The SEC said:Ĭoinbase has for years touted its efforts to analyze crypto assets under the standards set forth in Howey before making them available for trading. Coinbase: “Compliant” Exchange Accused of Non-ComplianceĪ day after Binance’s lawsuit, the SEC charged Coinbase with “ o perating as an unregistered securities exchange, broker, and clearing agency.”Īuthorities also took to issue Coinbase’s staking-as-a-service program and marketing campaigns that positioned itself as a compliant exchange. Reports also suggested that Binance came close to shutting down its U.S.Department of Justice could charge Binance with fraud. Media reports from early August 2023 suggested that the U.S.The US SEC will reply to Binance’s pleading by 7 November.
Binance was given until 21 September to respond to the US SEC’s lawsuit.On 27 June 2023, a US federal judge rejected Binance’s appeal to restrict the SEC’s use of language about how Binance.US manages customer funds.On 17 June 2023, Binance.US entered an agreement with the US SEC to ensure that US customer assets do not leave the country.On 9 June 2023, Binance.US announced that it was halting dollar deposits for its customers after banks pulled payment and withdrawal support for the company.SEC’s approach and called out the regulator’s refusal to engage with the crypto industry to provide “much-needed clarity and guidance to the digital asset industry.” In response to the court case, Binance put up a defiant tone and said that it will “vigorously” defend itself.regulator followed up on the Binance lawsuit, filing a motion to issue a restraining order to freeze assets held by Binance, Binance.US, and its founder Changpeng Zhao. crypto exchange FTX and its sister hedge fund Alameda Research. Accusations that Binance commingled customer’s funds for its own interest are similar to those made against now-fallen U.S. When comparing the SEC’s allegations made against Binance and Coinbase, the charges against the former look more serious. Engaging in wash trading that artificially inflated the trading volume on the Binance.US platform.Using customer’s crypto and fiat assets.Concealing efforts to ensure high-value US investors continue trading on its main platform, despite claiming that the company did not allow US citizens to use.Not allowing Binance.US to operate independently.Misrepresenting how investor protection controls are implemented at the Binance.US platform.Offering staking and profit-generating programs called BNB Vault and Simple Earn.Selling Binance-owned cryptos BNB and BUSD stablecoin.
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