US SEC files lawsuits against Coinbase and Binance
The US regulator’s latest crackdown on crypto exchanges is harmful for those looking to expand in the US, but beneficial for Asian markets looking to become global crypto hubs, observers note.
AbJimroe
The US regulator’s latest crackdown on crypto exchanges is harmful for those looking to expand in the US, but beneficial for Asian markets looking to become global crypto hubs, observers note.
June 13, 2023
The US Securities and Exchanges Commission SEC has filed lawsuits against two of the world's largest crypto exchanges Coinbase and Binance, in a move that throws into question the future of crypto operators in the US.
The news made crypto shares plummet, with US-listed Coinbase dropping 13.4% the day after SEC’s announcement. Singapore-based exchange, Crypto.com, published a statement announcing suspension of its institutional services in the US from June 21, citing weak demand.
The SEC has claimed that Coinbase and Binance have been operating in the US as unregistered securities exchanges, brokers and clearing agencies, thus breaching investor protection laws. It has frozen...
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