JAKARTA – The US regulator, the Securities and Exchange Commission (SEC) is trying to dismantle crypto trading activities carried out by insiders such as staff at the exchange. Investigations are aimed at preventing such activity.
According to a report from Fox Business, the SEC has sent letters to a number of crypto traders asking for information on how the exchange platform protects users from insider trading activities.
However, it is not yet known which exchange received the letter from the regulator. Reports state that the number of leading crypto exchanges such as Binance, Coinbase, FTX, and Crypto.com declined to comment on the SEC letter.
On the other hand, the regulator also did not explain in detail their targets. With this investigation, the SEC can look for clues and see possible violations by crypto trading platforms.
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Launching Cointelegraph, some time ago the SEC was interested in investigating the NFT OpenSea trading platform. The regulator suspected that there was trading activity carried out by insiders.
According to Jeremy Hogan from the legal entity Hogan & Hogan, the SEC is interested in investigating crypto exchanges because of allegations of trading in digital assets that will be listed on the exchange and see a potential increase. Hogan said, "it's this kind of trading that the SEC may have been warned about in advance about the exchanges they need to control."
The collapse of Terra (LUNA) some time ago also prompted regulators to investigate more deeply related to internal trading activities. As is well-known crypto Terra (LUNA) has fallen more than 90 percent in the last month.
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