What a week…

There’s absolutely no need to beat around the bush, so let’s kick it off directly … the United States Securities and Exchange Commission sued Binance. That’s right, the world’s largest cryptocurrency exchange is under siege. Binance, Binance US, and Changpeng Zhao are all named in the lawsuit, as the SEC is out for blood.

The Commission has asked the court to freeze the assets of Binance US and has also issued a summons for CZ. Since he’s not a US citizen, though, reports have it that he doesn’t have to be physically present but can attend remotely.

The markets tumbled, needless to say. Bitcoin plummeted toward $25K, while Binance Coin suffered even more. The entire cryptocurrency community was taken by surprise by this sudden move.

And if that was all, perhaps things might have looked somewhat okay. But that was far from everything. The SEC is truly out for blood. The very next day, it filed against Coinbase.