The time of the Wild West is over for cryptocurrencies, and therefore perhaps also the time of pharaonic investments. In Miami, the Heat room had to change its name after the surprise bankruptcy of FTX, and the fear is now that the Lakers and the Clippers are going through the same thing with Crypto.com.
As a reminder, this Singapore-based cryptocurrency exchange platform had signed, at the end of 2021, the largest “naming” contract in NBA history, for $ 700 million over twenty years to appear on the room. Lakers and Clippers, with the Staples Center becoming the Crypto.com Arena.
The problem is that the euphoria of the 2020-2021 period has died down around cryptocurrencies, as regulators gradually set out to control the market.
A control which will be accentuated whereas Gary Gensler, president of the SEC, the American federal organization of regulation and control of the financial markets, announced several complaints this week against Coinbase and Binance. The whole sector has understood the message, the United States therefore banging its fist on the table.
The SEC sends a clear message
“The investing public benefits from U.S. securities laws”explained Gary Gensler during an interview with CNBC on Tuesday. “Cryptocurrencies should be no different, and these platforms, these intermediaries must comply. »
The SEC Chairman has thus ended recess, and the entire industry must now adapt.
At Crypto.com, we are therefore restructuring by closing the institutional trading platform for the United States, a measure that will affect 400 customers, who were carrying out large-scale transactions. But the company assures that this will not profoundly affect its activity, which is based on its application, and its 80 million users around the world, who exchange cryptocurrency through retail sales.
“We remain fully confident in the continued success of our features as well as our market differentiation offerings, and we will continue to offer all other regulated services in the markets in which we operate”Crypto.com said in a press release.
According to ESPNCrypto.com has no intention of removing its name from the Lakers and Clippers room.
