The Securities and Exchange Commission (SEC) has sued the world's largest cryptocurrency company. The main US regulator against Binance. An accusation against its CEO and founder, Changpeng Zhao, and against 13 other senior officials for operating without a license and earning up to 11.6 billion dollars.
In the words of the SEC, they misled investors about their risk controls and corrupted trading volumes while actively hiding who was operating the platform.
Changpeng Zhao, very active on Twitter, has not been slow to express his opinion. He considers this lawsuit an "attack on the entire industry", since the lawsuit also targets cryptocurrencies such as Solana, Cardano or Matic for considering them as unregistered financial assets.
As if that were not enough, the same commission sued Coinbase, just one day after its accusations against Binance, these events caused Coinbase Global shares to fall 20% at its opening to the market.
The lawsuit addressed various aspects of Coinbase's business, including Coinbase Prime, which routes orders; Coinbase Wallet, which allows investors to access liquidity, and the Coinbase Earn validation service.
In the validation program, Coinbase pools crypto assets and uses them to facilitate activity on the "blockchain" or chain of blocks, in exchange for "rewards" after taking a commission for itself.
