I think legal challenges often serve as a litmus test for any organization, and Binance is currently under the magnifying glass. The SEC has come down hard on Binance, bringing forth 13 charges related to securities violations. These charges revolve around allegations of wash trading and the illegal sale of BNB and BUSD tokens as unregistered securities.
You should have provided a source into your information because I'm not sure if this is a new charges or you're discussing another one from the already existing case they had in court with Binance. I don't support a Binance a bit but I think SEC are turning into a donut that want to see the end of something if they don't like it, when they want to carry out investigations, they take it personal and that makes me think what happen inside between CZ and SEC sometimes.
Even before the SEC lawsuit, two key figures at Binance, CZ and former Chief Compliance Officer Samuel Lin, were charged by the CFTC for their questionable actions. The CFTC has not only issued charges but seeks to impose a payment trading and registration ban on the exchange, which would effectively mean Binance could no longer do business in the U.S. These legal battles are no trifles, and the implications are profound.
Didn't Binance announced that they want to stop registration from UK customers yesterday? I believe it was due to regulators request. If Binance stop operation in US, they will still be doing fine. Not like Binance dot US is a global one, they have separate exchange and I believe they don't get quarter of what they get in the Binance global because Coinbase own US, they should move on if SEC insist except if there are personal issues the media is not reporting.
The situation at Binance reminds us of a familiar tale: FTX. Is Binance headed down the same path? One thing that can't be ignored is the timing of key personnel departures from Binance. What's even more intriguing is the timing of key personnel departures from Binance. Several high-profile executives, including its Chief Strategy Officer, President of Compliance, and General Counsel left Binance in what appeared to be a coordinated move. While the official statement cites personal reasons for their departures, rumors suggest that these executives were not satisfied with CZ's handling of the DOJ investigation. The timing is indeed peculiar and bears a striking resemblance to the situation that unfolded before FTX's collapse when Sam Trabucco left Almeda Research.
In the crypto world, things move fast. I think Binance is facing its biggest threat and I for one am terrified of what's to come, but they can never go down like ftx. Can Binance regain trust?
Having a independent financial system is threat to US, even if Binance were to do everything request from SEC, they will still hunt them because CZ and Binance is not control by the US government, that they don't like. If the US want something from you and they don't have it, be ready for their frustrating part especially when you want need them to flourish.