#CryptoCorner; FSA and SEC crackdowns and Bitcoin drops
#CryptoCorner; FSA and
SEC crackdowns and Bitcoin drops
Point Roberts, WA, Delta BC – March 8, 2018 - Investorideas.com, a leader in crypto and
blockchain investing news reports on what’s driving the cryptocurrency markets
with today’s edition of Crypto Corner.
Crypto Corner – March 8, 2018
By Samuel Mowers at Investorideas.com
FSA and SEC
crackdowns and Bitcoin drops
Japan’s
Financial Services Agency (FSA) has sent “punishment notices to several
cryptocurrency exchanges, and forced others to halt business”, according to a report today
from CNBC.
The
FSA hit two exchanges, FSHO and Bit Station, with month-long business
suspensions. This came after the FSA discovered that a senior employee at Bit
Station had “diverted customer bitcoins for personal use” according to a report from
Nikkei.
The
FSA gave business improvement orders to Coincheck, which lost $530 million in
digital money back in January, Tech Bureau, GMO Coin, Bicrements and Mr.
Exchange.
Though
inspections are not yet complete, so far the FSA is concerned about exchanges
internal security inadequacies and system faults that could lead to another
January-style hack.
In
the U.S., the Securities and Exchange Commission (SEC), released a statement
yesterday cracking down on exchanges listing ICO tokens that are not
SEC-registered.
If a platform offers trading of digital
assets that are securities and operates as an "exchange," as defined
by the federal securities laws, then the platform must register with the SEC as
a national securities exchange or be exempt from registration.
Aaron Kaplan, co-founder and COO of Prometheum,
assessed the statement:
"ICOs have essentially been declared
securities and the SEC has made it clear that those facilitating trading of
ICOs must either be registered as a national securities exchange or alternative
trading system. This is just part of the process of the SEC forcing the the ICO
industry to mature and comply with the Federal Securities Laws."
Bitcoin (BTC) dropped over $1100 USD
yesterday getting as low as $9400 USD at one point in the space of 10 hours.
This is being attributed variously to the FSA penalizing exchanges, a
considerable bitcoin sell-off from a Mt. Gox trustee and now-refuted hack
rumours at Binance. The market began to recover, however, after the Binance
team refuted the rumours, and company CEO Changpeng Zhao released a statement
on the situation.
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