"SEC is becoming more aggressive, will the crypto market be destroyed because of it?"
The entire cryptocurrency market saw a shock when the United States (US) Securities and Exchange Commission (SEC) reportedly sued exchange giant Binance and its Chief Executive Officer (CEO) Changpeng Zhao (CZ) for violating the country's securities laws.
Explained in more detail, the SEC filed 13 charges against Binance, including operating in the US illegally, defrauding its customers and mixing funds worth billions to transfer them to European-based companies.
Not only that, the regulator also defined Cardano (ADA), Polygon (MATIC), Solana (SOL) and Filcoin (FIL) which are being traded on the Binance platform as securities.
Even so, many questions arise among investors in determining whether the SEC has solid evidence or appropriate procedures that can describe a digital asset as a security or not.
There is no denying that the lawsuit has caused an uproar in the crypto market when the price of Binance Coin (BNB), which facilitates the operation of the crypto exchange, slipped to $277.
While more details have yet to be released by CZ, he has taken to sharing a brief tweet promising his more than 8.4 million followers that there is a dedicated team to ensure deposits and withdrawals work as usual.
Earlier in March 2023, the Commodity Futures Trading Commission (CFTC) had charged Binance with violating US law for allegedly soliciting millions of profits from local users, but its position has been further affected after being targeted by two regulators.
