What do the SEC charges against Binance mean for the world’s largest cryptocurrency exchange?
The exchange’s market depth declined over 78% for its U.S. entity, while its market share in the U.S. dropped below 1%.
“Binance has already lost a great deal of public trust, but it has also aided in the decreased public trust of the entire crypto industry, which has already been plagued with scandal. Customers are uncertain and don’t know who to trust, what to trade, and how to trade it.” He advised that, while the SEC is claiming that most cryptocurrencies are — in fact — securities, industry participants should register digital assets as such and find a path to list and trade them in a compliant way in the U.S. under current securities law.Dave Birnbaum, director of product at Bitcoin-focused crypto trading platform Coinbits, told Cointelegraph that “it’s pretty clear that Binance.US will not survive this lawsuit.
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