But here’s the rub: I personally don’t think that the SEC cares much about “safe and secure” in this instance. What they seem to care about is the word “separate.” And if, through the movement of assets, any customer funds touched an account held by Zhao, even for a millisecond, the SEC will likely jump at the opportunity to throw a punch at Binance.
It will be interesting to see what ultimately constitutes a “loophole,” along with how many international jurisdictions agree. The Q&A between Warren and Assistant Secretary of the Treasury for Terrorist Financing Elizabeth Rosenberg implies that they would seek international coordination as they take their fight to crypto.
Where daily average returns for the month of June ranked sixth among all months between 2014-2020, its returns from 2021-2023 rank last. The result of the turmoil was a 37% decline in bitcoin during June 2022 from almost $32,000 to $19,966, falling as low as $17,690 at one point. And, almost a year to the day, we receive news of the SEC’s action versus Binance. The market response was notable, with prices declining 5.4% on higher than average volume.
It would appear that as each punch is thrown, the assets themselves have certainly taken a hit, but less so than the entities being targeted, which are often centralized in nature.
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