Cryptocurrency exchanges have come under fire from global regulators as they seek to clamp down on the highly volatile asset class. The US Securities and Exchange Commission (SEC) is increasing its scrutiny of crypto exchanges, issuing subpoenas to dozens of them in recent months. Despite the regulatory pressure, the cryptocurrency market remains extremely volatile, with Bitcoin prices swinging by hundreds of dollars in a single day.\r\n\r\nThe crypto downfall of 2022 was a disaster for many investors who had put their faith in this nascent asset class. A total of $2 trillion vanished from the market over the course of a few months, and the damage was widespread. While some investors were able to weather the storm, others were not so lucky. For many, the crypto market collapse was a painful wake-up call that came at a great cost.\r\n\r\nThis year is a tough one for crypto. Prices tanked, exchanges were hacked, and scams abounded. But there was one silver lining: the U.S. government finally began to get serious about regulating the crypto industry. This was most evident in the introduction of a bill to classify Bitcoin (BTC) and Ethereum (ETH) as commodities, subject to oversight by the Commodity Futures Trading Commission (CFTC). It's a sign that the crypto industry is maturing and beginning to be taken seriously by lawmakers.\r\n\r\nThe U.S. Securities and Exchange Commission (SEC) is investigating every major cryptocurrency exchange in the country, according to a report from Forbes. The news comes as the regulator ramps up its scrutiny of the crypto industry after bringing a number of enforcement actions against initial coin offerings (ICOs) and exchanges in recent months. The SEC has already taken action against a number of exchanges, including Coinbase, Bittrex, and Kraken. The latest report from Forbes suggests that the SEC is now investigating all of the major exchanges, including Binance, the largest exchange in the world. The investigation is still in its early stages, but it is likely that the SEC will bring enforcement actions against some of the exchanges for violating securities laws. The commission has already issued a number of subpoenas to exchanges and ICOs, and it is expected to bring more cases in the near future.\r\n\r\nNot only the U.S. is serious about the crypto market, Singapore authorities have also reportedly frozen the assets of a local cryptocurrency exchange amid an ongoing investigation into suspected violations of foreign exchange regulations. Three Arrows Capital, which is based in Singapore, is said to be under investigation for allegedly allowing customers to trade cryptocurrencies without the required permits. If found guilty, the exchange could be fined up to $1 million and its directors could face prison. These latest developments come as global regulators have been increasing their scrutiny of the cryptocurrency industry in recent months. It seems that regulators around the world are stepping up their efforts to crack down on illegal activity in the cryptocurrency space.