The US Securities and Exchange Commission has sued Binance and Coinbase for alleged violations of US securities laws, citing various lapses. Fellows from the largest cryptocurrency exchange, Binance and its CEO Changpeng Zhao are accused of artificially inflating trading volumes, making misleading claims and surreptitiously controlling customers' assets; charges the company says will be "vigorously" defended. Coinbase, meanwhile, is accused of operating illegally without registration with the SEC, evading disclosures and earning billions of dollars through transactions. Investors reportedly withdrew $1.43bn from Binance and its US affiliate following the announcement of the lawsuit.
