One of the largest Decentralised Exchange (DEX) platforms Uniswap (UNI), has been garnering media attention following the Securities and Exchange Commission (SEC) initial investigation with focus on the developers of Uniswap Labs.
According to reports from the Wall Street Journal, the SEC are seeking information regarding the platforms’ investment and marketing services. Uniswap’s spokesperson has stated that the platform is committed to following regulations and further added that the company would also comply with all information requests from regulators to assist in any ongoing enquiries.
The investigation commenced following a preliminary regulatory examination of the Decentralised Finance (DeFi) firm and its operations within the United States. SEC Chairman Gary Gensler recently claimed the regulators’ actions were in accordance with the SEC’s objective to protect domestic investors including those who invest in cryptoassets.
The Uniswap DEX has provided cryptocurrency traders with a platform to trade through its decentralised technology, enabling users to trade amongst themselves, instead of transacting through a centralised authority. The platform had become prominent after they had smashed the milestone of being the first DeFi initative to reach $1 billion in fees.
Uniswap utility and user-centricity has been cornerstones for its success. Reportedly, the decentralised protocol is always improving its offers and upgrading its services to ensure a smooth trading service on the platform.
Uniswap is one of the catalysts for the rapid growth of the DeFi industry. The DeFi industry as of September last year, was worth approximately $8 billion. Currently, the industry is now worth a colossal $174 billion, boasting a 20-fold increase annually.
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