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US SEC to Take Actions Against CZ and Binance Exchange – More Bloodbath In Crypto Market

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Sohrab Khawas

If reports are to be believed, the US Securities and Exchange Commission (SEC) is planning to take enforcement action against Binance, the world’s largest cryptocurrency exchange. 

According to Andrew and his mentioned two sources, the Securities and Exchange Commission is reportedly very close to taking action against Binance and Binance US, as well as its CEO Changpeng Zhao. The sources suggest that the potential actions may involve unregistered securities, money laundering, or both.

He wrote, “UPDATE: Two sources have made it clear that the SEC is **very** close to moving on actions against Binance/Binance US, as well as CZ personally. **source: “…he has to hope that it is JUST the SEC, and not the DOJ as well, unregistered securities versus money laundering.”

It is currently unclear whether the enforcement action will be directed towards Binance or its US subsidiary, Binance US. This comes after a string of attacks on various crypto exchanges including Coinbase, Bittrex, and Kraken, by the securities regulator.

Binance had temporarily halted Bitcoin withdrawals due to a high volume of pending transactions on the Bitcoin blockchain, leading to increased fees and delays on the network.

In the aftermath of the FTX debacle last year, the SEC has been intensifying its efforts to regulate the crypto industry. Staking services like Coinbase Earn are now facing greater scrutiny for not being registered with the regulator.

As part of a settlement with the SEC, Kraken had recently agreed to pay $30 million in penalties and shut down its cryptocurrency staking service in the US, which the SEC alleges was not properly registered.

Additionally, Chinese crypto entrepreneur Justin Sun has been charged with fraud by the SEC, while eight celebrities, including actress Lindsay Lohan, have been accused of illegally promoting his crypto assets.

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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