Home Business SEC writes crypto exchanges over insider trading

SEC writes crypto exchanges over insider trading

by admin

SEC writes crypto exchanges over insider trading Oluwapelumi Adejumo · 3 days ago · 2 min read

In a May interview, SEC chairman, Gary Gensler, had said that some crypto exchanges were providing services that could be against their customer’s interest.

2 min read

Updated: June 15, 2022 at 2:22 am

Cover art/illustration via CryptoSlate

👋 Want to work with us? CryptoSlate is hiring for a handful of positions!

A tweet from Eleanor Terrett, a business journalist at Fox, has said that the United States Securities and Exchange Commission (SEC) has written several crypto exchanges about “insider trading safeguards.”

🚨SCOOP: Industry sources with knowledge of the matter tell me the @SECGov has sent letters to several crypto exchanges inquiring about a lack of insider trading safeguards.

— Eleanor Terrett (@EleanorTerrett) June 14, 2022

Authorities ramp up insider trading investigations in crypto industry

Terrett’s tweet shows that U.S. authorities are increasingly interested in curbing malicious players from using privileged information to their advantage.

The letter is unsurprising because during a Bloomberg interview in May, the commission’s chairman, Gary Gensler, said that some crypto exchanges were providing services that could be against their customer’s interests.

In his words,

“Crypto’s got a lot of those challenges — of platforms trading ahead of their customers. In fact, they’re trading against their customers often because they’re market-marking against their customers.”

Is Nate Chastain’s charges the first of many?

Earlier this month, U.S authorities brought a landmark case against a former executive of OpenSea, Nate Chastain.

The U.S. Department of Justice charged him with using privileged insider information to enrich himself.

If convicted, Chastain faces up to 20 years in jail.

At the time, the U.S. Attorney in charge of the case, Damian Williams, said the government was committed to

“Stamping out insider trading – whether it occurs on the stock market or the blockchain.”

According to Jeffrey Roberts, a former prosecutor in the U.S. Attorney’s office, the charges against Chastain could be the

“Beginning of a major sweep focused on the use of inside information relating to transactions in cryptocurrency tokens and other digital assets.”

Meanwhile, several reports have emerged against some top crypto exchanges and politicians over allegations of insider trading, an act they vehemently deny.

The SEC’s letter is coming when the crypto industry is trading at a low that was last seen in January 2021. The industry’s market cap is below $1 trillion, and flagship digital assets like Bitcoin and Ethereum are trading under $23k and $1200 each.

Source : CryptoSlate

Related Articles

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

NEWS7.ASIA :SEC writes crypto exchanges over insider trading
https://www.belrogo.com   https://teenoi.net   https://www.elegance-lingerie.com/   https://www.topfringues.com/   https://www.intellinews.us  
MAGRIFIT FLASH – Detox et coupe faim naturel extra fort – Complément Minceur qui t’aide en ton régime – Aide à atteindre… *  Jack Kerouacs 100. Geburtstag: Seele der Nacht *  Boutique Beauté 90 Coffret Maquillage 12 Fard à Paupières + 5 Brillant à Lèvres + 2 Fards Joue + Applicateur Double pour… *  Le Saint Fiacre, 111, avenue du Président Wilson 93210 Saint-Denis *  Interface audio Zoom Tac de 2 Thunderbolt *  * Le Brigadier Gérard *  Charlotte Tilbury La Boîte De Cadeau Look Bombe (Pack de 4) *  https://www.laboutiquehigh-tech-leblog.com   https://www.follement-bijoux.com/   https://dedalustats.com   https://www.passionerestaurant.com/   https://www.collegae.net/   https://www.lecordonniermalchausse.fr/   https://www.jeuxjouetsremise.com/   https://pushkarvisit.com   SEC writes crypto exchanges over insider trading : news7

news7.asia SEC writes crypto exchanges over insider trading