Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), said that time is running out for cryptocurrency exchanges and intermediary institutions to comply with the rules, and the institution has only just begun the pressure.
SEC Chairman Gensler recently issued strong warnings against cryptocurrency exchanges. Stating that the SEC has just started to put pressure on exchanges trying to evade regulation, Gensler said that “for exchanges to start rules,”Time is running out” he said. All crypto exchanges and brokerage houses on customer funds more transparent The SEC, which invites you to become proof of reserve referred to their reports.
gens, Binance This application, used by major cryptocurrency exchanges such asnot enough” told.
Proof of reserve is neither a complete accounting of a company’s assets and liabilities, nor a separation of client funds under securities laws. This proof must be done following the time-tested rules of retention, separation of client funds, and accounting.
For crypto companies that do not comply with the regulations and do not share the necessary information with the regulatory authorities “They’re like casinos in the wild west“For cryptocurrency exchanges and other law-avoiding companies,” Gensler said.running out of patience” he stated.