Yesterday, the Ontario Securities Commission (OSC) revealed an enforcement action against Seychelles-based crypto-to-crypto exchange Poloniex for “operating an unregistered crypto asset trading platform.”
During a Friday meeting of China’s State Council, discussions were held about “[cracking] down on [BTC] mining and trading behavior.” The same day, Hong Kong regulators revealed plans to bar retail investors from trading crypto.
Crypto has undergone its most significant correction since this bull market began. At one point yesterday, the estimated aggregate crypto market cap had lost as much as about USD 1 trillion WoW. Today, we review some notable metrics.
3 Chinese self-regulatory organizations have issued a statement reiterating that financial institutions in the country are barred from engaging with crypto businesses. The note, which only confirms long-standing policy towards crypto in China, has been mischaracterized as a new crackdown on crypto by the media.
Earlier this month, SEC Chairman Garry Gensler said the U.S. lacks a “regulatory framework” for crypto exchanges which currently don’t have “protection against fraud or manipulation.” The remarks preceded an SEC staff statement that described BTC markets as unregulated and having the potential for “fraud or manipulation.”
Last week, Bloomberg reported that Binance is under investigation by the U.S. Justice Department and IRS. The legal uncertainty faced by Binance is most concerning for alt-coins, for which Binance has emerged as an essential marketplace.
Binance is under investigation by the U.S. Justice Department and IRS, according to Bloomberg. The outlet previously reported in March that Binance was being investigated by the CFTC over allegations that it allowed U.S. residents to trade derivatives that violated local rules.
Yesterday, Elon Musk tweeted that Tesla would stop accepting BTC as payment due to concerns over the carbon costs of transactions. The apparent U-turn comes 3 months after Tesla announced it had purchased USD 1.5 billion-worth of BTC and that it would accept the coin as payment., the firm behind the EOS network and asset, has announced plans to launch a new cryptocurrency exchange in 2021. The new venue, called Bullish Global, will seek to combine elements of centralized and decentralized exchanges. EOS has rallied about 40% on the news.
Over the weekend, a Reuters article on Ethereum made reference to the network’s scaling challenges, while research firm Bernstein highlighted “execution risk” related to upgrades in a May research report.