from Forbes revealed that the SEC had sued the largest global crypto exchange Binance and its CEO, Changpeng Zhao.<\/span><\/p>\nIn line with its operations, Binance functions internationally as Binance.com but runs a separate platform, Binance.US, for its US customers. <\/span>The platform for US customers complies with the SEC’s regulatory demands.<\/span><\/p>\nHowever, the SEC alleged US users have been trading on Binance.com, indicating that Binance and its CEO, Zhao violated securities laws.<\/span><\/p>\nAlso, the regulator accused the exchange of allowing the trading of crypto assets which are securities, amounting to $115 billion. <\/span>Some of the assets include BNB, BUSD, Polygon (MATIC), Solana (SOL), and Cardano (ADA).<\/span><\/p>\nFeatured image from Pixabay and chart from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"
The US Securities and Exchange Commission (SEC) sued the world\u2019s largest crypto exchange Binance and its founder for allegedly violating securities laws.\u00a0 In light of this, Cardano founder Charles Hoskinson has expressed his concerns over the SEC\u2019s complaints against Binance.\u00a0 Cardano Founder Analyzes SEC\u2019s Complaints Against Binance Charles Hoskinson to Twitter to disclose his belief regarding the recent SEC lawsuit against Binance and its CEO, Changpeng Zhao. The Cardano founder noted that such a situation depicts threats to financial freedom and the continuation of crypto in the United States. Related Reading: No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts In his lengthy post, Hoskinson thinks the SEC wants to implement \u2018Chokepoint 2.0\u2019 in the country based on the implications of its complaints.\u00a0 He also pointed out the extensive nature of the complaint, which amounted to 136 pages stating that it could be an integral part of a plan to maintain strict control over the personal financial lives of people. Hoskinson further observed that the SEC\u2019s lawsuit against Binance is not just centered on compliance issues with the exchange.\u00a0He is concerned that the regulator may include the creation of a centrally-backed digital currency (CBDC) connected to a group of chosen and powerful banks.\u00a0 Such a move could provide the government absolute control over every area of financial activities from the customers. And Hoskinson thinks that the SEC’s action displays a political and philosophical disagreement on the existence of crypto and its core principles. Additionally, he mentioned that a group of unappointed persons had streamlined some operations as inappropriate for the open market. These include wallet ownership, economic agency, and self-sovereign identity. So, the SEC intends to have just a few individuals enjoying these privileges. Hoskinson maintained that historically, the current play-out of events indicated the recurring battle between freedom and authoritarianism. According to him, it is not a completely new situation; rather, the clash is between different players and technology, with a change in wording. Related Reading: Tether: How Its $2 Billion USDT Minting Impacts Ethereum\u2019s Success In The Bull Market As such, the Cardano founder noted that the situation demands that the crypto industry unite and create concrete rules to prevent the US from getting into an apocalyptic stage similar to George Orwell\u2019s 1984. SEC\u2019s Lawsuit Against Binance And Its CEO Zhao A June 5 report from Forbes revealed that the SEC had sued the largest global crypto exchange Binance and its CEO, Changpeng Zhao. In line with its operations, Binance functions internationally as Binance.com but runs a separate platform, Binance.US, for its US customers. The platform for US customers complies with the SEC’s regulatory demands. However, the SEC alleged US users have been trading on Binance.com, indicating that Binance and its CEO, Zhao violated securities laws. Also, the regulator accused the exchange of allowing the trading of crypto assets which are securities, amounting to $115 billion. Some of the assets include BNB, BUSD, Polygon (MATIC), Solana (SOL), and Cardano (ADA). Featured image from Pixabay and chart from TradingView.com<\/p>\n","protected":false},"author":584,"featured_media":516574,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16896],"tags":[79508,10768,12332,6664,3799],"class_list":["post-536694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cardano","tag-adausdt","tag-binance","tag-cardano","tag-crypto","tag-sec"],"acf":[],"yoast_head":"\n
Cardano Founder Unveils SEC Motivation For Suing Binance<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n