Best Crypto to Buy Now 6 June – Bitget, Quant, Kava
Coinbase, one of the leading cryptocurrency exchanges globally, faces a lawsuit from US regulators, hot on the heels of similar legal action against Binance, another industry heavyweight.
The Securities and Exchange Commission (SEC) accused Coinbase of operating illegally without prior registration, a mandatory requirement for securities trading firms in the US.
Considering this recent macroeconomic development, what are the best cryptos to buy now?
Gary Gensler, the SEC's chairman, indicated that Coinbase's alleged shortcomings deprived investors of critical protections including preventive measures against fraud, proper disclosures, and safeguards against conflicts of interest.
The news sent Coinbase shares plunging by over 16% in premarket trading.
This regulatory scrutiny emerges a day after Binance, the largest crypto exchange worldwide, confronted comparable accusations of violating US securities laws.
Binance's founder, Changpeng "CZ" Zhao, along with his firm, was alleged to have engaged in deceptive practices, misused investor funds, and functioned as an unregistered exchange, violating security regulations.
Responding to the accusations, Zhao questioned the SEC's concern for consumer protection and posited that the fault might lie with the SEC if they are continuously at odds with everyone.
The SEC presented evidence alleging that Binance's former chief compliance officer, Samuel Lim, admitted to operating an unlicensed securities exchange in the US.
In the past 24 hours, Binance's trading volume has decreased by 16.20% to $9,961,464,264.
Binance, now facing thirteen charges from the SEC, is also accused of mishandling customer assets through a subsidiary owned by Zhao.
The current charges reflect accusations made against
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