Those who have been around the forex market for awhile have seen this before: When the SEC wants someone out of business, they win. The US retail FX market was cleaned out by regulators who can always find some kind of deficiency. In crypto, the early wild-west nature of the business ensures that there will be skeletons in the closet.
Ethereum is feeling the weight of that today, with Binance squarely in crosshairs and hiring criminal defense lawyers. ETH is down 5.4% to $1737 and that takes it below the May lows and into an area of light technical support.
ETH daily
Coinbase appears to want to fight it out in court but that’s going to be a tough fight against the ultimate adversary.
In any case, don’t take my word for it:
He also argues that the US DOJ has or will file criminal indictments. Do you want to be holding anything at Binance if/when CZ is arrested?
