Celsius and Babel Finance’s freezing of customer accounts highlights the risks of intermediaries, writes Nick Saponaro. Crypto users should take back control.
Crypto markets posted some gains in Asia trading after a pummeling this week, but the sentiment shifted back to negative as markets across the board try to second-guess the Federal Reserve’s thinking on interest rates.
Still recovering from the Terra-LUNA debacle that wiped off billions of dollars in investor wealth, people sold off cryptocurrencies amid a market slump over expectations that the Fed will act faster to tame inflation.
The order said Do Kwon and Terraform Labs had sufficient contact with the US for the Securities and Exchange Commission to investigate it for possible violations of federal securities laws.
Cryptocurrencies can offer citizens in emerging economies a potential buffer against runaway inflation and financial mismanagement by governments. But buying them increasingly means navigating onerous regulations and punishing taxes.