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Binance’s CZ writes to employees amid SEC debacle per this leaked email

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The SEC Chairman claimed that crypto exchanges come under its authority as most tokens are securities
Subsequently, Binance CEO addressed the SEC lawsuit to his employees in an email

The US Securities and Exchanges Commission (SEC) along with two prominent crypto entities has been in the spotlight ever since the regulator launched separate consecutive lawsuits. Earlier this week, the commission took action against Binance – the largest crypto exchange, and Coinbase – a leading American-based crypto exchange. The commission claimed that both the crypto entities have breached the securities laws.

Additionally, the commission asserted that Binance commingled customer funds while Coinbase commingled its businesses. The SEC also labeled a range of cryptocurrencies as securities in both lawsuits. Since then, Binance.US has moved to delist some of the listed tokens and its OTC trading platform. Meanwhile, Coinbase has continued to stand its ground and is prepared to go against the commission.

Binance CEO speaks about the lawsuit with employees

Binance CEO – Changpeng Zhao aka CZ’s email to his employees was leaked on 8 June. In it, he addressed the SEC lawsuit against him, the company, and its American arm – Binance.US. The CEO warned that the first thing the regulators would after is the chat logs of the company’s employees. He also asserted that these chats could one day show up in the courtroom or on the internet.

The warning came after the SEC quoted some of the chat logs between top executives of Binance. In the chats, the executives spoke about dumping BNB and the risks of holding it, and o

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Author: Priya NV

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