United

<div class="playHtListenArea" style="display:none;margin: 0;">
		<div id="playht-audioplayer-element" data-play-article="https://crypto.ro/en/?p=21923" data-play-audio="https://media.play.ht/full_-NXKaUnB0Quw-M-FxtBn.mp3?generation=1686137085243632&alt=media">
		</div>
	</div>
	The United States Securities and Exchange Commission (SEC) has recently filed lawsuits against both Coinbase and Binance, two prominent cryptocurrency exchanges.
The lawsuits have had significant impacts on the crypto market and these companies.
Crypto markets experienced large declines following the <a href="https://crypto.ro/en/news/coinbase-faces-sec-lawsuit-over-unregistered-securities-allegations/">SEC action, with Coinbase</a>&#8216;s stock dropping about 9.2% on the day of the announcement​​.
Also, the net worths of <a href="https://crypto.ro/en/dictionary/brian-armstrong/">Coinbase CEO Brian Armstrong</a> and <a href="https://crypto.ro/en/dictionary/changpeng-zhao-cz/">Binance CEO Changpeng Zhao (CZ)</a> have experienced a substantial erosion in their personal fortunes.
Armstrong&#8217;s net worth decline by $289 million and Zhao&#8217;s by a whopping $1.33 billion, as per data from the<a href="https://www.bloomberg.com/billionaires/" rel="nofollow noopener" target="_blank"> Bloomberg Billionaires Index</a> and <a href="https://www.forbes.com/" rel="nofollow noopener" target="_blank">Forbes</a>.
Zhao, the wealthiest individual in the crypto industry and the 54th richest globally, witnessed a 5.1% contraction in his net worth this week, now standing at $26 billion.
<figure id="attachment_21926" aria-describedby="caption-attachment-21926" style="width: 1209px" class="wp-caption alignnone"><img decoding="async" class="wp-image-21926 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/06/Zhao-net-worth.webp" alt="CZ net worth" width="1209" height="670" srcset="https://crypto.ro/en/wp-content/uploads/2023/06/Zhao-net-worth.webp 1209w, https://crypto.ro/en/wp-content/uploads/2023/06/Zhao-net-worth-300x166.webp 300w, https://crypto.ro/en/wp-content/uploads/2023/06/Zhao-net-worth-1024x567.webp 1024w, https://crypto.ro/en/wp-content/uploads/2023/06/Zhao-net-worth-768x426.webp 768w, https://crypto.ro/en/wp-content/uploads/2023/06/Zhao-net-worth-750x416.webp 750w, https://crypto.ro/en/wp-content/uploads/2023/06/Zhao-net-worth-1140x632.webp 1140w" sizes="(max-width: 1209px) 100vw, 1209px" title="SEC lawsuits impact Coinbase and Binance CEOs&#039; net worths 1"><figcaption id="caption-attachment-21926" class="wp-caption-text">Changpeng Zhao (CZ)&#8217;s net worth | Bloomberg</figcaption></figure>
While he has registered a robust recovery this year with an over 106% bounce-back, he is still significantly off from his zenith net worth of $96.9 billion, registered in January 2022.
Armstrong, ranked as the 1,409th richest person by Forbes, bore a more substantial percentage loss, with his net worth dipping by 11.8% to $2.2 billion. However, he has successfully capitalized on this year&#8217;s market rebound, noting a 61% uptick in his net worth in the same duration.
<figure id="attachment_21925" aria-describedby="caption-attachment-21925" style="width: 805px" class="wp-caption alignnone"><img decoding="async" class="wp-image-21925 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/06/net-worth-of-Brian-Armstrong.webp" alt="Brian Armstrong net worth" width="805" height="462" srcset="https://crypto.ro/en/wp-content/uploads/2023/06/net-worth-of-Brian-Armstrong.webp 805w, https://crypto.ro/en/wp-content/uploads/2023/06/net-worth-of-Brian-Armstrong-300x172.webp 300w, https://crypto.ro/en/wp-content/uploads/2023/06/net-worth-of-Brian-Armstrong-768x441.webp 768w, https://crypto.ro/en/wp-content/uploads/2023/06/net-worth-of-Brian-Armstrong-750x430.webp 750w" sizes="(max-width: 805px) 100vw, 805px" title="SEC lawsuits impact Coinbase and Binance CEOs&#039; net worths 2"><figcaption id="caption-attachment-21925" class="wp-caption-text">Brian Armstrong net worth | Forbes</figcaption></figure>
The lawsuits against both Binance and Coinbase allege that these exchanges have violated several securities regulations, primarily by offering cryptocurrencies that the SEC regards as unregistered securities. In the aftermath of these lawsuits, <a href="https://crypto.ro/en/news/sec-identifies-12-tokens-as-securities-in-lawsuit-against-binance-and-ceo-changpeng-zhao/">67 cryptocurrencies have now been classified as securities by the regulator</a>.
Despite these setbacks, both CZ and Armstrong remain committed to <a href="https://crypto.ro/en/news/binance-responds-to-sec-lawsuit-with-firm-defense-and-vows-to-defend-crypto-industry-and-user-assets/">defending their platforms against the SEC&#8217;s allegations</a>, signifying their resolve to withstand regulatory pressures.

SEC lawsuits impact Coinbase and Binance CEOs’ net worths

crypto.ro global

Weitere Artikel, die am 7. Juni 2023 veröffentlicht wurden

SEC’s Lawsuit Against Binance Triggers Market Correction: LTC and BTC in Focus

Superman Released as Web3 Movie Experience

The Rise of Meme Tokens and How They're Driving Exchanges to Embrace Unconventional Trends

INFLUENCERS HATE US

Shaping a New Era: The Rise of Venture Capital Dominance"

The Only NFT Generator of its kind - ChainGPT’s AI Prototype

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!