The SEC now considers ten more crypto to be securities, according to a complaint filed against Binance

Following its lawsuit against top crypto exchange Binance, the Securities and Exchange Commission (SEC) has declared that it would now classify 61 digital assets as securities. The scope of the regulator’s authority has expanded beyond $115 million worth of cryptocurrency.

When it filed fraud charges against Terraform Labs in February, it added 16 assets. In its most recent lawsuit, the SEC claims that Binance provided unregistered securities, ran unlicensed exchanges, and lied about the safety of trading on its US platform.

The SEC has levelled 13 accusations against Binance and its CEO, Changpeng Zhao (CZ), including the following.

Bypassed internal checks to keep high-value US consumers using Binance.com. Despite claims to the contrary by Zhao and Binance, American consumers still need help to do business on the exchange.

Despite claims that Binance US operates independently for US investors, it was managed by the company behind the scenes the whole time.

Customers’ funds were mixed with other accounts and transferred to companies under Zhao’s control, including Sigma Chain.

A drop in total crypto value has followed the SEC’s newest action, which may affect the index since it considers trading volume, price volatility, and momentum.

Bitcoin and Ether are down more than 4 percent and 3 percent, respectively, while the altcoins Cardano and Solana are down more than 6 percent.

It’s 2017 now. Bitfinex offers consumers a 33% haircut to recover over 120,000 bitcoin stolen in a breach, while BitMEX encourages 100X leverage for all customers. For retail dealers of shitcoins, a ray of optimism in the form of Binance shines through the gloom.

The newly established market quickly attracted both novice and seasoned merchants. Using Ethereum’s network, Binance introduced its coin, BNB, in September. The token implied a return on investment, reduced trading costs, and a predetermined burn rate.

Binance did quite well. Meanwhile, other exchanges were hacked, authorities cracked down on businesses, and influencers were penalised for improperly advertising products. However, the value of BNB skyrocketed from $1 in 2020 to over $600 in 2021.

Also Read: Coinbase was sued by the SEC a day after Binance was sued