Crypto Exchange Coinbase, Binance and Kraken Under Scrutiny

Despite some good signs that crypto prices are recovering, last week was not a bright one for the market, as the most important news came not from regulators but from enforcers. According to a New York Times report, the United States Treasury Department's Office of Foreign Assets Control (OFAC) is investigating crypto exchange Kraken for allegedly allowing users based in Iran and other countries to buy and sell crypto in potential violation of US sanctions.

In the other hemisphere, the Philippines' think tank Infrawatch PH filed a twelve-page complaint urging the local Securities and Exchange Commission (SEC) to block Binance's operations in the country. The news comes shortly after the Philippines' Department of Trade and Industry (DTI) rejected a Binance ban proposal in early July, citing a lack of regulatory clarity as one of the world's largest crypto exchanges still lacks a license in the Philippines. These developments set a worrying trend given the ongoing investigation by the US Securities and Exchange Commission into Coinbase's alleged trading in unregistered securities. Michael Bacina, Australian digital asset lawyer at Piper Alderman, told Cointelegraph that whether or not the tokens are ultimately found to be securities, the impact on exchanges could come to light. And this would be serious and chilling for both these exchanges and token projects.   Source: Cointelegraph