The SEC has filed lawsuits against two major crypto companies, Binance and Coinbase, with serious allegations against both. The allegations against Binance are more damning, directly mentioning CEO Changpeng Zhao and claiming that the company operated through a "web of deception" and commingled customer funds.

The SEC alleges that Coinbase operated for years as an unlicensed securities exchange and prioritized increasing profits over investors' interests, but the complaint does not include fraud allegations. The lawsuits are seeking different penalties, with the SEC seeking to ban Coinbase from operating as an exchange or broker in the US.