The Real Reason the SEC is going after Crypto Exchanges Binance and Coinbase

The US Department of Justice was apparently looking into Binance in 2018 and considering filing charges for alleged money laundering and sanctions offences. Binance had broken the law by failing to register with the Treasury Department or establish stringent anti-money laundering rules, despite the fact that one-third of its users were based in the US

Is Binance going to Collapse? Binance in Big Trouble = https://youtu.be/FjqLUSYtmTw

On the other hand, the Singapore Police Force had reportedly launched fraud investigations into Binance after the country’s Monetary Authority rescinded the company’s application to run an exchange in the country. The platform was banned from operating in the UK by the Financial Conduct Authority last year

But Binance retaliated against authorities and the media, claiming that the DoJ inquiry was incorrect. The similarities between the time before the FTX crash and Binance's current circumstances are becoming more apparent as speculation over Binance's future continues to grow

A court filing accused Binance of secretly sending billions of dollars worth of customer funds between companies controlled by Zhao. bear in mind ,There are 13 civil charges in total, including an accusation of Zhao secretly controlling the Binance US platform, despite claiming to have no involvement in it
The SEC also charged Binance and its linked entity, BAM Trading Services, with operating unregistered securities
The very next day It was Coinbase, with the SEC filing a lawsuit against the U.S. crypto exchange accusing it of similar misconduct to Binance. The top financial watchdog claims Coinbase, which holds $130 billion in assets, has been operating unregistered securities and has Coinbase’s stalking-as-a-service program in its crosshairs

the SEC said “Coinbase has for years defied the regulatory structures and evaded the disclosure requirements that Congress and the SEC have constructed for the protection of the national securities markets and investors

Coinbase rebutted the claims, saying the SEC’s “reliance on an enforcement-only approach in the absence of clear rules for the digital asset industry is hurting America’s economic competitiveness” and that the company had demonstrated a commitment to compliance

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