It's beginning SEC going after cypto Coinbase and Binance

Appaently the FCC is on a war path for crypto .Today they are suing Coinbase say it never registered as a broker , Yesterday the Hit Binance and it's founder . If you are in looks like it's time to bail out or your money will be gone gone .

There's been a run to withdraw can't seem to find out just how much .


SEC sues Coinbase


BINANCE AND ITS FOUNDER SUED BY CFTC


It was fun while it lasted , I wonder if this has anything to do with the Fednow ?

a reply to: Ravenwatcher

This is the 2nd time I've closed out a short Coinbase position 1 day before big news that would've made me some decent profits SMH

But on this topic, Binance & Coinbase 100% deserve to pay the price for what they've both respectively done. The Binance Chief Compliance Officer literally bragged to a co-worker that they were "running an unregulated securities exchange in the US":

Binance responds to the SEC, CCO says “operating unlicensed securities exchange”

CCO was quoted saying “We are operating a fking unlicensed securities exchange in the USA bro.”

a reply to: FamCore

As long as they don’t heavily regulate the assets, I don’t care if they get treated as brokers.

If I want to buy a dumbass coin, that’s on me.

I dabble in stocks mostly, but I’ll pick up some coins here and there. I’m not some crypto absolutist, but I am excited about the technology and what it could bring.

a reply to: FamCore

At what point do the fed's call the transactions illegal since the transactions were completed through a unlicensed broker and start going after individual accounts ?

originally posted by: Ravenwatcher
If you are in looks like it's time to bail out or your money will be gone gone .

Only a fool would leave his assets on an exchange.

a reply to: underpass61

Only a fool would leave his assets on an exchange.

There’s more exchanges who went under than are still around.

Keys should be in your own wallet but preferably cold storage.

That’s the cool thing about crypto is (relatively) decentralized and self custodial.

a reply to: CriticalStinker

Self custody all the way. I have no interest in staking or any other profit-making schemes until regulators set up the rules. Accumulate and wait - or play games and get rekt.
Personally I'm in no hurry.

Still blows my mind that imaginary computer code is considered money.

Crazier still that people are retarded enough to want to regulate it.


Jeeze!

originally posted by: Timber13
Still blows my mind that imaginary computer code is considered money.

Crazier still that people are retarded enough to want to regulate it.


Jeeze!

I've always wondered who's cash backed it when bitcoin was $1 who matched that dollar with cash and paid $2 for it ?

a reply to: Timber13

Any crazier than a piece of paper in your wallet - printed and distributed at the whim of the government and nothing else?

a reply to: Ravenwatcher

funny story but true

I tried to access my account on coinbase a few months ago, but because I don't have an active phone currently I could not access it. I spent days with support trying to fix the problem, all the online help and phone specialists told me they couldn't do anything for me that I needed to register a phone number for "security"

I tried to explain that my old phone number now belonged to someone else, and they told me that they would send authorization to the number on file....

Long story short, they all lied to me because I ultimately was able to gain access to my account without a phone number.
you can use google authenticator app and other similar apps
that account is now closed.

here is an article about how the "US Government plans to sell 41k bitcoin"

also don't forget that bitcoin isn't limitless, I think something like 90% of the total volume has been mined, unlike etherium and other popular coins, which have an unlimited supply

I believe the UK is also taking action against coinbase.

I will take my money out of coinbase if possible.

a reply to: Nexttimemaybe

I will take my money out of coinbase if possible.

Just send it to a wallet you have the keys for.

a reply to: CriticalStinker

Cold, offline storage is the only way to go. Get one or more hardware wallets and store your assets. Don't trust "hot"/"soft" app-based wallets which are prone to hacks, like the most recent victim Atomic Wallet. Still nothing is guaranteed safe - assess the risks and act accordingly.

a reply to: underpass61

I have a hardware for all my bulk coins. It’s only received anything, all transactions done on hot.

a reply to: CriticalStinker

I have mine spread out over 3 wallets just in case something happens to one of them. Maybe overkill, but better safe than sorry.

a reply to: Ravenwatcher

Based off of how many people and how much money gets scammed in crypto it was bound to happen. Its not surprising at all. Honestly the most surprising bit is that its took this long after SBF for them too pull the trigger. My guess is they were waiting for an air tight case and I will bet they have one.

I wonder if the SEC knows they are going to win the multi year battle they have had with RIPPLE, taking them to court under the accusation that they are a security and not a currency. The SEC seems to have been (deservedly) losing this court battle over and over, yet here they are flexing their muscle again. Maybe they know RIPPLE is going to win, so they need to go after some of the other crypto players to save face?

cointelegraph.com...

There are a few reasons why I don't trust Binance, but I don't have any reason not to trust Coinbase. As far as I can tell, Coinbase is the best exchange around, and I've always been under the impression that they were on top of their regulatory requirements.

It seems to me that the issues the SEC has with Coinbase, stem from different interpretations of new and existing laws that lack clarity in a still emerging, and technologally new, market.

In the US, it seems that the big banks just settle their SEC cases by agreeing to pay huge fines, which hardly seem to phase them.