Tesla Holds Bitcoin, No Buying or Selling in Q1 2023
Ontario Teachers’ Pension Plan Shifts Focus Away From Crypto Investments

SEC Advises Brokers and Investment Advisers to Strengthen Due Diligence When Recommending Cryptocurrencies

Join the Trading Community: Learn & Earn with BingX.


Today’s Cryptocurrency Headline


The US Securities and Exchange Commission (SEC) has issued a new announcement suggesting that brokers and investment advisers should strengthen their due diligence when recommending cryptocurrencies to ensure that risky products are in the best interests of their clients. An employee bulletin released on Thursday outlined advisors’ responsibilities to clients, with particular mention of cryptocurrencies. According to SEC guidance, “certain products are more complex or have additional risk features, which may make it more difficult for firms and their financial professionals to develop an understanding,” and “cryptocurrency-based securities” fall into this category of products. Therefore, when brokers or advisors discuss cryptocurrencies with clients, they must ensure that clients understand these products and that recommended crypto products are suitable for the client’s specific financial situations.


BingX’s Bitcoin Chart

Source: TradingView & BingX

In the past 24 hours, Bitcoin has experienced a 2.56% decline and hit an intraday low of $28,010.00. The top cryptocurrency has struggled to recover quickly, and its Relative Strength Index (RSI) is now below the midpoint, indicating a potential loss of its upward momentum. To avoid a shift in market sentiment, the bulls must push the price above the 20-day EMA ($28,907). However, if the price falls below $28,000, the pair could potentially drop to $26,500.


Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.