Breaking Down the SEC’s Double Whammy

The Securities and Exchange Commission started the week off with a one-two punch, filing lawsuits against Binance on Monday and Coinbase on Tuesday.  

The sweeping lawsuits shared some key charges, including that each company operates an unregistered securities exchange, but the Binance lawsuit contained other damning allegations, including that Binance and its CEO Changpeng Zhao secretly control Binance.US—the U.S. exchange that publicly said it was independent and separate from Binance—and commingled billions of dollars of customer assets.