisers in crypto to exercise caution in offering, selling, and recommending digital assets. SEC Chair Gary Gensler stated that despite the expanding markets, changing technologies, and emerging risks, the Division of Examinations remains committed to safeguarding investors. The Division will aid in following the federal securities laws and regulations as it implements the 2023 priorities. Additionally, Richard R. Best, head of the Division of Examinations, stated that the chosen priorities display a "transforming environment" and the dangers that accompany these changes. He mentioned that by staying up-to-date with industry advancements, the SEC would be in a better position to recognize potential hazards for both investors and the markets. SEC's 2023 Crypto Broker-Adviser Examination Priorities The SEC will monitor its registered brokers and advisers. They must comply with standards of care in recommendations, referrals, and investment advice. According to the February 7th tweet: Today we announced the Division of Examinations 2023 priorities. The Division publishes its examination priorities annually to provide insights into its risk-based approach. The SEC will examine if entities regularly review and update their procedures for compliance, disclosure, and risk management practices. Additionally, the SEC released similar priorities as 2022, with an increased focus on standards of care and practices by brokers. The regulator prioritizes broker behavior rather than the unique risks presented by emerging financial technologies, as highlighted in 2022. Moreover, the SEC recently stated their investigation into registered investment advisers offering digital asset custody without proper qualifications. It comes nearly two weeks after a report on the matter. Related Reading | Lunar New Year Boosts China’s Central Bank Digital Currency (CBDC) Adoption SEC prioritizes investigation into registered investment advisers after FTX collapse, according to previous reports. The research has been ongoing for months. Furthermore, Investment advisory firms must meet legal requirements and follow 1940 Act custodial safeguards to offer custody services. Read the full article
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cryptosecrets · 1 year
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SEC to up scrutiny of firms offering or giving advice about crypto
Crypto brokers and investment advisors offering or giving advice about cryptocurrencies will be put under the scope of the United States’ securities watchdog this year. A Feb. 7 statement from the Securities and Exchange Commission’s (SEC) Division of Examinations outlined its priorities for 2023, suggesting brokers and advisers dealing in crypto will need to be extra careful when offering,…
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cryptoguys657 · 1 year
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SEC to up scrutiny of firms offering or giving advice about crypto
Crypto brokers and investment advisors offering or giving advice about cryptocurrencies will be put under the scope of the United States’ securities watchdog this year. A Feb. 7 statement from the Securities and Exchange Commission’s (SEC) Division of Examinations outlined its priorities for 2023, suggesting brokers and advisers dealing in crypto will need to be extra careful when offering,…
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cryptoking009 · 1 year
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SEC to up scrutiny of firms offering or giving advice about crypto
Crypto brokers and investment advisors offering or giving advice about cryptocurrencies will be put under the scope of the United States’ securities watchdog this year. A Feb. 7 statement from the Securities and Exchange Commission’s (SEC) Division of Examinations outlined its priorities for 2023, suggesting brokers and advisers dealing in crypto will need to be extra careful when offering,…
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ailtrahq · 7 months
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Is Binance available in New York? A Comprehensive Guide Cryptocurrency trading has gained immense popularity in recent years, and Binance has emerged as one of the largest crypto exchanges in the world. However, if you are a resident of New York, you may be wondering whether Binance is available for you to trade cryptocurrencies. In this comprehensive guide, we will explore the availability of Binance in New York and provide you with all the information you need about crypto exchanges in the state. Also read: Binance, CZ File to Dismiss SEC Lawsuit Source: Siasat.com Crypto exchanges and the Department of Financial Services When it comes to cryptocurrency trading, the regulatory landscape can vary from state to state. In New York, the Department of Financial Services (DFS) is crucial in overseeing and regulating financial activities, including digital assets. The DFS has implemented strict regulations to protect investors and maintain the financial system’s integrity. Also read: Bitcoin: MicroStrategy Buys $147 Million BTC Amid Outflows The BitLicense and Crypto Exchanges One of the key regulations introduced by the DFS is BitLicense, a license required for companies to operate as cryptocurrency businesses in New York. The BitLicense sets a high bar for crypto exchanges, imposing stringent requirements such as robust cybersecurity measures, anti-money laundering protocols, and consumer protection standards. However, not all crypto exchanges have obtained the BitLicense. Some exchanges, including Binance, have chosen not to seek the license due to the rigorous requirements and the associated costs. As a result, Binance is currently not available for residents of New York. Alternatives for New York Residents While Binance may not be accessible in New York, several alternative crypto exchanges hold the BitLicense and are available for state residents. Let’s explore some of these exchanges: Source: Financial Times Coinbase Coinbase is one of the most popular and trusted crypto exchanges in the United States. It is fully regulated and holds the necessary licenses to operate in New York. Coinbase offers a user-friendly interface, a wide range of cryptocurrencies to trade and secure storage options for your digital assets. Gemini Gemini is another crypto exchange fully regulated and licensed in New York. Founded by the Winklevoss twins, Gemini provides a secure platform for buying, selling, and storing cryptocurrencies. The exchange offers a seamless user experience and strongly focuses on compliance and security. Kraken Kraken is a well-established crypto exchange that has obtained a BitLicense, making it available for New York residents. Known for its advanced trading features and robust security measures, Kraken offers a wide range of cryptocurrencies and trading pairs. Bitstamp Bitstamp is a global crypto exchange that is fully licensed in New York. It has a solid reputation in the industry and provides a secure and reliable platform for trading cryptocurrencies. Bitstamp offers a user-friendly interface and competitive trading fees. Choosing the Right Crypto Exchange Source: Coingape When selecting a crypto exchange, it’s important to consider various factors to ensure the best trading experience. Here are some key considerations: Security Security should be your top priority when choosing a crypto exchange. Look for exchanges with robust security measures, such as two-factor authentication, cold storage for funds, and regular security audits. User Experience A user-friendly interface and intuitive design can greatly enhance your trading experience. Look for exchanges that offer a seamless and easy-to-navigate platform and responsive customer support. Range of Cryptocurrencies Different exchanges support different cryptocurrencies. If you have specific coins or tokens in mind, ensure the exchange you choose offers them for trading. Fees Consider the fee structure of the exchange, including trading fees, deposit and withdrawal fees, and any additional charges.
Compare the fees of different exchanges to find the most cost-effective option. Liquidity Liquidity refers to the availability of buyers and sellers in the market. Higher liquidity ensures you can easily buy or sell your cryptocurrencies at competitive prices. Look for exchanges with high trading volumes. Conclusion While Binance is currently not available for residents of New York, several alternative crypto exchanges are fully licensed and regulated in the state. Exchanges like Coinbase, Gemini, Kraken, and Bitstamp provide New York residents with a reliable platform for trading cryptocurrencies. When choosing an exchange, consider factors such as security, user experience, range of cryptocurrencies, fees, and liquidity. By selecting the right exchange, you can embark on your crypto trading journey with confidence and peace of mind. Always conduct your research and consult with a financial advisor before engaging in cryptocurrency trading.
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mubashirnews · 1 year
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SEC to up scrutiny of firms offering or giving advice about crypto
Crypto brokers and investment advisors offering or giving advice about cryptocurrencies will be put under the scope of the United States’ securities watchdog this year. A Feb. 7 statement from the Securities and Exchange Commission’s (SEC) Division of Examinations outlined its priorities for 2023, suggesting brokers and advisers dealing in crypto will need to be extra careful when offering,…
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gamekai · 1 year
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SEC to up scrutiny of firms offering or giving advice about crypto
Crypto brokers and investment advisors offering or giving advice about cryptocurrencies will be put under the scope of the United States’ securities watchdog this year. A Feb. 7 statement from the Securities and Exchange Commission’s (SEC) Division of Examinations outlined its priorities for 2023, suggesting brokers and advisers dealing in crypto will need to be extra careful when offering,…
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