Crypto.com Token CRO Nears Year Low, Could Face SEC Scrutiny
• Crypto.com token Cronos (CRO) approaches a year low, raising the possibility of scrutiny from the US SEC.
• The exchange offers US users over 250 cryptocurrencies and provides staking services for some tokens.
• A large Crypto.com account recently sent funds to Binance in a suspicious transaction, raising further questions about its future.
Crypto.com Token Approaches Year Low
Crypto.com token Cronos (CRO) approached its yearly low on June 9, after a 15% monthly loss, standing only 5% above its yearly low of $0.054 on Dec 2022. This could lead to further losses in the coming months if CRO faces scrutiny from the US Securities and Exchange Commission (SEC).
US Market Access & Services Offered
The Hong Kong-based exchange joined the US market in March 2022 and offers US users over 250 cryptocurrencies to choose from, as well as staking services for some tokens. With the SEC’s recent crackdown on crypto firms and exchanges such as Binance and Coinbase, there are concerns that Crypto.com may be next in line for scrutiny by the agency.
Large Transaction Raises Suspicions
On June 8, a large Crypto.com account sent funds to Binance in a large enough transaction to raise suspicions; 30,000 ETH worth over $55 million were transferred at the current price of $1,800 per coin with an additional $10 million in Tether (USDT) sent through Polygon network. This has led to worries about what may happen next for Crypto.com should it become subject to SEC investigation or legal action like Coinbase and Binance have been recently subjected to .
Possibility Of SEC Crackdown
As mentioned earlier, many of the tokens listed by SEC when they sued Binance are currently available on crypto platform which raises even more suspicion regarding their fate should they come under similar scrutiny by the agency . Moreover , this combined with other indicators leads us to believe that there is indeed a possibility that crypto com may very well be facing an investigation or even legal action by US authorities .
The increased regulatory crackdown on cryptocurrency sector has raised alarm bells regarding crypto com’s future , especially considering their recent transactions with Binance . Although nothing is certain at this stage , it is important to remain alert in case something changes so investors can make informed decisions accordingly .