Binance and Coinbase (NASDAQ:COIN) have been targeted in a new round of lawsuits by the U.S. Securities and Exchange Commission (SEC) against crypto businesses. The regulator pressed 13 charges against Binance on June 5, including those involving unregistered offerings and sales of tokens, and failing to register as an exchange or broker-dealer. The commission also went after Coinbase on similar grounds, alleging that popular cryptocurrencies offered by the exchange are securities. Trading volume across the major decentralized exchanges jumped 444% in the hours following the legal actions. In the six months after FTXs bankruptcy, SEC crypto-related enforcement actions rose 183%.
The total number of cryptocurrencies the United States securities regulator has labeled as a security has now reached an estimated 67, after adding a few more to the list in its lawsuit against crypto exchanges Binance and Coinbase. In its case against Binance, the SEC introduced 10 cryptocurrencies into the securities classification, while it named 13 cryptocurrencies in its Coinbase suit. The security label now applies to over $100 billion worth of the market, or around 10% of the $1.09 trillion total crypto market capitalization.
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