![]() Specifically, backtested results do not reflect actual trading or the effect of material economic and market factors on the decision-making process. Backtested performance is developed with the benefit of hindsight and has inherent limitations. This information is provided for illustrative purposes only. No representations and warranties are made as to the reasonableness of the assumptions. Certain assumptions have been made for modeling purposes and are unlikely to be realized. Changes in these assumptions may have a material impact on the backtested returns presented. General assumptions include: XYZ firm would have been able to purchase the securities recommended by the model and the markets were sufficiently liquid to permit all trading. Backtested results are calculated by the retroactive application of a model constructed on the basis of historical data and based on assumptions integral to the model which may or may not be testable and are subject to losses. The results reflect performance of a strategy not historically offered to investors and does not represent returns that any investor actually attained. Backtested performance is not an indicator of future actual results. On Monday, COIN stock fell 9%, while several cryptocurrencies, including Bitcoin, Binance coin ( BNB-USD), and Ethereum ( ETH-USD), also retreated.ĭespite recent volatility, Bitcoin is still up more than 64% year-to-date.ĭisclaimer: The TipRanks Smart Score performance is based on backtested results. It is also under investigation by the Department of Justice (DOJ) for potential money laundering and sanctions violations.Īside from Binance, Coinbase is another crypto exchange that is facing the SEC’s wrath. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance, for allegedly operating an illegal exchange and a “sham” compliance program. Regulators have heightened scrutiny of crypto firms since the debacle of FTX and other crypto entities last year. The crypto exchange assured that all user assets on Binance and its affiliate platforms, including Binance.US, are “safe and secure.” Growing Regulatory Headwinds ![]() Meanwhile, in a blog post, Binance stated that it would vigorously defend its platform, calling the SEC’s actions “limited in reach” because the company is not a U.S. “We allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law,” said SEC Chair Gary Gensler. The SEC urged a federal judge to freeze Binance’s assets and appoint a receiver. The regulatory body added that Sigma Chain indulged in manipulative trading that artificially inflated the trading volume of crypto asset securities on the Binance.US platform.įurther, the SEC said that Binance and its CEO commingled billions of dollars in customer assets and diverted them to a third-party Merit Peak, also owned by Zhao. ![]() The SEC alleged that Binance and Zhao misused customers’ funds and diverted them to a trading entity called Sigma Chain, controlled by Zhao. In a complaint filed in a federal court in Washington, D.C., the SEC listed 13 charges against Binance, Zhao, and the operator of its independent U.S. Crypto stocks like Coinbase Global ( NASDAQ:COIN) also declined on Monday. The news dragged down cryptocurrencies, with Bitcoin ( BTC-USD) touching its lowest in almost three months. Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its CEO Changpeng Zhao, alleging that the cryptocurrency exchange operated an illegal trading platform in the U.S.
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