Crypto Crash Imminent?: Kraken Settles With SEC, Binance Halts US Dollar Transfers
Kraken SEC Settlement News: The crypto market is in the danger of facing an imminent crash due to back to back shock news effect. According to an official announcement, the exchange entered into a settlement with the U.S. Securities and Exchange Commission (SEC) by agreeing to close down its crypto staking service and $30 million in penalties. It appears that things moved fast between both the parties after it was earlier stated that a settlement could be reached in the ‘coming days’. Kraken was facing an SEC probe into whether it offered unregistered securities.
Also Read: Why Upcoming Polygon (MATIC) Upgrade Can’t Come At A Better Time
Crypto Market Reacts To Kraken SEC News
Meanwhile, the cryptocurrency market is dumping heavily in reaction to the Kraken SEC settlement news. In a very short span of time, Bitcoin (BTC) lost around $600 value down to the $22,000 level now. As of writing, BTC price stands at $22,025, down 3.75% in the last 24 hours. Going by the current market sentiment, BTC is more likely to dip further.
On the other side, major crypto exchange Binance said it was temporarily halting US dollar deposits and withdrawals. This led to speculation about the exchange’s challenged with the banking partners in the United States. The company said in a statement it was working to restart service as soon as possible.
Also Read: LocalBitcoins To Close Service, Crypto Community Distraught
Crypto Staking – SEC’s Target?
Much has been talked about around crypto staking as a service after Coinbase CEO Brian Armstrong stating that the SEC was about to place a ban staking. He said rumors were around that the SEC was planning to ban crypto staking for retail investors. The latest news of Kraken offering to close down its staking service only reiterates the SEC’s intentions.
Also Read: Are These Tokens The Future of Crypto Gaming In 2023?
Will the impact of SEC’s actions on the crypto market prolong for next few weeks? Or there could be a shift of capital from altcoins to Bitcoin (BTC)?
- BNB Rally to $1,300 Will Continue As Binance Hits Crucial Q3 Milestone, Says Expert
- Trump’s Real Estate Moves On-Chain as Hut8 Adds WLFI Tokens to Boost Treasury
- ASTER Token Defies Crypto Market Consolidation With 14% Upside, Expert See Next Stop at $3
- MetaMask Gears Up for Major MASK Token Airdrop With Reward Points System Launch
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
