SEC Sues Coinbase and Binance, World's Two Largest Cryptocurrency Exchanges

Coinbase and Binance face a slew of allegations of violating U.S. securities law.

Mobile cryptocurrency trading app
(Image credit: Getty Images)

Update, June 12, 2023: Binance announced on Twitter that Binance.US customers will no longer be able to use U.S. dollars in crypto transactions on the platform as early as June 13, as its domestic banking partners sever ties. Binance has previously engaged with U.S. banking partners including Axos Bank, Cross River Bank and the failed Silicon Valley, Silvergate, and Signature Banks. The move will severely limit the exchange's ability to do business in the U.S.

Leading cryptocurrency exchanges Coinbase and Binance are no strangers to controversy, as they tower over the battered crypto sector.

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Ben Demers
Audience Engagement Manager,

Ben Demers manages digital content and engagement at Kiplinger, informing readers through a range of personal finance articles, e-newsletters, social media, syndicated content, and videos. He is passionate about helping people lead their best lives through sound financial behavior, particularly saving money at home and avoiding scams and identity theft. Ben graduated with an M.P.S. from Georgetown University and a B.A. from Vassar College. He joined Kiplinger in May 2017.