CNBC host Jim Cramer has been heavily criticizing Binance following the SEC's lawsuit against the crypto exchange. Cramer called Binance a sham and compared its position to that of fallen crypto exchange FTX. Binance's Chief Communications Officer, Patrick Hillmann, responded aggressively and asked Cramer to provide evidence for his comparison. Despite the legal action, the Bitcoin price continues to maintain 24-hour gains.

The chief legal officer of cryptocurrency exchange Coinbase said the company has not yet decided whether to delist any assets. Coinbase was sued by the U.S. Securities and Exchange Commission (SEC) for violating security regulations. Unlike rival Binance, Coinbase does not appear to be canceling any trading pairs or suspending its OTC trading portal for now. The company believes its business is legitimate, active and productive and will continue to operate as usual.

Binance CEO Changpeng Zhao has been summoned by the United States District Court in Washington, D.C. following the SEC's lawsuit against the exchange for alleged unregistered securities operations. The summons requires a response from Binance and its CEO within 21 days of service, and failure to respond could result in a default judgment.

The recent actions taken by the SEC against Binance and Coinbase have caused volatility in the cryptocurrency market, but it has not collapsed, indicating maturity in the space. Traders withdrew 12,600 Bitcoin from exchanges, showing that they did not panic.

Binance CEO Changpeng Zhao's offshore trading company, Merit Peak, reportedly received about $11 billion of client assets through a Seychelles-based firm, according to a filing by the US Securities and Exchange Commission (SEC).

As the SEC cracks down on Binance and Coinbase, the European Union is introducing a new crypto framework that provides greater clarity for blockchain innovators. The EU's approach of regulating first and then observing the market response could give it an edge over the U.S. Some believe the EU's new Markets in Crypto Assets (MiCA) law makes it well-positioned to compete with the U.S., where big crypto players complain about regulation by enforcement. The MiCA law is said to better match what crypto is for, and some businesses are considering shifting to Europe because of the new framework.

Binance CEO CZ has been order to respond answer the summons of a U.S. District Court along with the other entities named in the case. He does not have to appear in person but respond within the time frame below.

On June 7th, Binance released a statement on its Chinese social channels with the hashtag #StrongTogether. The cryptocurrency exchange denied allegations of siphoning consumers' funds, collateralized borrowings, and making large donations to political candidates or entertainment and media entities. Although Binance did not name the exchange it was differentiating from, FTX has been accused of mismanaging consumers' assets and lending money to its sister hedge fund, Alameda Research. The SEC sued Binance on June 5th for allegedly selling unregistered securities to US users and operating an unregistered exchange in the United States.

The SEC's recent legal action against Binance and its CEO has highlighted the ongoing conflict between regulators and cryptocurrencies. The accusation of "commingling" customer funds is especially damaging, as the SEC may seize any opportunity to attack Binance. Meanwhile, Senator Elizabeth Warren has indicated that she will reintroduce legislation on digital asset money laundering, which aims to close loopholes and collaborate with international jurisdictions. The SEC's timing in taking action against Binance is ironic, as June has been the worst month for crypto investors, with daily average returns ranking last from 2021-2023.

Cumberland withdrew 8,250 $ETH ($15M) from #Binance and 4,500 $ETH ($8M) from Coinbase again.