Analysis-US SEC crackdown on Coinbase, Binance puts crypto exchanges on notice

U.S. Securities and Exchange Commission logo and representations of cryptocurrency Binance are seen in this illustration taken June 6, 2023. REUTERS/Dado Ruvic/Illustration

WASHINGTON (Reuters) -Other U.S. crypto exchanges are likely to be in the firing line after the Securities and Exchange Commission (SEC) this week sued Coinbase and Binance, two of the world's largest crypto exchanges, for allegedly breaching its rules.

The SEC on Tuesday alleged Coinbase traded at least 13 crypto assets that are securities and which should have been registered, while on Monday it also accused Binance, the world's largest cryptocurrency exchange, of offering 12 cryptocurrency coins without registering them as securities.