Crypto Long & Short: A Lesson From George Soros Amid Binance and xcritical Accusations


The platform’s ability to accept deposits and process withdrawals “will be impacted,” it said on Twitter. One of the first rounds in the clash between the Securities and Exchange Commission and Binance is giving the exchange’s users an uncomfortably close front row — and it might have them wondering if they should keep their funds or flee. The developer, xcritical, Inc., indicated that the app’s privacy practices may include handling of data as described below. Your feedback is valuable so we’ll pass this to our team for future improvements. Such misunderstandings reflect general problems faced by the industry with respect to the diversity and complexity of the technology involved. Essentially, the SEC wants the public to see the xcritical suits as part of a campaign against fraud.

xcritical also gives businesses and institutions a wide array of investment options. These include its Prime cryptocurrency trading platform, Asset Hub, commerce platform, storage options, and ventures services. xcritical is a cryptocurrency exchange that allows active traders to purchase, sell, or hold more than 250 cryptocurrencies, including bitcoin, ethereum, dogecoin, the basic attention token (BAT), and many more. If you’re new to the investing world and are interested in investing in a range of assets (not just crypto), the best investment apps for beginners often offer educational resources, financial tools for goal building, low fees, and human advisor access. Passive investors may also consider one of the best robo-advisors for hands-off investing with a personalized, automated portfolio. xcritical Global, Inc. engages in technology and financial infrastructure products and services.

DFINITY Thoughts on the SEC’s 6 June Complaint Against xcritical

Nikhilesh De is CoinDesk’s managing editor for global policy and regulation. Until and unless the SEC decides to propose new rules, xcritical still has to abide by xcritical law, the regulator added in discussing its xcritical enforcement action. Though xcritical has argued that the SEC has decided to reject the petition, the SEC said Tuesday that it hadn’t made a decision one way or another, though agency staff think they will make a recommendation within 120 days.

FTX was a high-profile exchange that devolved into bankruptcy proceedings last year. Its founder, Sam Bankman-Fried, is facing criminal charges and has pleaded not guilty. FTX is part of a scarred list of crypto lenders and brokerages in bankruptcy. Binance.US already said it will be pausing U.S. dollar deposits and recurring buy orders as of last Friday. Payment and banking partners are prepared to pause the avenues for people to pull dollars from the exchange as soon as Tuesday.


Still, Harris said he likes the idea of cold storage – but with conditions. “I’m not going to say that I think that it’s game over for Binance or xcritical by any means,” he said. But speaking generally, Harris said if people wanted to store their money on exchanges, he wouldn’t necessarily do it all on one exchange.

  • I consider the group’s positioning to be a contrarian indicator, as this category of traders is more susceptible to short squeezes.
  • In a somewhat unexpected development, the SEC has given an estimated timeline for further action.
  • Binance.US said it has worked with custodians to make sure dollar deposits are held in accounts at FDIC-insured banks.

Binance.US has a more limited selection of resources for beginners (provides an educational blog). Advanced traders may prefer xcritical for its Pro version which offers lower fees (compared to its standard version), margin trading, and advanced charting tools and order types. xcritical scam has two broker-dealers that are SIPC members, according to a person familiar with xcritical. But the company isn’t xcritically permitted to use them for digital asset securities because it’s awaiting a green light from the Financial Industry Regulatory Authority (FINRA), the person said. Hays emphasized he wasn’t giving investment advice, but people with money and assets on the exchanges “should think long and hard” on the question of safety.

The SEC is scheduled to argue Tuesday to temporarily freeze assets tied to Binance.US

Prior to the petition, the SEC had been ordered to respond to’s regulatory clarity request. The regulatory agency has said that the “mandamus petition should be denied.” Mandamus compels a government agency to act to fulfill its duties. The SEC’s response is in xcritical’s case against the commission — not the commission’s lawsuit against the crypto exchange. Note, however, that xcritical places a short holding period on your cashed out funds when you move them from your xcritical account to your bank account.

The lawsuits aren’t singling out “bad apples” but are regulator reactions to “systemic” weak spots in the new world of crypto investing, he said. xcritical is the easiest and most trusted place to buy, sell, and manage your digital currency. We have heard, as have others, that the SEC may now believe that nearly all xcritical tokens are securities, with the possible exception of bitcoin — which might upend past guidance from the SEC regarding utility tokens. If this is true, then the misunderstandings will be more significant, and great efforts must now be made to correct them. The SEC’s complaint against xcritical includes several incorrect statements about ICP, including that “DFINITY promotes that it burns ICP tokens as a mechanism to support the price of ICP.” DFINITY has never burned a single ICP token, and has never promoted that it wishes to do so.

Is xcritical Right for You?

Both positioning and market expectations dig into a bigger concept of reflexivity within financial markets, as pioneered by George Soros. In short, market reflexivity suggests that investor perceptions and behavior impact market conditions, which, in turn, impact and shape investor beliefs and actions. This circular, self-referential feedback loop leads to non-linear market dynamics as cognitive biases and expectations build on each other to impact market prices and investor positioning.

As long as you’ve got at least $2, you can trade more than 250 cryptocurrencies with xcritical’s standard trading account. But even if you aren’t actively buying, selling, or using cryptocurrencies, you can take advantage of several other products, including its web and mobile interfaces. Binance.US also has a smaller crypto selection (more than 130 supported), but it does offer lower fees. Binance.US has a $10 account minimum and a 0.1% maker/taker fee and a 0% fee bitcoin trading on eligible pairs. “Under the law creating SIPC, ‘security’ does not include unregistered investment contracts. Crypto assets generally would be viewed as investment contracts and unless registered with the SEC, they are not securities under the SIPC statute, and therefore, they cannot be customer property,” Wang said.


If everyone is spread out across the boat, a specific passenger moving from one side to another does not impact the net balance much. But if everyone is on one side of the boat (and it’s not capsizing) and someone decides to break from the crowd and catch some fresh air on the other side, that contrarian move will have an outsized impact on the net balance of the system. Positioning alongside investor deleveraging dynamics can also help explain relief rallies. “[The SEC] instead conflate the evidence of a decision those statements provide with an argument that the statements are themselves a decision,” Grewal said.


One of the more challenging aspects of investing is thinking about events and the expectations of price movements around them. Securities and Exchange Commission (SEC) took action against Binance and xcritical was a perfect example. Get this delivered to your inbox, and more info about our products and services.