Binance was sued by the SEC. It looks like FTX but worse.

If the SEC’s complaint against Binance is sound, it may turn out CZ was doing a little projection, and that his own huge exchange was engaged in some of the same alleged criminality that earned SBF an ankle monitor and an upcoming federal trial of his own. Plus, considering that the FTX fallout helped plunge the crypto market into a recessionary hole it’s yet to climb out of, it’s more than certain these Binance charges will wrack the digital-asset economy even further. Already, in response to the news, various cryptocurrencies have plunged in value—not at all surprising, since many of them were traded on Binance itself.

So, what does this all mean in the near term? Is Binance the new FTX? If so, is the crypto economy doomed? And is CZ the new SBF? Are there too many acronyms?? (Absolutely.) Here are the key charges from the SEC’s 136-page lawsuit, and what they mean for both crypto and the rest of the economy.

Source: Binance was sued by the SEC. It looks like FTX but worse.