US SEC Prepares Enforcement Action Against Binance and Coinbase

The US Securities and Exchange Commission is reportedly taking enforcement action against Binance or Binance.US, the world's largest crypto exchange. Binance has faced enforcement action from the US CFTC and ongoing probes by the DOJ for violating sanctions against Russia. The SEC has sent a Wells notice to Coinbase, but Coinbase has stated that this will have no impact as it doesn't list securities. Binance has paused Bitcoin withdrawals due to congestion on the Bitcoin blockchain. Both Binance and Coinbase are under scrutiny from the US SEC.

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