Crypto Corner: FSA and SEC crackdowns and Bitcoin drops
Point Roberts, WA and Delta, BC - March 8, 2018 (Investorideas.com Newswire) 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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