over their alleged violations of US securities laws, in a regulatory crackdown that is roiling the digital asset industry. On Tuesday, the US Securities and Exchange Commission sued Coinbase, America’s largest crypto exchange, for allegedly acting as an unregistered broker. That complaint landed just 24 hours after filing a similar suit against overseas rival Binance.
The Coinbase lawsuit comes on the heels of a similar SEC complaint against Binance, which is by far the world’s biggest crypto exchange. In the 24 hours since the agency sued Binance, investors pulled around $790 million from the platform and its US affiliate, data firm Nansen said Tuesday. Binance saw net outflows of $778.6 million of crypto tokens on the ethereum blockchain, with its US affiliate, Binance.US, registering net outflows of $13 million, Nansen tweeted.