I don’t know a good news page in English. Maybe someone could post a link.
From my understanding, Binance US and Coinbase US are currently in trouble. Withdrawals are not possible right now? (I don’t have an account myself and can’t verify this)
Binance Global and Coinbase Global are not affected yet but this problem can escalate basically any time. I would personally expect them to also stop processing withdrawals in a few days/weeks/months. I have started to reduce my risks by withdrawing my assets while it is still possible.
If you are using a Binance or Coinbase deposit address for your storage node payouts you should fix that now. This is not the normal “if the exchange gets problems” warning. This time the problem is clearly visible and you have been told what happens next multiple times.
I can deliver a German Newspaper Artikel →
The lawsuit also specifically names Polygon as a security so there are also wider issues for MATIC currently.
The purpose of my post is to help SNOs make informed decisions regarding which wallet addresses they choose to use for payouts.
This is where to search for the official documents regarding SEC actions, to stay up to date on the latest developments.
Currently the status of Binance US is a Temporary Restraining Order has been requested but there is no documentation of it being granted at the time of this posting.
Thank you for the warning.
If this starts a run on deposits then you can bet they will fail…
Note that we have gotten confirmation that withdrawals currently still work normally for US based users of Coinbase and Binance.
Here is a nice explanation, if the facts are correct
The SEC doesn’t have the power to shut down the exchanges in question. So, they are suing them in court, which is different than if the FTC were to come in and shut them down. Different organizations with different powers, respectively. So, there is no immediate danger of either Exchange going down, and if I had to guess, it will end in some kind of settlement once the exchanges know what it is SEC wants.
The SEC did something similar to Kraken a couple years ago, and Kraken paid the fine and conformed to what the SEC wanted. They didn’t have to close up operations in the United States.
That said, there is some problem in the United States whether cryptos are considered Commodities or Securities. According to the head of the SEC, all Cryptos except Bitcoin are considered Securities. So, hopefully these court cases will define what the real answer is. Because everyone has been operating in a gray box right now, and there is NO crypto exchange that is compliant with SEC rules, because the rules have never been defined.
Should be interesting to see how it turns out.