The SEC sued Coinbase and Binance, bringing new regulatory action against two of the world's largest cryptocurrency exchanges. See potential bias and similarities in coverage from Gizmodo, FoxBusiness and CoinDesk: Binance Coinbase
The Details:
Regulators accused Coinbase of failing to register as a securities exchange. The Binance allegations include trading unregistered securities as well as accusations that it created a separate exchange, Binance.US, to shield it from legal action while enticing U.S. customers to trade on its larger, unregulated international exchange. Furthermore, the SEC said Binance secretly sent billions of dollars from investors to a separate company owned by Binance CEO Changpeng Zhao.
Monday it was trying to reach a settlement with regulators. Investors pulled hundreds of millions of dollars out of both trading platforms after the lawsuits were announced. The SEC’s lawsuits treat several digital tokens traded on the platforms — not including popular cryptocurrencies like Bitcoin and Ethereum — as unregistered financial securities. SEC chair Gary Gensler told
that the platforms were “commingling a number of functions,” adding, “We don’t see the New York Stock Exchange operating a hedge fund.”Most news coverage came from business and tech outlets rated Center and Lean Left; some major outlets on the right used wire service fromFrom the Left
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