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Well, there goes crypto. With this precedent, Coinbase is next. Bitcoin will probably survive, but the landscape will change radically.
It doesn't look like anyone is going to outright lose assets - but perhaps not the able to withdraw for some period of time?
Well, there goes crypto. With this precedent, Coinbase is next. Bitcoin will probably survive, but the landscape will change radically.
[1] https://www.americanbar.org/groups/litigation/committees/wom...
Assuming coinbase gets taken down too, do Americans have any options left to convert their crypto to fiat? Or do they need to perform offshore transactions?
Funnily enough there was some amount, less than a dollar IIRC, left in Voyager when they folded. I received an email telling me it was being taken over by...Binance. Never bothered to login and even check it.
Guess it really is scams all the way down.
Well, there goes crypto. With this precedent, Coinbase is next. Bitcoin will probably survive, but the landscape will change radically.
all of this conveniently happening right before FedNow goes live in July and after the debt ceiling got suspended until 2025
Earlier quoted context omitted.
Coinbase and Binance acted/acts very differently. Binance basically throw their hands in the air saying "well, whatever, it's illegal so whatever we do is illegal, so lets just do whatever" while Coinbase been acting as they are trying to follow the law as much as they could, while still operating an exchange. Not saying one is more illegal/legal than the other, but they certainly acted differently.
Do you have any insights into why they act like this? Is it the founders vision?
Binance acts like this because complying with US law is ridiculously expensive. Binance cares most about serving the remaining 95% of humanity that does not live in the US. Maybe seven years or so ago they really started shifting things around so their US services are expendable, and could be jettisoned at any moment if US regulators start biting.
Both are entirely reasonable strategies, and it's why I, as a US citizen, moved everything I had in Binanace away 7 or so years ago, and only ever do anything custodial with Coinbase. Back in the before times, I had accounts across multiple global exchanges so I could run arbitrage bots etc, but now it's basically Coinbase or nothing when it comes to custodial exchanges.
Also from TuongVy Le(@TuongvyLe12), former Chief Counsel at SEC:
"Let’s be clear: the @SECGov complaint doesn’t mention this, but there is currently NO way for a platform like @coinbase to register as a securities exchange, broker, or clearing agent. That’s why they’ve been begging @SECGov for YEARS to give them a path to compliance.
Instead of working constructively with U.S. market participants to come up with a working model, and knowing that Congress is actively considering legislation to do the same, SEC sues. No allegations of fraud, just accusing @coinbase of failing to do the impossible."