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Cryptocurrency exchange Binance has been slapped with a lawsuit, with the United States Exchange Commission (SEC) filing against the exchange and the founder and CEO Changpeng “CZ” Zhao.
The United States watchdog issued thirteen charges against the cryptocurrency exchange, its United States platform counterpart, and the CEO. According to the charges, the exchange was offering unregistered offers and sales of its native token BNB ($BNB) and its stablecoin Binance USD ($BUSD). The Simple Earn, BNB Vault, and staking program are allegedly all in violation of securities law, as per the lawsuit. The SEC also stated that Binance and Binance.US had failed to register as an exchange or broker. According to the lawsuit:
“Defendants have enriched themselves by billions of U.S. dollars while placing investors’ assets at significant risk… Defendants have engaged in multiple unregistered offers and sales of crypto asset securities and other investment schemes.”
Binance responds to SEC lawsuit
In response to the lawsuit, Binance released a post explaining the disappointment in the SEC’s actions, after having “actively cooperated” with the regulator for some time.
“From the start, we have actively cooperated with the SEC’s investigations and have worked hard to answer their questions and address their concerns… But despite our efforts, with its complaint today, the SEC abandoned that process and instead chose to act unilaterally and litigate.”
Members of the community have rallied to Binance’s side, noting that the SEC is suppressing and undermining innovation and freedom in finance.
The #SEC‘s attack on #Binance not only undermines the freedom and innovation of cryptocurrencies but also raises concerns about its role as a tool wielded by traditional banks to suppress the growth of digital currencies.
— ₿en Todar (@BenTodar) June 5, 2023
This aligns with Binance’s views on the lawsuit. In its post, the exchange noted that the actions of the SEC “undermine America’s role as a global hub for financial innovation and leadership.” With digital asset law and legislation so dynamic and consistently developing, Bionance noted that there should be a better way to work with exchanges and crypto platforms than “regulation by enforcement.”
The crypto platform’s notice concluded with the aim to continue to cooperate with regulators and lawmakers both in the United States and across the world “because it is the right thing to do“. Further, the exchange has said that it is committed to making sure that the future of cryptocurrency regulation is set to foster innovation and protect users. It was also noted that Binance will stand and work alongside partners in the industry to “defend this important technology from misguided lawsuits.”