June 8, 2023

Crypto Community Shows Solidarity To Binance, Coinbase amid SEC Allegations

Stand with Crypto

Stand with Crypto

The past few days were surly for the crypto industry because of the US Securities and Exchange Commission (SEC)’s lawsuits against Binance and its CEO Changpeng Zhao and Coinbase for allegedly violating federal securities laws.

Such accusations badly impacted the industry, including the decline in the value of Bitcoin and tokens and big outflows from the Binance crypto exchange. People who are naive to the crypto industry are familiar with such cycles of volatility and regulatory pushback, however, the crypto community sought to show itself as united.

According to Coindesk, many users minted the Stand with Crypto commemorative NFT in support of their businesses and passion for crypto. The Stand with Crypto NFT is a symbol of unity for the crypto community seeking sensible crypto policy. Featuring a blue shield, it represents a collective stand to protect and promote the potential of crypto.

Following minting the NFT, Twitter users have been called to display a shield emoji in their username in solidarity with the movement.

Moreover, Machi Big Brother, aka Jeff Huang, who is known in the NFT space as one of the largest Bored Ape Yacht Club (BAYC) holders, announced that he would transfer his BAYC and MAYC NFTs to Binance to show solidarity and support for the crypto exchange, Coingape website reported.

According to Etherscan, a block explorer and analytics platform for Ethereum, BAYC and MAYC NFTs, with a combined value of nearly 2,900 ETH, had been moved to Binance by Machi Big Brother.

Moreover, Zhao conducted a poll, asking his followers Twitter: “Who can protect you more? Binance or the SEC?” 85% voting for Binance and only 14% said the US SEC.

The US SEC accused Binance and Coinbase of unregistered securities and acting as an unregistered securities broker among other charges. It also accused Binance as it was illegally operating in the US.

Author profile

Whether you want to learn about NFT, Blockchain, Web3.0, Metaverse, or any other emerging technologies, we have the vital resources that will enlighten and help you make an informed decision.