The U.S. Securities and Exchange Commission (SEC) has gone after two of the world’s biggest crypto brands this week, suing Binance and Coinbase and making very serious allegations about both companies.

In his ongoing onslaught against the industry, SEC Chairman Gary Gensler on Monday alleged that Binance, the world’s biggest digital asset exchange by volume, was run through a “web of deception” by CEO Changpeng Zhao and commingled customer funds. 

The regulator on Tuesday then claimed that America’s biggest crypto exchange Coinbase operated for years as an unlicensed securities exchange and “elevated its interest in increasing its profits over investors’ interests.”

But the lawsuits are different. Though the allegations against Coinbase are serious, the complaint against Binance is more damning: It directly mentions the company’s CEO and is significantly longer, with heavier allegations. 

According to Federica Pantana, an attorney in Davidoff Hutcher & Citron’s Corporate Law practice, who specializes in securities law compliance, Binance may be in bigger trouble, because “a company may never recover from fraud or similar claims.”

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Author: Mathew Di Salvo

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