As long as CFTC doesn’t have anything bad to say about them, then the Red List will look like the go-to place to find great brokers.
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True, but at any given time they might increase pressure on these brokers
Whenever a broker becomes popular with U.S. traders, they start putting pressure on that broker to stop accepting US customers
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Skimming through the list just now, some have changed there game & gotten registered while other sites appear defunct.
Edit: Found only one faking the claim to be CFTC Regulated, as stated in a public alert by the SEC.
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Keep in mind, also, that a lot of these companies may end up making it onto the red list as a result of many Americans complaining about fraud, payout denials etc., so always best to use caution.
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Right. On the one hand, you may have an added layer of protection in terms of operating under the radar by using one of these ‘proxy/umbrella services’. On the other hand, you may more-easily get locked out and/or pushed around with little-to-no recourse.
With services like Robinhood, you will have more recourse, presumably. You will also be dealing with a company that controls most of their services. The downside is that such companies will be prime targets for regulators, and will need to remain fully-compliant. This won’t be so bad as long as we can get clear rules soon, regarding how to regulate various crypto assets.
I think, once we have sufficient clarity, companies like Coinbase and Robinhood etc. should be great options for those that are not concerned about anonymity/reporting. We might even see wider adoption and greater, overall acceptance of crypto once we have clearly-defined rules and the war on crypto becomes all the more difficult to justify (hopefully).
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If most of there customer base is from targeting Americans, then solvency can become an issue. This may explain why most sites on the Red List are defunct. One I found claiming to be CFTC Regulated is also on the SEC’s Public Alert Pause List.
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I cannot speak to that. Nor can I say anything about what percentage of deposits are coming from the States, relative to any other countries.
I can say that brokers come and go quite often; there are so many of them. Some exit-scam, some merge with other brokers, some go ‘legit’, some fail etc…
I would not give too much importance to any CFTC or SEC list. If a company is not currently on the list, it does not mean that it will not end up there.
Those that are on the list, may continue operating as-is, for many years; you just never know.
Always best to manage risk appropriately, regardless of any list. This is just my opinion.
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Building a website is push-button easy these days; it is even easier to push a button, and turn one off from a remote desert jungle.
I went through my password manager and forgot I had an account with this company. I’ve never used them so I need to check them out again.
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Oh, nice. I only briefly looked at this company so far. Please let us know what you think if you decide to take a gander.
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Well, apparently I didn’t save my password that goes with my email. Now they are asking me this, which I had no idea about because I didn’t make them my focus at the time.
Reset password
To reset password, please enter letters 5, 8, 10 of your memorable word. Keep in mind: it is case-sensitive.
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Here is another account I used twice, but now I cannot log in and they want me to contact them directly. Just putting these companies out there for people who may be looking for alternatives.
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I really think that the companies that are willing to work with regulators and meet compliance requirements, will be the better choice over the long-term.
I suspect that the companies that are hoping to continue operating under the radar will eventually meet their end and will be forced to stop accepting US clients.
We may be able to get by with working with some of these companies for a while, but it is only a matter of time until accounts are frozen and notices are sent out etc…
Hopefully, CoinBase v SEC will help to bring about broader clarity for the market in terms of compliance requirements and how to treat various crypto assets etc…
If lawmakers are successful at restructuring the SEC and reining in (or booting) Gensler, then we may also see some companies return to the US and maybe even some banks becoming more crypto-friendly in the process, especially once we have clearer laws and a better understanding.
Assuming that all of this happens, it could bring about wider adoption for crypto, as well as help to motivate some existing companies to make the transition towards compliance.
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Honestly for all the talk of wider adoption, the exact opposite has been happening. Thanks to government regulators.
It’s never been an issue of companies falling into compliance because regulators have repeatedly been unable to provide compliance clarity. That’s been Armstrong’s biggest complaint.
They talk out of both sides of their mouths. SEC and CFTC cannot agree on standards and yet they file lawsuits for violations no one was given notice to.
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Depending on how you look at it, this could be good news
Judge Signs Off on Binance, SEC Deal to Move All U.S. Customer Funds, Wallet Keys Back Onshore in Lieu of Restraining Order
A federal judge signed off on a temporary agreement between the U.S. Securities and Exchange Commission (SEC), global crypto exchange Binance and its U.S. affiliate to have Binance.US take steps to ensure only local employees can access customer funds as the regulator and companies work through an SEC lawsuit.
The parties announced a deal late Friday to ensure that only Binance.US employees can access customer funds in the short term, which Judge Amy Berman Jackson, of the District Court for the District of Columbia, signed early Saturday. The judge also ordered the parties to begin proposing timelines for the broader lawsuit.
According to the proposed agreement, Binance.US will take steps to make sure that no officials from Binance Holdings, the global exchange, have access to private keys for wallets or hardware wallets, or root access to Binance.US’s Amazon Web Services tools. The U.S.-based crypto trading platform will share detailed information about its business expenses, including estimated costs, in the coming weeks.
https://www.yahoo.com/finance/news/binance-sec-strike-deal-move-051205022.html
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Yes. And difficult not to entertain conspiracies regarding the reasoning for that, especially when we see people like Gensler so heavily flipping their script after making chair, as well as some of the banks that were seemingly targeted to make it look like their failure was crypto-related.
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-Yes. We saw this coming. Since the move to freeze was ruled legally and factually unjustified, this abuse of power will likely help any case to remove Gensler as Chair (hopefully).
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-Yes. Saw this one the other day. I think, the more that this is talked about, the better. Unfortunately, most of the major news syndicates are just partisan opinion outlets that are controlled by large, corporate interests, so we may only see limited coverage on this.
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BTC rallied on the news…
Imagine that…
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