In the Binance vs SEC suit, people are trying to dig out different types of outcomes for the future of the Crypto sector.
Binance is an international crypto trade platform. In America, this crypto firm provides services via BinanceUS. On 5 June, the United States Securities and Exchange Commission (SEC) sued Binance Exchange & Binance CEO Changpeng Zhao (CZ). The SEC agency charged Binance with 13 Federal Securities laws violations & also alleged that CZ was controlling BinanceUS, while always claiming that BinanceUS was independent.
Because of this news, the whole crypto market saw a net negative impact. The majority of the crypto assets’ trade prices plunged by nearly 5-10%.
Binance exchange’s independent but native coin, Binance coin (BNB), plunged by nearly 7.59%.
Cardano founder Charles Hoskinson said that SEC’s Binance suit is an early step of Chokepoint 2.0. and through these enforcement actions, they want to bring partnerships with all the banks to issue CBDC & control the people’s financial freedom.
Swan Bitcoin CEO Cory Klippsten said that it is a secret effort by US regulators to educate people that enforcement actions or charges against any crypto firm should not be considered a surprising thing.
Many crypto Twitter users noted that the SEC body attached a quote from an unknown Binance chief compliance officer, who said that “We are operating as a fking unlicensed securities exchange in the USA bro”, in 2018.
People noted that the mystery of why Brian Brooks abruptly resigned as CEO of @BinanceUS in 2021 has been solved.
Brian Brooks, former BinanceUS CEO and U.S. comptroller of the currency was in a dominant position at the BinanceUS exchange but after 3 months he decided to quit his BinanceUS job. In the testimony, Brooks said that he was not able to control the BinanceUS, instead, CZ was controlling.
“(W) What became clear to me at a certain point was CZ was the CEO of BAM Trading, not me. (…) I realized, huh, I’m not the one running this company, and the mission that I believe I signed up for isn’t the mission. And as soon as I realized that, I left.”
A crypto Twitter user noted that the SEC labelled several crypto assets as security through this suit, including Solana coin.
Read Also: Australian central bank says Stablecoins may play a prominent role in the financial system
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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