Cryptocurrency exchanges face a tough battle with the SEC, and | Crypto Update HQ

Cryptocurrency exchanges face a tough battle with the SEC, and customers should "stop using them immediately," says former SEC lawyer John Reed Stark. He highlights the lack of SEC registration, leading to inadequate supervision and risks. Stark mentions issues with record-keeping and non-compliance with order flow requirements. He argues that these companies lack internal incentives to follow US laws, including market manipulation and insider trading regulations. He points out the absence of cybersecurity measures, privacy protection, compliance obligations, customer complaint procedures, and minimum financial standards. Stark previously explained the reasons for the "crypto collapse."