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This threatens Binance and Coinbase in the US

This threatens Binance and Coinbase in the US

The US Securities and Exchange Commission is igniting the next regulatory firecracker against crypto. He is suing Coinbase and Binance, the world’s largest crypto exchanges. Allegation: Violations of US laws – with far-reaching consequences. And the first effects are already felt.

SEC Wants to Freeze Funds on Binance

Already in Monday’s indictment, the SEC called for the freezing of Binance’s assets on its US platforms. Authorities handed over another one yesterday evening Urgent request In US Federal Court in Washington, DC. Securities regulators have accused Finance of commingling client funds with company assets. The crypto exchange reportedly bought a yacht for eleven million US dollars from the fund. The move is intended to prevent the withdrawal of financial assets from US jurisdiction.

Binance.US is trying to attract customers Twitter Quietly. They say customer funds are safe. Platform jobs, deposits and withdrawals are still possible.

While some in the crypto community show solidarity with the crypto exchange, others grow cautious. A Twitter user Writes something like this: “Made several payments overnight. Transactions were quick and smooth… Will deposit again when the smoke clears.

US states are chasing Coinbase

The news about Binance was barely 24 hours old when the SEC filed a lawsuit against Coinbase. According to securities regulators, a leading US crypto exchange does not have a license to operate a trading platform. The commission also targeted the staking scheme.

Ten US states are now gunning down a crypto exchange’s staking scheme. A coalition of regional authorities issued a statement called “”Show the reason” – A legal order requiring a person or entity to explain themselves in court on a matter.

Coinbase has 28 days to justify why authorities should not order the company to stop selling unregistered securities. The task force also emphasizes that the crypto exchange does not hold any license to operate the staking platform.

A deal is unlikely during this period. And since the CEO’s company Brian Armstrong It has already announced that it intends to pursue legal disputes with regulators.

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