WRAPUP 3-US tightens crackdown on crypto with lawsuits against…

Crude oil edged higher but gains were tempered by a report that the United States and Iran were close to a nuclear deal, although denials from both parties kept it off the previous session’s lows.

But the blows against Binance and Coinbase hit the industry with an accusation that stung: some crypto currencies are securities that must be traded under strict rules and not an alternative to dollars, yen or euros and outside the reach of regulators.

This should happen due to the quarterly “burning” of the tokens performed by Binance. The company aims to drastically reduce the amount of BNB available in the market, thus increasing its value.

The move comes at a time when the global cryptocurrency industry has been caught in the crosshairs of the U.S.

securities regulator on alleged violations of securities laws.

“Customers who make payments to crypto-currency exchanges are currently facing a significantly higher risk of potentially being scammed,” said James Roberts, general manager of CBA’s group fraud management services in a statement accompanying the decision.

The SEC has also , Changpeng Zhao, in a case which alleges a ‘web of deception’ to evade US laws.

Global regulators have been keeping a close watch on the crypto world after a string of high-profile collapses wiped out more than a trillion dollars from the digital assets industry’s market capitalization last year.

OCO is an advanced order that gives traders an ultimate choice to place two orders simultaneously. Generally, crypto trading experts use these orders to mitigate risks, take profits, and to enter the market. If one fulfills, the other one gets cancelled immediately. This typically involves combining two types as limit order with a stop limit.

However, only one order is allowed to be fulfilled.

Matt Hougan, chief investment officer at Bitwise Asset Management, Recommended site a major provider of crypto index funds, told Applications for spot bitcoin exchange-traded funds (ETFs) from asset management giants BlackRock and Fidelity have also been viewed as a vote of confidence for the industry.

Wall Street, where the S&P 500 touched a near 10-month high on Monday, was expected to start fractionally lower, while 0.2%-0.3% dips in London, Paris and Frankfurt kept Europe pegged back.

Refinitiv data showed the S&P 500 up 20% from its Oct. The most commonly accepted definition of a bull market is a 20% rise off a low, and a 20% decline from a high for a bear market, but that is open to interpretation.

“Crypto will be regulated soon with the new Market in Crypto Assets Regulation but this legislation does not apply to the social media companies benefiting from the advertising of crypto at the expense of consumers,” BEUC Director General Monique Goyens said in a statement.

Its new measures include a compulsory ‘cooling-off period’.

Under advertising changes coming in from October 8, firms will need to wait 24 hours before letting new customers buy crypto assets – hoping to mitigate the number of impulsive decisions.

“It could fundamentally hinder their ability to gain funding from the U.S,” said Lucas Kiely, chief investment officer of digital investment platform Yield App, adding this would likely impact the onboarding of developers and users.

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This is a high-risk investment and you should not expect to be protected if something goes wrong.

Future risk warnings could include: ‘Don’t invest unless you’re prepared to lose all the money you invest.

July 14 (Reuters) – Cryptocurrency exchange Binance has cut jobs just days after it was hit by a wave of executive exits, a source familiar with the matter told Reuters on Friday.

Similarly, rising expectations that the Bank of Canada (BoC) could resume its tightening campaign at an interest rate decision later on Wednesday sent the Canadian dollar to a near one-month high of C$1.3388 to the greenback.

Two-year Treasury yields, which are extremely sensitive to monetary policy expectations, rose to 4.602%, while the yield on benchmark 10-year notes US10YT=RR climbed to 3.743%.

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