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Summary from the TLDR Crypto newsletter

The SEC has filed 13 charges against the world's largest crypto exchange, Binance, and its founder CZ. The SEC alleges that Binance has violated securities laws, commingled billions in user funds, purposefully worked to attract US customers to its unregulated international exchange, and included some extremely incriminating statements made by Binance officials in the lawsuit. Additionally, the SEC accused Binance of operating market-making companies to inflate trading prices. Binance claimed to have been cooperating with regulators and pledged to continue to for the investigation. The suit also alleged that several leading altcoins, such as Solana, Polygon, BNB, Cardano, and others, are classified as securities, causing crypto markets to tumble yesterday.