The United States Securities and Exchange Commission (SEC) has launched lawsuits against crypto giants Binance and Coinbase in an unprecedented move that sent ripples across the crypto industry. The charges against these major exchanges have far-reaching implications, ranging from allegations of deceit and lack of disclosure to serious regulatory violations.

The new wave of regulatory scrutiny signals a significant turn and has stirred conversations about classifying certain cryptocurrencies as securities.

SEC Sues Binance and Coinbase

Binance, the preeminent player in the global cryptocurrency exchange market, and its founder, Changpeng Zhao, face a series of regulatory infringements, as pointed out by the SEC. The major accusations against Binance surround the alleged commingling of billions of dollars belonging to users.

Furthermore, the company is accused of undermining its regulations to facilitate affluent US investors’ participation in trading on Binance’s unregulated global exchange platform.

Simultaneously, Coinbase grapples with a lawsuit from the SEC, claiming that the company is functioning as an unregistered broker and exchange. The regulatory body believes Coinbase’s flagship services — prime brokerage, exchange, and staking programs — violate securities regulations.

The dual lawsuits against Binance and Coinbase have sparked extensive debates and deliberations across cryptocurrency. Speculations are rife about whether the regulatory body intends to throttle these

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Author: Bary Rahma

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