On June 7th, a US court granted the SEC's motion to freeze the assets of Binance subsidiaries, BAM Management and BAM Trading, in the country to prevent the dissipation or withdrawal of these assets from the court's jurisdiction. The court ordered Binance to return all fiat currencies and cryptocurrencies held in Binance. us accounts to its customers within ten days. The case against Binance's US subsidiaries is under review, and the broader implications for Binance are yet to be determined.

Binance's BUSD stablecoin has been classified by the SEC as an unregistered security, leading to confusion and questions about the classification of other stablecoins. The SEC alleges that BUSD was marketed as an investment contract, with Binance offering various interest-earning or profit-generating schemes that required the purchase of BUSD.

The Cardano Foundation has denied claims by the U.S. Securities and Exchange Commission (SEC) that Cardano (ADA) is among the securities hosted on the Binance platform. In response to the SEC's recent lawsuit against Binance, the foundation expressed disagreement with the classification of ADA as a security under U.S. law but expressed openness to dialogue with policymakers in seeking legal clarity.

Despite regulatory troubles for Binance and Coinbase, major cryptocurrencies such as Bitcoin and Dogecoin rose by 5% in the past 24 hours, indicating bullish strength. Other major tokens such as Litecoin, XRP, and Shiba Inu also saw gains of up to 4%, leading to a 3.3% rise in the total crypto market capitalization to $1.12 trillion. The bounce back came after a record liquidation event on Monday, which saw over $293 million worth of token-tracked futures products liquidated.

According to court filings published on Tuesday, the US Securities and Exchange Commission (SEC) has been investigating Binance for at least a year, detailing evidence of hundreds of millions of dollars in unlawful profit by the cryptocurrency exchange. On Monday, the SEC sued Binance's US and global entities, including its CEO Changpeng "CZ" Zhao, alleging that they operated an unregistered securities exchange by allowing people to trade crypto.

The South Korean Financial Services Commission (FSC) is monitoring Binance's legal battle, which has delayed the company's acquisition of Gopax due to a delay in filing a business transfer report. The US SEC has filed a lawsuit against Binance for violating securities laws and has requested asset seizures. Binance is also under investigation for suspected violations of anti-money laundering laws and unregistered securities trading support.

The net worths of Coinbase CEO Brian Armstrong and Binance CEO Changpeng Zhao have taken a hit due to recent lawsuits by the US Securities Exchange Commission (SEC). Within 30 hours of the SEC suing Binance on June 5 and then Coinbase on June 6, Armstrong's net worth fell by $289m and Zhao's by $1.33bn.

The median trading volume across the top three decentralized exchanges (DEX) jumped 444% in the past 48 hours as crypto investors reeled from the United States securities regulator's recent legal actions against cryptocurrency exchanges Coinbase and Binance.

Bitcoin and other cryptocurrencies have rebounded in price despite recent SEC actions against Binance and accusations of co-mingling assets. The CoinDesk Market Index has risen by 4.8%, driven by AI euphoria and gains among tech giants such as Nvidia, but institutional investors remain cautious about entering the crypto market due to regulatory concerns.

According to Binance US: User assets remain safe and secure and the platform continues to be fully operational with deposits and withdrawals functioning as normal.