Binance is getting a lot of heat from the Securities and Exchange Commission (SEC) and related agencies. Not long ago, Jareck Jakubcek – the head of law enforcement at Binance APAC – sat down for an interview to explain the regulatory issues surrounding crypto and to explain that digital assets aren’t immune to criminal activity. What’s Going on with Binance? He stated: At Binance, we welcome opportunities to actively engage with regulators, and we support clearer rules of the game, clearer regulations. We believe that there [must] be a set of defined rules by which cryptocurrencies [must] behave. So, having a regulatory framework is a step in the positive direction. Jakubcek, who conducts his work in India, says his country has set up clear steps to ensure the
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Nick Marinoff considers the following as important: Binance, Jareck Jakubcek, News, sec
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Binance is getting a lot of heat from the Securities and Exchange Commission (SEC) and related agencies. Not long ago, Jareck Jakubcek – the head of law enforcement at Binance APAC – sat down for an interview to explain the regulatory issues surrounding crypto and to explain that digital assets aren’t immune to criminal activity.
What’s Going on with Binance?
He stated:
At Binance, we welcome opportunities to actively engage with regulators, and we support clearer rules of the game, clearer regulations. We believe that there [must] be a set of defined rules by which cryptocurrencies [must] behave. So, having a regulatory framework is a step in the positive direction.
Jakubcek, who conducts his work in India, says his country has set up clear steps to ensure the birth of regulation that’s clear and efficient. He commented:
We do support criminal investigations in India and other jurisdictions. So far, we have had a very positive experience supporting the Enforcement Directorate in India, its investigations, as well as working with other law enforcement agencies in the country. An example of such a practical cooperation would be our support [for] the E-Nuggets investigation. During this investigation, we have provided extensive support to the ED that too often, under very short deadlines, allowed identification of the suspects and ultimately led to a substantial seizure of funds.
Right now, Binance is facing several criminal charges from the SEC, which claims the exchange ignored securities laws and that it commingled investor funds with company funds. Gary Gensler – the head of the SEC – was also quick to dismiss any arguments that regulation is not clear in the U.S., and he said this is no excuse for companies like Binance to take chances or break present laws. He said:
I find the talking point that there’s a lack of clarity in the securities laws unpersuasive. Some crypto companies might message that the laws are unclear rather than admitting that their platforms don’t have sufficient investor protection. Crypto intermediaries aren’t exactly lining up to register with the SEC and comply with the laws enacted by Congress.
Keep Your Head Up!
Jakubcek continued by saying that bad actors litter the crypto arena, and investors always need to stay careful. He said:
I’m not pretending that cryptocurrency is immune to criminal activities. Unfortunately, there are many criminal actors who are using the popular narrative of cryptocurrencies, and they are creating scams and different Ponzi schemes to attract naive investors. My advice is do your own research. Look at which platforms are most popular. Look at whether these platforms are used by millions of people, if these platforms were tested through time, or if these platforms can guarantee that they have billions in assets so that you will decrease your counterparty risk.