The US Securities and Exchange Commission has taken aim at a broad swath of the cryptocurrency market, launching a pair of lawsuits against exchanges that together account for half of global trading in digital assets.
The financial regulator on Tuesday sued Coinbase, the San Francisco-based exchange group, alleging it violated US securities law by failing to register as a broker, national securities exchange or clearing agency. Coinbase shares fell sharply.
The enforcement action came a day after the SEC filed a complaint against Binance and its chief executive Changpeng Zhao, alleging an array of civil charges including improperly mixing customer funds with those of a trading firm owned by Zhao.
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