According to a declaration by an Assistant Chief Accountant of the U.S. Securities and Exchange Commission (SEC), Binance allegedly sent nearly $20 billion of commingled funds to a foreign affiliate of stablecoin issuer Paxos in 2021.

The SEC's lawsuits against Binance and Coinbase have caused concern about the competitiveness of the US digital asset ecosystem, but could result in massive legal fees for lawyers. A former senior trial counsel at the SEC predicts that legal fees for each exchange could exceed $100 million. If the exchanges lose the lawsuits and Congress fails to act, it could shut down crypto in the US as it exists today.

According to a report in a South Korean daily, the Financial Service Committee (FSC) is reviewing Binance's acquisition of local crypto trading platform Gopax due to the recent SEC lawsuit against Binance. The FSC has reportedly suspended Gopax's executive change report, which detailed the nomination of three Binance members as inside directors of Gopax, including Leon Singh Poong, CEO of Binance Asia Pacific.

Several top law firms in the US have been hired to defend cryptocurrency exchanges Coinbase and Binance against lawsuits filed by the Securities and Exchange Commission (SEC). The SEC accused Coinbase of failing to register with the agency, while Binance was accused of inflating trading volumes.

Binance and Coinbase are facing negative net outflows following lawsuits filed by the SEC. Within the first 24 hours of the announcement, the two exchanges collectively saw close to $600 million in negative net outflows. Binance's US arm experienced a net outflow of approximately $123 million across multiple chains, while Coinbase faced a net outflow of approximately $105 million.

Glassnode, an on-chain analytics firm, has reported that despite the SEC's lawsuit against Binance and Coinbase resulting in volatile market moves and outflows, the magnitude of realized losses remains relatively low at $112 million. This suggests an increased degree of resilience among market participants.

Binance, the popular cryptocurrency exchange, has reaffirmed its commitment to the crypto community through its #StrongTogether campaign. The campaign emphasizes the importance of unity and highlights Binance's transparency pledge, which includes open and transparent wallet addresses, no misappropriation of user assets, no unsecured lending, and no large-scale political donations.

Hong Kong lawyer Gilbert NG has discussed how the US Securities and Exchange Commission's (SEC) actions could impact the regulatory landscape in Hong Kong. NG highlighted the contrasting treatment of Binance and Tether by the SEC, which may have repercussions for Binance's operations in Hong Kong.

Binance, along with its US-based counterpart operator BAM Trading, is facing a class-action lawsuit filed by law firm Silver Miller and co-counsel Kopelowitz Ostrow. The lawsuit alleges that Binance profited from transactions involving stolen cryptocurrency and enabled money laundering by neglecting to establish security measures to verify the lawful ownership of cryptocurrency held in Binance accounts.

According to data from Debank, a whale with the address "0x3356" has deposited a total of 100 million USDT into Binance within the last 12 hours. This news has drawn significant attention from the cryptocurrency market and sparked speculation about the future direction of the market.