Of all of the allegations levied, which include offering unregistered securities and running an unregistered exchange, the most damaging one from my vantage point is the allegation of the “commingling” of customer funds. On Monday, June 5, news broke that the SEC was suing Binance and CEO Changpeng “CZ” Zhao for alleged securities violations. The respite from regulators following crypto’s lack of inclusion in the debt-ceiling deal appears to have lasted less than a week. Truthfully, the dispute seems to be between regulators and cryptocurrencies in general, where on one side are politicians, the other side are crypto entities and somewhere in the middle are decentralized assets wondering what’s going on as they’re being hit. Securities and Exchange Commission (SEC) and Binance. That’s how I would characterize the recent developments between the U.S.
Picture two neighbors (who you thought would get along fine) who seemingly dislike each other more every day, arguing outside your window – and then hearing things continue to escalate. Sign up here to get it in your inbox every Wednesday.
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