June 27 (Cointime) - Binance and its founder, Changpeng Zhao, have been hit with 13 charges by the SEC for allowing US customers to trade on its platform in violation of compliance rules. Despite Binance's attorneys stating that the charges will not affect trading at its US subsidiary or funding from lenders, the situation looks bleak.

The SEC's lawsuit against Binance follows a similar case against Coinbase, and with traditional Wall Street firms like BlackRock entering the market, the regulator's pressure on crypto exchanges may increase.

Binance has also faced regulatory challenges in several European countries, including Belgium, Austria, the UK, the Netherlands, and Cyprus. If Binance.

US were to fold due to regulatory pressure, it could cause significant disruption to the crypto market as market markers in the US would vanish and payment services for Binance International in the US would be closed.