Bitcoin Floats Around $10,000 as Regulators Impose Crack Down

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After plunging by more than $1,000 in just an hour yesterday, Bitcoin is sitting just above the $10,000 mark, as various regulators continued to scrutinise the digital assets.

Yesterday, the Securities and Exchange Commission (SEC) of the United States said that it would require digital asset exchanges to register with the agency, sending the price of bitcoin dropping to below the key level of $10,000.

The SEC stated: “If a platform offers trading of digital assets that are securities and operates as an ‘exchange,’ as defined by the federal securities laws, then the platform must register with the SEC as a national securities exchange or be exempt from registration.”

Read more: SEC Releases Warning for Potential Investors of Cryptocurrency

The agency added that it had “concerns” that platforms of online trading appear to investors as if they are registered with SEC and regulated marketplaces when they actually are not.

It stated: “Many platforms refer to themselves as ‘exchanges,’ which can give the misimpression to investors that they are regulated or meet the regulatory standards of a national securities exchange.”

Today, regulators in Japan added more pressure on bitcoin with a decision to require two cryptocurrency exchanges to cease trading. The Financial Services Agency is working to sustain protections for consumers after the $530m (£382m) theft from the Coincheck of Tokyo.

FSHO and Bit Station were ordered to halt their operations for a month while punishments were also imposed on some other exchanges.

Meanwhile, today, Binance, a crypto exchange, was forced to stop withdrawals because of a “large-scale” attempt of stealing and phishing.

Binance said that hackers were able to accumulate account credentials of users over a long period of time and that the earliest phishing attack was dated back to January.

The exchange said that all funds were safe so far.

Binance stated: “After a thorough security check by Binance, we resumed withdrawals. Trading functionality was never affected. There are still some users whose accounts were phished by these hackers, and their BTC were used to buy VIA [viacoin] or other coins. Unfortunately, those trades did not execute against any of the hackers’ accounts as a counterpart. As such, we are not in a position to reverse those trades. We again advise all traders to take special precaution to secure their account credentials.”