This week, Bitcoin (BTC-USD) has barely managed to hang on to the $63,000 level as its two-month-long price weakness persists. Meanwhile, action in the cryptoverse continues with crypto exchange Kraken taking on the SEC (Securities and Exchange Commission), and Nigeria rejecting bribery claims from Binance (BNB-USD).
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The SEC’s Crypto Offensive
The SEC has been mounting attacks on crypto-focused names such as Coinbase (NASDAQ:COIN) and Robinhood (NASDAQ:HOOD) in recent times. It has issued investigative subpoenas to HOOD regarding alleged securities violations in its crypto operations. HOOD, on the other hand, maintained that the assets listed on its platform were not securities. Now, crypto exchange Kraken is also ramping up its tussle with the securities watchdog.
The SEC sued Kraken in November for operating as an unregistered broker, dealer, exchange, and clearing agency (it had placed similar charges against Coinbase). However, Kraken is arguing that the SEC did not word its case correctly. According to Bloomberg, Kraken alleged that the Commission failed to identify any investment contracts that were traded and settled on its platform. The crypto exchange has asked a court to dismiss the agency’s claims as it would mean a substantial reordering of the financial regulatory structure in the U.S.
Binance’s Tussle with Nigeria
Meanwhile, the tussle between Binance and Nigeria continues. In the latest, Nigeria has rejected claims of bribery from Binance. The country has detained two Binance executives, accusing the company of undermining its currency. Nigeria’s rebuff comes after Binance CEO Richard Teng disclosed that the company was approached to make a secret $150 million payment to resolve its troubles with Nigeria.
Earlier this week, Teng said that Nigeria’s actions set a dangerous precedent. Binance and its two employees are facing tax evasion and money laundering charges in the country.
Is BTC a Buy or Sell?
Amidst these regulatory tussles in the crypto world, BTC, the largest cryptocurrency in the world, might be headed lower in the near term as indicated by the TipRanks Technical Analysis tool, which is flashing a Sell signal on a daily timeframe.
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