logo logo

The next-generation financial news, and trading signals for you to start driving your FOMO today!


FREE trading signals

Get free daily crypto signals to make profitable trades every day!

View fresh signals


Peter Davis

An writer at FOMOdrive

  • Jun 19, 2023
  • 2 min read

SEC sues Binance and Changpeng Zhao

The Securities and Exchange Commission's (SEC) action against Binance has put Bitcoin under immense pressure.

The probability of the SEC achieving a "complete victory" in their legal action against Ripple is only 3%.

Binance's potential successor to Changpeng Zhao was revealed to Bloomberg.

At least $35 million worth of digital assets belonging to Atomic Wallet users were stolen in the hack.

Members of the crypto community have been threatened with a lawsuit by the leadership of Gate.io crypto exchange.

The US Securities and Exchange Commission (SEC) has taken legal action against Binance and its CEO Changpeng Zhao for breaching securities trading regulations. The regulator has put forward 13 accusations, such as unauthorised offerings and sales of BNB and BUSD tokens, Simple Earn and BNB Vault products, and staking.

The court document revealed that the commission had acknowledged the BNB token and the BUSD stablecoin, which carries the exchange's brand, as securities. However, the issuance of BUSD was prohibited by US regulators in February, causing BNB to drop by more than 10%.

Bloomberg reports that Richard Teng, the head of Binance in Asia, Europe and the Middle East, may take over as CEO of the exchange from Changpeng Zhao, as the company has come under close scrutiny from regulators in the US and other countries. Sources close to the publication have indicated that the issue of succession has become relevant.

JPMorgan has partnered with five Indian banks to implement its blockchain-based settlement platform Onyx, which will accelerate interbank transactions in India.

Gate.io, a crypto exchange, has warned of potential legal action against those who have been spreading rumors of its bankruptcy. This speculation began after the Multichain internetwork protocol experienced technical issues on May 24th.

At least $35 million in digital assets were lost by users of the Atomic Wallet due to a hack in 2021. This was discovered by security specialists at Least Autority, who identified several critical security issues in the wallet.

John Deaton, a lawyer, believes that the SEC has only a 3% chance of achieving a "complete win" in its lawsuit against Ripple. He estimates that Ripple has a 25% chance of a positive verdict, and a 50% chance of a partial victory, in which the judge acknowledges that the XRP token was a security before 2018.

Share this article