The filing by the SEC cites Binance’s operations in Malta with CZ noting that he won’t have to appear in person.
Binance is also pausing its OTC Trading Portal services in the US. The exchange said that it will notify users if and when the portal opens in the coming weeks and months.
Crypto market prices have tumbled significantly since the news began to make rounds.
While Binance saw the acquisition of Gopax as a means of re-entering South Korea, it was also meant to be a turning point for the local trading platform.
The new governance requires at least 75,000 votes for the proposal to be either accepted or rejected.
Many crypto exchanges including Binance believe that the SEC’s requested relief will do more harm to investors than good.
Per the latest allegations, Coinbase is operating as an unregistered national securities exchange and broker.
Following a recent strike at major crypto exchanges, the SEC has inadvertently caused an over 400% rise in trading volumes on DeFi platforms.
According to Coinbase CEO Brian Armstrong, the company’s legal team is well prepared to represent the crypto industry in court to get regulatory clarity.
Binance called the SEC’s actions as somewhat vendetta rather than actual concern for safety of Binance.US customers. The exchange said it remains determined to defend itself in court.
From the multiple crashes of last year to the crypto banking saga in March, there are a lot of reasons why investors may be looking for ways to get their funds out of centralized exchanges.
The SEC has filed lawsuits against Coinbase and Binance, categorizing numerous cryptocurrencies, including Chiliz, Flow, Dash, and Near, as securities, further solidifying its aggressive stance on crypto regulation.
The new lawsuit against Coinbase is coming only a few hours after the SEC sued Binance for violation of the same US securities rules.
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