The SEC Chair has issued a warning to cryptocurrency exchanges
Gary Gensler, the Chairman of America’s top financial watchdog, has called for robust regulations for the digital asset business.
According to the American, certain bitcoin exchanges break the rules and wager against their own customers. Most digital assets are regulated by the SEC, and exchanges that deal with them need register with the regulator.
Commissioner Gary Gensler of the US Securities and Exchange Commission (SEC) has stated that he is “looking at every avenue” to guarantee that crypto exchanges follow anti-money laundering and know-your-customer requirements.
He listed Tether, USD Coin, and Binance USD as examples of organisations that “possibly” evade AML and KYC standards while facilitating trading on major exchanges. The SEC appointed Corey Grayer as a Senior Advisor at the end of 2021.