cftc

Bitcoin price briefly hits $29K despite recent Binance crackdown

Despite ongoing crypto crackdowns, the price of BTC briefly tipped over $29,000on March 30, clocking a new high for 2023.

The price of Bitcoin (BTC) briefly tipped over $29,000 on March 30, recording a new high for the year, despite recent United States regulatory crackdowns on crypto firms and related uncertainty. 

According to Cointelegraph Markets Pro, the price of Bitcoin reached $29,132.82 on March 30, reaching levels seen just before the collapse of cryptocurrency exchange FTX in early November 2022.

Bitcoin’s price over 24 hours. Source: Cointelegraph Markets Pro

The increase comes despite a range of regulatory crackdowns in recent days, such as the United States Commodity Futures Trading Commission lawsuit against Binance and its CEO Changpeng “CZ” Zhao on March 27.

Bitcoin’s price bounce-back in the wake of such a bombshell development drew surprise from many industry commentators. Some believe this is due to speculation the lawsuit will only result in minor fines for the leading crypto exchange by transaction volume.

Related: Bitcoin price jumps above $28K after 1.5K BTC shorts ‘blown out’

The Crypto Fear and Greed Index — which aims to numerically present the current “emotions and sentiments” toward Bitcoin and other large cryptocurrencies — has been steadily increasing over the last month, despite wobbles in the global banking sector.

The crypto Fear & Greed Index. Source: Alternative.me

Some traders have argued that the recent price rebounds may have been due to large-volume traders buying back in, which was more related to their buying strategies rather than fundamentals.

Ethereum bulls ignore regulatory action against exchanges by preparing for the Shapella hard fork

ETH investors appear unconcerned about the regulatory challenges facing the crypto market and are instead selecting to focus on the network’s next upgrade.

For the past twelve days, the price of Ether (ETH) has been trading in a narrow descending range. Surprisingly, not even the news of Binance and Changpeng “CZ” Zhao being sued by the Commodity Futures Trading Commission (CFTC) was enough to break the support level. 

Ether (ETH) price index in USD, 12-hour. Source: TradingView

The lawsuit, filed on March 27, claimed that Binance provided derivatives trading services to United States-based customers without first obtaining a derivatives license. Additionally, the U.S. Securities and Exchange Commission served Coinbase with a Wells notice on March 22.

Even if traders saw no reason to reduce their Ether positions due to increased regulatory risk, Binance holds 35% of the open interest in Ether futures. Therefore, if traders are suddenly compelled to liquidate their positions or if there is a sudden reduction in liquidity after U.S. entities are effectively barred from Binance’s markets, one should anticipate a significant impact on Ether derivatives markets.

One could point to the market’s resiliency after BitMEX derivatives exchange lost its longtime market share advantage following a 30-minute outage in March 2020 during a Bitcoin crash. However, there is no way to predict the outcome of the regulators’ case against Binance, so it would be naive to assume that there is a zero percent chance of a service interruption — even if it means clients can close positions and withdraw assets.

Instead of focusing solely on the ETH price, it is essential to closely monitor Ether derivatives to understand how professional traders will react.

ETH derivatives show increased demand for longs

In healthy markets, the annualized two-month futures premium should trade between 5% and 10% to cover associated costs and risks. However, when the contract trades at a discount (backwardation) relative to traditional spot markets, it indicates traders’ lack of confidence and is regarded as a bearish indicator.

Ether 2-month futures annualized premium. Source: Laevitas

On March 29, derivatives traders using futures contracts became slightly more bullish as the indicator moved to 4%. The futures premium reached its highest level in four weeks, despite remaining below the 5% neutral threshold. Those traders became even more confident that the market structure would remain stable.

Still, the increasing demand for leverage longs (bulls) does not necessarily translate to an expectation of positive price action. Consequently, traders should analyze Ether’s options markets to understand how whales and market makers are pricing the odds of future price movements.

Related: SEC chief Gary Gensler to face Congress grilling over crypto policy

Option traders are unfazed by regulators’ actions

The 25% delta skew is a telling sign when market makers and arbitrage desks are overcharging for upside or downside protection.

In bear markets, options investors give higher odds for a price dump, causing the skew indicator to rise above 8%. On the other hand, bullish markets tend to drive the skew metric below -8%, meaning the bearish put options are in less demand.

Ether 60-day options 25% delta skew: Source: Laevitas

The delta skew indicator has been neutral since March 22, indicating similar pricing for upside and downside options. However, given that Ether’s price is nearing its highest level in seven months, at $1,800, one would expect the protective put options to trade at a premium — which is not the case.

Given the increased regulatory pressure on Coinbase and Binance, it is clear that the derivatives markets are signaling confidence. The bullish momentum for Ether could also be linked to the Shapella fork being confirmed for April 12. Validators will be able to withdraw their ETH coins from the Beacon Chain once the Ethereum Improvement Proposal EIP-4895 becomes active.

Options and futures markets indicate that professional traders are unconcerned about regulators’ actions against Binance and Coinbase. Those who believe the descending channel pattern will break to the upside have a solid claim.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

SEC chief Gary Gensler to face Congress grilling over crypto policy

The chair of the Financial Services Committee said its primary focus would be setting the groundwork for crypto regulations in the United States.

The United States Securities and Exchange Commission (SEC) chief Gary Gensler is set to testify before the House Financial Services Committee for the first time.

In an interview, Representative Patrick McHenry, chairman of the Financial Services Committee, confirmed that the SEC chief would have to face questions on April 18 over his approach toward the crypto ecosystem.

The House Financial Services Committee has jurisdiction over all aspects of the U.S. financial services sector, including banking, securities and digital assets.

During his interview, McHenry noted that it would be the first oversight hearing of the SEC. The hearing will be focused on Gensler’s rulemaking and approach toward crypto assets. He added that the committee will have sizeable general oversight over the SEC and would take a serious approach in terms of “laying down a regulatory sphere for digital assets.”

The SEC chief’s approach toward crypto has turned many heads over the years, with many Democratic party members voicing their concern about his approach. Some in the crypto industry believe the party’s anti-crypto stance could be disastrous for its 2024 election campaign.

Related: Crypto reform coming to US in 2023, says former White House chief of staff

Dennis Porter, the co-founder of the Satoshi Action Fund, said that many pro-crypto and pro-Bitcoin (BTC) Democrats are lining up to voice their opposition to the party’s stance.

U.S. regulators have taken a hard stance on crypto in the first months of 2023, with the SEC issuing Wells notices to several crypto firms, including Coinbase. The Commodity Futures Trading Commission has also filed a new lawsuit against Binance. However, the crypto community has always highlighted that regulations would be decided by Congress, not individual agencies.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

Binance-CFTC FUD puts BNB price at risk of dropping toward $200

Recent BNB price trends show that the token is declining in the short term after regulatory crackdowns. However, this time, the correction may last longer.

BNB (BNB) looks set to wipe out its March gains entirely as investors turn their attention to the latest regulatory crackdown on Binance, the world’s leading crypto exchange by volume.

BNB price logs worst daily performance in over a month

On March 27, the United States Commodity Futures Trading Commission sued Binance and its CEO, Changpeng “CZ” Zhao, alleging that the company illegally offered crypto derivatives services to Americans and facilitated illicit financial activity.

BNB dropped by over 5.5% to $305 on the announcement day, logging its worst daily performance since Feb. 13, when its price dropped by over 5.8% due to another regulatory crackdown involving Binance-branded stablecoin Binance USD (BUSD).

BNBUSD daily price chart. Source: TradingView

BNB’s price stabilized on March 28, wobbling between gains and losses as CZ refuted CFTC’s allegations. However, the BNB/USD pair risked falling further if one considers its recent response to regulatory actions. 

For instance, the New York regulator’s BUSD crackdown in February 2023 preceded a 15%-plus BNB price decline.

BNB price reaction to regulatory crackdowns since 2022. Source: TradingView

Similarly, BNB plunged by up to 10.75% after the Dutch Central Bank slapped a $3.4-million fine on Binance in July 2022 for offering unlicensed crypto services. It also dropped 25% in February 2022 after Binance halted its operations in Israel, fearing a crackdown.

Rising wedge breakdown underway

The Binance-CFTC FUD has triggered a bearish reversal setup previously covered in February. 

Related: Here’s how Binance is mitigating its stablecoin needs after BUSD ban

This setup involves a rising wedge pattern whose breakdown could lead to a 25% price correction toward $250 by the end of March. The March banking crisis and its positive impact on top-ranking crypto assets may have delayed the bearish call. 

BNB/USD daily price chart featuring rising wedge breakdown setup. Source: TradingView

Simultaneously, BNB is eyeing an extended price decline toward $200 due to the formation of another rising wedge pattern on the daily chart, as shown below.

BNB/USD daily price chart. Source: TradingView

Therefore, BNB’s price could drop by as much as 30% by April when measured from current price levels. 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Here’s why CFTC suing Binance is a bigger deal than an SEC enforcement

Market observers pointed out that the CFTC goes after bigger fish, and its regulatory action often proves fatal for crypto companies.

The United States Commodity Futures Trading Commission (CFTC) has sued crypto exchange Binance for trading and derivatives laws violations. The lawsuit, filed on March 27, alleged that the global crypto exchange offered its derivatives trading services to U.S. customers without applying for a derivatives license.

The lawsuit from the commodities watchdog in the U.S. took many by surprise, with market observers and reporters claiming it to be a political move. Eleanor Terrett, a Fox news reporter, tweeted that sources close to the CFTC suggest the commodities regulator decided to go for a lawsuit to show the Securities and Exchange Commission (SEC) that this is a commodities issue rather than a securities one.

The lawsuit accuses Binance of prioritizing commercial success over regulatory compliance. It said Binance disregarded applicable federal laws while boosting its U.S. customer base. The U.S. regulator has accused Binance and its CEO, Changpeng “CZ” Zhao, of seven violations of the commodities exchange act and controlled foreign company rules.

Besides the regulatory violations, the suit specifically targets Binance’s U.S. trading arms, Merit Peak and Binance.US. The CFTC alleged that Binance and its affiliated entities are a common enterprise with an ultimate beneficial owner and are under the direct control of CZ.

An excerpt from the CFTC lawsuit. Source: CFTC

In the suit, the CFTC has demanded that Binance and CZ should be banned from engaging in any of the conduct described in this case, such as trading on registered entities, holding any commodity interest or directing any trading of digital assets. The CFTC also wants Binance to pay back the trading profits, revenues, salaries, commissions, loans and fees derived from U.S. persons, and pay civil penalties for the violations.

The CFTC lawsuit against Binance is a big deal for the crypto industry, given its general belief that the CFTC doesn’t pursue small crypto players without merit. This was evident in the Bitfinex case back in 2018, in which the crypto exchange settled with a hefty fine in 2021.

Related: 7 details in the CFTC lawsuit against Binance you may have missed

Adam Cochran, a crypto observer, reiterated a similar stance, saying the CFTC “doesn’t go after small frequent cases like the SEC,” adding that “It’s a different beast and its cases are often fatal.”

In his Twitter thread, Cochran commented that the early evidence gathered by the CFTC could prove fatal for Binance. He added that Binance could either fight the case in the U.S. or settle it outside the court, but in all likelihood, it would be forced to cease operations in the United States.

Magazine: Best and worst countries for crypto taxes — plus crypto tax tips

Binance saw $850M withdrawals before CFTC indictment: Data

In the twelve hours preceding the indictment, almost $1.5 billion of crypto left several centralized platforms, according to Thanefield Capital.

Just before crypto exchange Binance and its CEO Changpeng Zhao were accused of regulatory violations by the United States Commodity Futures Trading Commission (CFTC), almost a billion dollars in crypto reportedly left the platform’s wallets. 

According to the Thanefield Capital data research, substantial funds were withdrawn a few hours before the Binance CFTC indictment, which occurred on Monday, March 27, at 3:00 pm UTC. In the 12 hours preceding the indictment, almost $1.5 billion left platforms such as Binance, Kraken, Coinbase and Bitfinex. More than half of it, or $850 million, was withdrawn from Binance.

Just one hour after the announcement, Binance saw an additional $240 million withdrawn. According to the data from Nansen, in the past 24 hours, more than $400 million were withdrawn in Ethereum-based funds.

However, Binance still holds $63.36 billion worth of cryptocurrency assets, including over $2 billion of Tether (USDT), $17 billion worth of Bitcoin (BTC) and $8.1 billion worth of Ether (ETH).

The CFTC filed a suit against Binance and Zhao in the U.S. District Court for the Northern District of Illinois. According to the Commission, which has been investigating Binance’s business since 2021, the company failed to meet its regulatory obligations by not properly registering with the derivatives regulator. Binance allegedly conducted transactions in Bitcoin, Ether and Litecoin (LTC) for U.S. citizens since at least 2019.

Related: 7 details in the CFTC lawsuit against Binance you may have missed

The largest crypto exchange in the world has also been investigated by the Internal Revenue Service and federal prosecutors, which have examined its adherence to Anti-Money Laundering rules. The Securities and Exchange Commission conducted its own inquiry into whether Binance allowed U.S. traders to access unregistered securities.

Zhao has already rejected the allegations from the CFTC, arguing that the crypto exchange “does not trade for profit or ‘manipulate’ the market under any circumstances.”

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Binance Bitcoin balance drops by 3.4K BTC within 24 hours of CFTC lawsuit

Binance’s Bitcoin balance was reduced by over 3,900 BTC in the past week, of which 3,400 BTC were pulled out in the last 24 hours alone.

Soon after the United States Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and its CEO Changpeng “CZ” Zhao for regulatory violations, the entrepreneur sought damage control measures while rejecting allegations of market manipulation. However, investors responded by pulling over 3,400 Bitcoin (BTC) from Binance within 24 hours of the announcement, anticipating market fluctuations.

“Binance.com does not trade for profit or “manipulate” the market under any circumstances,” stated CZ, responding to the CFTC’s allegations. However, episodes involving crypto entrepreneurs such as FTX’s Sam Bankman-Fried and Terraform Labs’ Do Kwon have shaken investor confidence in the crypto ecosystem.

Investors have started moving assets away from Binance to lessen the impact of a shutdown if it were to happen. As a result, Binance saw a reduction in its total Bitcoin balance while other exchanges registered an increase, as shown below.

Bitcoin balances on exchanges overview. Source: coinglass.com

Binance’s Bitcoin balance was reduced by over 3,900 BTC in the past week, of which 3,400 BTC were pulled out in the last 24 hours alone.

Bitcoin balance on Binance. Source: coinglass.com

Competing exchanges, including Coinbase, Bitfinex and Gemini, recorded an increase in BTC reserves during the 24-hour timeframe.

Bitcoin balance on crypto exchanges. Source: coinglass.com

It is important to note that Bitcoin balances on crypto exchanges have declined since March 20. Over the last seven days, nearly 27,000 BTC left major exchanges.

Related: 7 details in the CFTC lawsuit against Binance you may have missed

Alongside the CFTC’s lawsuit against Binance and CZ, a federal judge temporarily halted a proposed deal between Voyager and Binance.US.

Judge Jennifer Rearden approved the United States Department of Justice’s emergency motion. Source: Court Listener

As Cointelegraph reported, Judge Jennifer Rearden of the U.S. District Court for the Southern District of New York granted the emergency stay on March 27, halting the potential deal between Voyager and Binance.US until a decision is made on the Department of Justice’s appeal against the bankruptcy plan.

Magazine: US enforcement agencies are turning up the heat on crypto-related crime

7 details in the CFTC lawsuit against Binance you may have missed

Within the 74-page complaint, the CFTC has labeled Ether, Binance USD, Tether and Litecoin as commodities along with Bitcoin, and made a few other startling claims.

The surprise lawsuit from the Commodity Futures Trading Commission against crypto exchange Binance sent shock waves across the markets on March 27. 

In addition to allegations that Binance manipulated markets and lacked compliance efforts, the regulator has also accused the exchange of not cooperating with investigative subpoenas and obscuring the location of its executive offices. Binance has rejected many of the allegations.

However, the devil is in the details when it comes to the 74-page complaint. Here are a few interesting snippets you may have missed.

Tokens labeled as commodities

Contrary to assertions by the United States Securities and Exchange Commission chief Gary Gensler on crypto assets, the latest CFTC lawsuit has labeled Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Tether (USDT), and Binance USD (BUSD) as commodities.

Earlier this year, the SEC argued that BUSD is an “unregistered security” in its Wells notice against Paxos. Gensler on many occasions has also argued that virtually all crypto assets are securities, with the exception of Bitcoin.

Sheila Warren, CEO of the Crypto Council for Innovation, said the statement is a “powerful shot across the bow of the SEC” and could have significant implications for the industry and for which regulator will have ultimate authority.

Meanwhile, Coinbase Chief Legal Officer Paul Grewal criticized the lack of agreement between the two U.S. regulators, stating:

“A security can apparently also be a commodity, except when it’s not. And it depends on which regulator you ask, and when. If you’re confused, you are not alone. Is this really the best American law has to offer?”

CZ’s phone was accessed

Binance CEO Changpeng Zhao has been named as a defendant and has been repeatedly singled out throughout the complaint.

Interestingly, the CFTC stated it was been able to gather evidence by collecting Signal text chains and group chats from “Zhao’s telephone.” Many are now wondering how this was possible.

“Zhao has communicated over Signal with the auto-delete functionality enabled with numerous Binance officers, employees, and agents for widely varying purposes,” the CFTC said.

Terrorist activity accusations

Another startling allegation from the commodities regulator accuses the firm’s employees of knowing that its platform had facilitated “illegal activities.”

“Internally, Binance officers, employees, and agents have acknowledged that the Binance platform has facilitated potentially illegal activities.”

It specifically referred to a February 2019 incident in which former compliance chief Samuel Lim received information “regarding HAMAS transactions.” According to the filing, Lim explained to a colleague that terrorists usually send “small sums” as “large sums constitute money laundering.”

Excerpt from CFTC lawsuit. Source: District Court of Northern District of Illinois

One man at the top

According to the complaint, the CFTC has alleged Zhao owned and controlled dozens of entities that operate the Binance platform as a “common enterprise.”

It cited an example of the CEO personally approving minor office expenses and paying for company services such as Amazon Web Services with his own personal credit card.

Excerpt from CFTC lawsuit. Source: District Court of Northern District of Illinois

VIP program perks

Meanwhile, a Binance “VIP” program with preferential rates and perks has also been scrutinized by the regulator.

In addition to allegedly encouraging customers to use virtual private networks (VPNs) to access the platform, the CFTC also alleged that part of the perks for VIP customers was that they were given “prompt notification” of any law enforcement inquiry about their account.

Excerpt from CFTC lawsuit. Source: District Court of Northern District of Illinois

“Zhao wanted U.S. customers, including VIP customers, to transact on Binance because it was profitable for Binance to retain those customers,” it alleged.

Ignoring U.S. regulatory requirements

The CFTC also accused Binance of being aware of U.S. regulatory requirements but ignoring them and making “deliberate, strategic decisions to evade federal law.”

The filing goes back to internal messages between Binance executives in 2018 regarding its strategy for the U.S. exchange and complying with sanctions imposed by regulators for the global exchange.

Excerpt from CFTC lawsuit. Source: District Court of Northern District of Illinois

Fines and injunctions

Toward the end of the document, the commodities regulator said it is seeking monetary penalties, disgorgement of any trading profits, salaries, commissions, loans, or fees gained from their purportedly wrongful actions, along with paying penalties to resolve the investigations.

It also orders a permanent injunction against further violations.

Related: Binance CEO CZ rejects allegations of market manipulation

The CFTC “doesn’t waste its time on jabs — it goes straight for the knockout,” said Warren from the Crypto Council for Innovation.

Binance has already rejected a number of allegations and claims from the commodities regulator, hinting that a more in-depth response is incoming. 

On March 28, CZ responded to what he termed an “unexpected and disappointing civil complaint,” stating that the company has cooperated with the CFTC for the past two years.

In comments to Cointelegraph, a spokesperson from Binance maintained that the exchange maintains country blocks for U.S. citizens, regardless of where they live in the world.

“Consistent with regulatory expectations globally, we have implemented a robust ‘three lines of defense’ approach to risk and compliance, which includes, but is not limited, to:

  • Ensuring mandatory KYC for all users worldwide
  • Maintaining country blocks for anyone who is a resident of the U.S.
  • Blocking anyone who is identified as a U.S. citizen, regardless of where they live in the world
  • Blocking for any devices using a U.S. cellular provider
  • Blocking log-ins from any U.S. IP address
  • Preventing deposits and withdrawals from U.S. banks for credit cards.”

CFTC calls ETH a commodity in Binance suit, highlighting the complexity of classification

The suit claims Binance used Ether as a commodity in its financial products, experts explained, which says little about the basic nature of the coin.

The United States Commodity Futures Trading Commission filed suit against Binance on March 27 for violations of the Commodities Exchange Act and CFTC regulations. Those violations included transactions with Ether (ETH), according to the suit. This claim, at first glance, touched on a notable point of contention between the CFTC and Securities and Exchange Commission. 

The CFTC claimed in its suit that Binance engaged in transactions with “digital assets that are commodities including bitcoin (BTC), ether (ETH), and litecoin (LTC) for persons in the United States.” That was not a new position for the agency. The CFTC claimed ETH was a commodity in its suit against FTX in December, and Chair Rostin Behnam stated his opinion that ETH and stablecoins were commodities as recently as March 8 in a Senate hearing.

The CFTC position on ETH was fairly uncontroversial before the Ethereum Merge. After Ethereum moved to a proof-of-stake consensus mechanism, SEC Chair Gary Gensler commented on staking coins, saying that “from the coin’s perspective, […] that’s another indicia that under the Howey test, the investing public is anticipating profits based on the efforts of others.”

Gensler’s comment brought on a slow wave of reactions. In February, for example, Ethereum co-founder and crypto entrepreneur Joseph Lubin told Cointelegraph, “Staking is not a security,” and it would be a “terrible path for the U.S.” to make it so. He added that he thought the U.S. courts would agree with him and that “there would be a tremendous outcry from not just the crypto community but different politicians and certain regulators” if ETH were classified as a security.

Related: CFTC head looks to new Congress for action on crypto regulation

The CFTC case against Binance does not rest on the nature of ETH as much as the nature of Binance products, however, limiting its applicability to the larger argument.

“In this particular case, ETH is being treated as a ‘commodity’ rather than a ‘security,’” Timothy Cradle, director of regulatory affairs at Blockchain Intelligence Group, told Cointelegraph. “The complaint references securities as they relate to swaps.” Cradle added:

“The economics of an offering including ETH could still change the definition applied to the token. For example, ETH staking could still be construed as an investment contract, and as such a security.”

Some transactions, such as mixed swaps involving ETH, could be subject to regulation by both the SEC and CFTC, Cradle said, but that “would not necessarily define ETH itself as a security as mixed swaps also include commodities and currencies.”

This more complex approach to regulation would not necessarily imply cooperation between the two agencies. Yankun Guo, a partner at law firm Ice Miller, said of the situation in a statement to Cointelegraph:

“It shows that both the multifaceted nature of how tokens function and how they are used can cause them to fall under multiple agencies’ jurisdictions. […] I wouldn’t be surprised to see a similar lawsuit by the SEC naming all the same tokens except BTC as securities.”

Magazine: Can you trust crypto exchanges after the collapse of FTX?

Binance and CZ sued by CFTC over US regulatory violations

The cryptocurrency exchange and its founder, Changpeng Zhao, have allegedly violated trading and derivatives rules.

The United States Commodity Futures Trading Commission has filed suit against Binance and CEO Changpeng “CZ” Zhao for trading violations, according to a Bloomberg report. The suit was filed in the U.S. District Court for the Northern District of Illinois.

According to the CFTC, Binance failed to meet its regulatory obligations by not properly registering with the derivatives regulator. The cryptocurrency exchange has been the focus of a CFTC investigation since 2021. The exchange acknowledged in February that it would likely face regulatory action in the United States and was already working with regulators.

In addition to the CFTC, Binance has been under investigation by the Internal Revenue Service and federal prosecutors, who have examined the exchange’s adherence to Anti-Money Laundering rules. Meanwhile, the Securities and Exchange Commission has been investigating whether Binance allowed U.S. traders to access unregistered securities. 

Binance is the biggest cryptocurrency exchange with over $8.5 billion trading volume daily.

This is a developing story, and further information will be added as it becomes available.