Are your cryptos safe at Coinbase and Binance as the SEC is suing the two of the biggest crypto exchanges? Where can you go next if you are moving digital assets off them? Experts weigh in on your burning questions.
One of the first rounds in the clash between the Securities and Exchange Commission and Binance is giving the exchange’s users an uncomfortably close front row — and it might have them wondering if they should keep their funds or flee.
While the judge decides how to rule on Binance.US assets, crypto investors may be nervous about how to be in control of their assets. Many crypto investors are young, just building their wealth and already seeing warning flags for cryptocurrency. Coinbase and Binance.US said they have 1:1 reserves for customer assets. Coinbase keeps its client cash in in Federal Deposit Insurance Corporation-insured banks, which protects $250,000 per depositor, per account, according to the company’s website. Larger cash balances go to money market mutual funds, which are conservative and highly liquid, Coinbase said.
The lawsuits aren’t singling out “bad apples” but are regulator reactions to “systemic” weak spots in the new world of crypto investing, he said. “Under the law creating SIPC, ‘security’ does not include unregistered investment contracts. Crypto assets generally would be viewed as investment contracts and unless registered with the SEC, they are not securities under the SIPC statute, and therefore, they cannot be customer property,” Wang said.
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