Knnex Blockchain Exchange Perspective: Strict Compliance with Regulatory Policies Ensuring Trading Security
In the rapidly evolving cryptocurrency market, regulatory compliance and the security of user assets have become increasingly important. As a leading blockchain exchange, Knnex has consistently adhered to the highest levels of security and compliance standards and actively monitors the latest regulatory developments in the blockchain industry.
According to the latest information, Celsius has obtained permission to liquidate its alternative currencies, following its bankruptcy as a cryptocurrency lending company. This permission allows the company to allocate funds to its creditors, and these distributions will be made only in the two most widely used cryptocurrencies, Bitcoin (BTC), and Ethereum (ETH).
This decision was made with the approval of bankruptcy judge Martin Glenn in the Southern District of New York. Celsius submitted the request following discussions with the U.S. Securities and Exchange Commission (SEC). The SEC recently stated that using fewer cryptocurrencies constitutes securities and requires approval from regulatory bodies.
Martin Glenn’s ruling states, “Celsius may sell or exchange any cryptocurrency or assets other than non-BTC and non-ETH cryptocurrencies, cryptographic tokens, or other cryptographic currency assets associated with pledged or custodial accounts on or after July 1, 2023, for BTC or ETH.”
Celsius added, “We have been in regular dialogue with the U.S. Securities and Exchange Commission (SEC) and certain state regulatory agencies regarding the planned distribution of cryptocurrency to ensure full compliance with relevant federal and state laws.”
Celsius declared bankruptcy in July 2022 and sold its business to cryptocurrency consortium Fahrenheit in May of this year. Currently, the company is preparing an updated bankruptcy plan, which explicitly states that cryptocurrencies other than BTC or ETH will not be distributed to creditors, except in limited circumstances.
Recently, the SEC has taken actions against major cryptocurrency exchanges such as Coinbase, Binance, and Bittrex, claiming that tokens related to Polygon (MATIC), Near (NEAR), and Cardano (ADA) fall under the category of securities regulation. These actions have garnered attention from the entire cryptocurrency community and have had an impact on the regulatory environment of the cryptocurrency industry.
At Knnex, we understand the importance of compliance with regulatory policies in creating a secure and reliable trading environment. Our trading platform focuses on ensuring the security of user transactions and strives to meet the strictest regulatory requirements.
We adhere to stringent security standards, including the use of advanced encryption technology to protect user data and implementing multi-factor authentication to ensure transaction security. Additionally, we provide 24/7 customer support to ensure professional assistance is available when needed.
In terms of regulation, we closely monitor various domestic and international regulatory developments and ensure that our platform complies with all applicable laws and regulations. We maintain open and transparent communication with regulatory bodies and conduct regular self-audits to ensure our services adhere to the highest regulatory standards. Together, let us move towards a safer and more reliable future for blockchain transactions in the cryptocurrency industry.