Who knows with the SEC. They don’t exactly have the best of reputation. They’re SOP is to hit exchanges out of the blue with actions, levy fines, rinse, repeat, etc.
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-And it seems that claims are being made that they do this even when companies are trying to comply, and have spent months jumping through their hoops, only to be abandoned by the SEC at the end of it. Really disconcerting and questionable behavior, if this is true.
In addition to that, it seems that some banks may have been strategically-targeted to make it look as if crypto is the reasoning for their failure(s). So much potential corruption is being brought to light, but I wonder if anyone important will take notice or insist on accountability.
And, again, at what point does the SEC or Gensler get sued for all of the damage that is being caused by all of this?
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There’s old articles and videos of Brian Armstrong talking how they had a SEC representative take up office space (for a period of years) to work together on crypto projects. A supposed great relationship only to get blindsided by a lawsuit.
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Recent interview with Brian Armstrong along with Gensler showing his cards.
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Yes. Coinbase and others are already exploring offshore options. This seems inevitable. The problem may still remain for US investors of having limited conversion options. Perhaps we will see more offshore banking options to help bridge the gap.
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I think, regardless of which side you stand on this issue, we can all agree that going to court may be the right approach here, as it will help to bring about clarity for the industry in terms of how various cryptocurrency should be treated and regulated.
He did say that Coinbase does not intend on leaving the US, and that they plan on continuing to provide their services here and also being active overseas and maintaining a global footprint.
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Until the SEC resolves its issues with coinbase and binance, I have moved my crypto business to kraken.com and robinhood.com/us/en/about/crypto/.
PayPal and Cashapp also handles BTC as well. 10k daily limits.
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Same. I ran a transaction with them right after Coinbase was sued, using a wire, and it was flawless. Fees also a little lower than the other guys. Robinhood is more expensive in my experience. Gemini is my last resort. Their customer service is terrible. Anyone use crypto.com? I think they’re the only one left I haven’t tried. The lawsuits have really spooked me and I’m very motivated to find more options for my business.
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Can anyone here explain why so many European countries are blackballed in this list? I must have missed a new EU regulation going into effect? I see all the usuals but Austria? Sweden? Germany? Luxembourg is the biggest surprise.
They still have their retail side of business but they are shutting down their Institutional Business
Crypto.com Winding Down U.S. Institutional Business
The move won’t affect the company’s retail operations.
Singapore-based crypto exchange Crypto.com will no longer be offering its services to institutional clients in the U.S., effective June 21, the company announced Friday.
The exchange cited “limited demand” from institutional customers in light of the “current market landscape.”
https://www.coindesk.com/business/2023/06/09/cryptocom-winds-down-us-institutional-business/
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The crypto ice age in the US has begun. I think I’ll try crypto.com just in case. I’m hoping that if they haven’t been hit with a lawsuit yet, maybe they’ll survive.
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Picking and Choosing Tokens to Prosecute Is ‘Pretty Unfair,’ Says Former SEC Cyber Chief
The U.S. Securities and Exchange Commission (SEC), led by Gary Gensler, has been clamping down big time on the cryptocurrency industry. This week it filed charges against Coinbase and Binance, the two largest cryptocurrency exchanges, for violating U.S. securities laws—claimed some cryptocurrencies are unregistered securities, while others remained, puzzlingly, unmentioned.
In fact, of the countless cryptocurrencies on the market, only a dozen or so have been called securities. Why is that?
Robert Cohen, former SEC Cyber Chief spoke to Laura Shin on Unchained Podcast about the disparity.
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While going through my password manager, I realized I had an account with uphold, but never used them. Buy Bitcoin, XRP, Ethereum Online - Uphold,
I’d be curious to know which banking solutions you guys are using, that are friendly to crypto activity? Feel free to PM me if you do not wish to publicly disclose.
I am looking at Juno as a possibility, but they are a fintech, and not actually a bank. I think it could provide a good way to on/off-ramp crypto, though, and to act as a go-between proxy service in case my access becomes restricted.
Also looking at Robinhood as a possible crypto ramp and go-between even though they have a heavy US presence.
The limits for Juno are the best that I have seen, comparatively-speaking, but I am still waiting on clarification regarding that.
Nonetheless, I think that I want to set up another couple of accounts with banks, just in case things get messy here; preferably, banks that have good terms for business accounts.
Thanks.
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I’m still looking for a crypto friendly bank, the key word is bank
Here are a few others you can add to your list with Juno and Robinhood
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Thanks.
I looked at revolut, but ended up dismissing it for some reason. I cannot remember why.
I just took a look at fidelity. I will have to look at it more to make better sense of their offerings.
I’m not sure if NerdWallet provides services or not(?). I will have to take another look when I have time.
I appreciate you sharing these. I will share anything else that I find.
I notice that Robinhood is similar to the fintech company that I was looking at. They offer a card and the banking (with FDIC insurance) is provided through 3rd-parties. They just happen to provide their own brokerage and exchange, whereas Juno does not.
The only thing that I am not so thrilled about are the limits on crypto-out-transfers and also possible delays. It’s not a deal-breaker, certainly. I am feeling more inclined to lean this way, the more that I look at things. It’s not a bank, but it’s basically acting as a bank. It feels more secure in terms of being crypto-friendly, that’s for sure.
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I have an account with them but never used it. It’s been several years but it might be time to take another look. I recall that they were expensive at the time. 2018/19?
I don’t know how any exchange could prosper without fiat on/off ramps. I used to be able to wire USD to myself from an offshore crypto exchange (for $12USD!!). When Silverado was crushed, that ended and there’s no replacement in sight.
I’m in the process of looking for an IBAN provider while the government tries to exterminate crypto in the USA. I’ve seen TransferWise mentioned frequently. Others are Intergiro, Genome, and SpectroCoin. I’m just starting the process. I don’t know how any of these work for US residents, and then, my brokers have to be OK with sending to them via wire.
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I have been successful wiring USD funds from CapitalOne (bank account) to Kraken (US). I did receive a call from CapitalOne to confirm, but have been successful twice. I tried wiring to Binance (US) a month or two ago and it was flat out rejected by CapitalOne.
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