• Crypto.com token Cronos (CRO) approaches a year low and could face scrutiny from the US SEC.
• The exchange offers US users over 250 cryptocurrencies to choose from with staking services for several of them.
• A large Crypto.com account sent funds to Binance, raising suspicions about the future of Crypto.com.
Crypto.com Token Approaches Year Low
Crypto.com token Cronos (CRO) approached its year-low and reached $0.058 on June 9, after a 15% monthly loss. Notably, the resulting CRO price stood only 5% above its yearly low of $0.054 on Dec 2022.
US SEC Crackdown On Crypto Sector
The US Securities and Exchange Commission (SEC) cracked down on the crypto sector in bulk in the previous quarter, suing digital asset firms and exchanges including two of the largest crypto exchanges: Binance and Coinbase. The agency has yet to comment on whether crypto.com is at gunpoint or not, leading to concerns about its future if it faces similar scrutiny as these other exchanges did by the SEC for offering unregistered securities such as Solana (SOL), Cardano (ADA), Sandbox (SAND), Polygon (MATIC), Chiliz (CHZ), Binance coin(BNB), Decentraland (Mana), Algorand (ALGO).
Large Transfer Raises Suspicions
On June 8, a large Crypto.com account sent funds to Binance in a large enough transaction that raised suspicions due to heightened scrutiny from regulators on suspicious transfers between different exchanges like this one involving 30,000 ETH worth over $55 million dollars plus an additional $10 million in Tether (USDT).
Future Of Crypto Exchange Uncertain
Given this background information, it is unclear what will happen with cryptoexchange’s future if it does face similar legal action as was taken against Coinbase and Binance by the SEC concerning unregistered securities available through their platform or if this large transfer will draw attention from regulators who are looking into suspicious transactions between exchanges more closely now than ever before since enforcement actions have increased significantly over recent months regarding cryptocurrency related activities that might be considered unlawful under current regulations or laws regarding investments or other financial market activities .
International Approvals Might Stave Off Trouble
Whether international approvals can help stave off any potential trouble remains unknown at this time as well but given that cryptoexchange is based out of Hong Kong with millions of users across 80 countries worldwide could potentially help provide some protection if need be when facing potential legal actions form US regulators like we’ve seen recently with Coinbase and Binance’s cases against them .