Charles Hoskinson, the creator of Cardano (ADA), believes that the recent legal action taken by the U.S. Securities and Exchange Commission (SEC) against Binance is part of a larger effort to suppress the digital assets industry.

Since the SEC filed a lawsuit against Binance on June 5, the market capitalization of BNB has decreased by over $7 billion. BNB has dropped almost 15% this week due to the impact of the lawsuit. The SEC has requested that Binance's U.S. assets be frozen worldwide, which could force the exchange to repatriate customers' fiat currency and crypto assets.

According to Bloomberg, two Senate democrats, Elizabeth Warren and Chris Van Hollen, have written a letter to U.S. Attorney General Merrick Garland requesting an investigation into crypto exchange Binance's business practices.

Binance has reiterated its request for SEC Chair Gary Gensler to remove himself from the agency's case against the exchange due to his past interactions with Binance. The exchange claims that Gensler once offered to serve as an advisor to the exchange and had lunch with Binance CEO Changpeng Zhao in 2019 to discuss BNB and launching a US offshoot.

Credencial Payments, a fintech company based in Argentina, has announced a partnership with Binance to promote crypto adoption in the country. The collaboration will allow Credencial Payments to bring the best of the crypto world to the traditional financial sector, promoting new payment methods and simplifying buying and selling operations for merchants and consumers.

The SEC's enforcement action against Coinbase and Binance could result in major Web3 and cryptocurrency service providers leaving the United States, according to Sergej Kunz, co-founder of DeFi protocol 1inch Network. Kunz believes that regulatory uncertainty in the US could harm the industry and stifle innovation.

Binance's BNB bridge has been hacked, with attackers targeting the mechanism that allows the transfer of BNB tokens between different blockchain networks. The attackers' health rate was 1.18 on the Venus protocol, indicating that their collateral position was considered healthy and stable.

The United States District Court Judges who will preside over the SEC lawsuits against Coinbase and Binance have been revealed in court filings. District Court Judge Jennifer H. Rearden will hear the case of SEC v Coinbase in the Southern District of New York, while District Court Judge Amy Berman Jackson will tackle the case of SEC v Binance in the District of Columbia. Judge Rearden recently ruled on a crypto-related matter involving Binance.US, while Judge Jackson has adjudicated on several highly-political disputes in recent times. Both Binance and Coinbase have confirmed they will "vigorously" defend the lawsuits laid against them.

According to a court document filed by the Securities and Exchange Commission (SEC), Binance CEO Changpeng Zhao and Guangying Chen received billions of dollars of customer funds through their holding company. The funds were allegedly sent to firms controlled by Zhao via an intermediary holding company known as Key Vision Development Limited. The SEC is requesting a temporary restraining order to freeze assets on Binance.US, citing evidence from testimony delivered by an accountant employed by the regulator. The SEC alleges that $12 billion was sent to Zhao and $162 million to a Chen-controlled company in Singapore, and that the majority of the funds are now in offshore accounts.

According to Bloomberg, Binance and related entities moved around US$70 billion through accounts at Silvergate Bank and Signature Bank from 2019 until this year, with some funds flowing out to foreign entities, according to a recent court filing. The SEC sued Binance for “blatant disregard” of US securities laws, including mishandling customer funds.