, Binance, could be a huge misstep if other countries allow the crypto industry to develop and it eventually replaces the traditional banking sector, Jim Bianco, president and founder of Bianco Research said.
On Monday, the SEC filed a lawsuit against Changpeng Zhao’s crypto exchange on allegations that it has been offering unregistered securities and staking services to the general public, violating U.S. securities laws.for the unregistered offer and sale of crypto asset securities, similar to the action it brought against Binance.“This meaningful action from the SEC signals the beginning of a shift in the U.S.
In a statement to CoinDesk, a Binance spokesperson confirmed that the exchange had received a Wells Notice, a warning from the SEC, earlier this year that ultimately led to a suit. U.S.-based exchange Coinbase alsoin March that it may face an enforcement action due to its listing of potential unregistered securities.