The crypto industry has attacked Gary Gensler in recent days after the SEC sued two of the world's largest crypto exchanges, Coinbase and Binance, for allegedly breaking securities laws by failing to register their operations with the agency.Ĭrypto companies started out in a regulatory gray area, but the SEC under Gensler has steadily asserted its jurisdiction over the industry, arguing most tokens are securities and should be subject to the same disclosure rules. Meanwhile, the agency on Thursday strongly rebutted criticism that the agency is trying to crush the crypto industry, and said many companies in the space had made a 'calculated economic decision' to flout its rules. in Singapore on Friday, extending a recent period of underperformance of wider digital-asset markets. We will continue to vigorously defend ourselves,' Binance.US said in an email to its customers.īNB, a crypto token native to Binance, fell about 2.5% as of 10:45 a.m. Binance and its chief executive, Changpeng Zhao, are being sued in the US by commodity market regulators in a complaint that claims the defendants. The crypto exchange has asked customers to withdraw dollars by June. dollar deposits have been suspended and USD withdrawals will no longer be processed. Binance has long been dogged by allegations that it skirted global money-laundering rules and sought to evade regulations. “The allegations made by SEC are unjustified. Binance US has informed its users that U.S. Zhao traveled to the United States at least once in 2022, the person said. Subsequently, the SEC said it’s seeking to freeze Binance.US’s assets and protect customer funds, including through the repatriation of client investments held abroad. Crypto exchange Binance.US, whose chief executive officer recently resigned, just appointed a new president. The CEO of one New York investment firm, which manages 2.5 billion in assets, said his company trades on the Binance offshore exchange through corporate entities it owns outside the United States.

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