The capital of the heads of Binance and Coinbase decreased by $1.6 billion in two days

The capital of the heads of Binance and Coinbase decreased by $1.6 billion in two days

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Author: Robert Strickland (crypto-journalist)
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The capital of the heads of Binance and Coinbase decreased by $1.6 billion in two days
The capital of the heads of cryptocurrency exchanges Binance and Coinbase decreased by $1.6 billion in two days
Since the SEC sued the top two crypto exchanges, Brian Armstrong lost 11.8% of his fortune and Changpeng Zhao lost 4.7%

The capital of the heads of the cryptocurrency exchanges Binance and Coinbase decreased by a total of $1.6 billion in two days. After the SEC filed lawsuits against the platforms, Brian Armstrong's fortune dropped by 11.8% and Changpeng Zhao's by 4.7%.

Armstrong, head of Coinbase, is ranked 1,409th on Forbes' list of the richest people. The SEC sued the U.S. exchange on June 6, and since then Armstrong's capital has decreased by $289 million, from $2.49 billion to $2.2 billion.

Before the SEC filed its lawsuit against the Binance platform and its head Changpeng Zhao on June 5, his fortune was estimated by the Bloomberg Billionaires Index at $27.3 billion. On June 6, that number dropped by $1.3 billion, to $26 billion.

Litigation is just beginning, but both exchanges say they intend to defend their positions, and the regulator's claims are unfounded. At the same time, according to the head of the SEC Gary Gensler, cryptocurrencies are not needed at all, and those that are, fall under the definition of securities and should be regulated by existing laws.

In addition to the lawsuit against Binance, the commission demanded the urgent blocking of assets of the American division of the leading exchange. It cited the reason for this as a concern for customer assets and the prevention of waste by the management of the exchange.

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