SEC lawsuits squeeze net worths of Coinbase and Binance CEOs
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The net worths of Coinbase CEO Brian Armstrong and Binance CEO Changpeng Zhao (CZ) have suffered heavy blows due to recent lawsuits by the United States securities regulator.
Armstrong’s net worth was slashed by $289 million and Zhao’s by $1.33 billion within a span of 30 hours after the Securities Exchange Commission (SEC) sued
The SEC sued both Binance and Coinbase alleging the exchanges broke various securities rules, most notably for purportedly offering cryptocurrencies that the regulator considers to be unregistered securities.
Following the suites, a total of 67 cryptocurrencies have now been classed as securities by the SEC.
Binance and Coinbase have both confirmed they will “vigorously” defend the lawsuits laid against them.
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