In the wake of back-to-back SEC lawsuits, Binance CEO Changpeng Zhao had $1.4 billion slashed from his fortune, while Coinbase boss Brian Armstrong saw his net worth dip by $361 million.
Just 24 hours after suing Binance, Wall Street’s top regulator sued Coinbase for allegedly acting as an unregistered broker.
Coinbase CEO Brian Armstrong, 40, saw his net worth dip by $361 million after the SEC accused his crypto exchange of operating as an unregistered broker.Both civil cases are part of SEC Chair Gary Gensler’s efforts to assert more oversight over crypto markets, which he has called the “Wild West” of investing.that the company has a “demonstrated commitment to compliance,” and said that it would continue business as usual.
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