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US SEC Is Reportedly Close To Taking Enforcement Action Against Binance

US SEC is reportedly close to taking enforcement action against the world's largest crypto exchange Binance.
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US SEC Is Reportedly Close To Taking Enforcement Action Against Binance

The US Securities and Exchange Commission (SEC) is reportedly taking enforcement action against the world’s largest crypto exchange Binance. However, it’s unclear whether Binance or Binance.US is in the SEC’s crosshair.

After a series of attacks against crypto exchanges Coinbase, Bittrex, Kraken, and other entities related to crypto, the securities regulator has set eyes to bring action against Binance or Binance.US.

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Binance In the US SEC Crosshairs

Crypto exchange Binance has been under heightened scrutiny since the collapse of FTX. In March, the U.S. CFTC filed an enforcement action against Binance and CEO Changpeng “CZ” Zhao in March for violating commodities laws and operating an illegal derivatives exchange. The DOJ is also probing Binance for several matters, including violating sanctions against Russia.

Andrew in a tweet on May 8 said the SEC is almost close to taking action against Binance.US or Binance. The SEC may also bring changes against Binance CEO “CZ” for violating securities laws and failing to comply with the anti-money laundering (AML) rule.

He warned that the US Dept. of Justice (DOJ) could also be part of investigations against Binance after the SEC brings an enforcement action.

Recently, the SEC sent a Wells notice to Coinbase warning an enforcement action against the exchange for listing securities and staking services. Coinbase said the SEC action will have no impact as the exchange doesn’t list securities and blasted SEC for lack of clarity over digital asset regulations.

Coinbase followed a complaint seeking a response from the US SEC on questions sent last year regarding how government agencies use securities law for regulating digital assets. It also failed to provide clear guidelines and rules on crypto trading, listing, and staking.

A court has now ordered the SEC to respond to Coinbase’s writ of mandamus within 10 days. Coinbase may file a reply to the commission’s response within 7 days of the filing.

Also Read: Coinbase Legal Chief Takes Pre-Emptive Strike Against US SEC

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Binance Pausing Bitcoin Withdrawals

Coingape reported that Binance decided to pause BTC withdrawals citing congestion on the Bitcoin blockchain. The spike in pending transactions and fees caused exchanges to delay or pause withdrawals.

Binance moved BTC worth nearly $5 billion to manage the current situation. The exchange revealed the outflows are actually movements between Binance hot and cold wallets due to the BTC address adjustments. The SEC could also take the point in its action against Binance.

Also Read: Coinbase CEO Brian Armstrong Heads To UAE For Strategic Developments

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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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