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SEC charges against Binance and Coinbase are terrible for DeFi
© Reuters
The allegations against Binance and Coinbase (NASDAQ:) by the U.S. Securities and Exchange Commission have substantial ramifications for the decentralized finance (DeFi) ecosystem, and they are far from positive. DeFi has developed as a promising area within the crypto industry, aiming to disrupt established financial systems and deliver financial services in a decentralized manner.
However, the latest charges against these centralized exchanges raise doubts about the future of DeFi. By targeting Binance and Coinbase for suspected violations of securities laws and operating unregistered exchanges, the regulator seems to be imposing its authority on an industry that thrives on independence and autonomy.
Guneet Kaur joined Cointelegraph as an editor in 2021. She holds a master of science in financial technology from the University of Stirling and an MBA from India’s Guru Nanak Dev University.
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