The SEC’s latest crypto crackdown has just hit the cash stores of the Coinbase and Binance CEOs.
According to the Bloomberg Billionaires Index, Binance’s Changpeng Zhao has witnessed $1.33billion drop from his $26bn money pile.
Meanwhile, Coinbase’s CEO Brian Armstrong has lost $361 million from his $2.2bn mega-capital.
Coinbase CEO Armstrong has responded to the legal suit and said that it “is very different from others out there – the complaint filed against us is exclusively focused on what is or is not a security. And we are confident in our facts and the law.
“We’ll get the job done. In the meantime, let’s all keep moving forward and building as an industry. America will get this right in the end.”
In the meantime, Binance’s CZ has not stopped tweeting since Monday’s news.
At the time of writing, the COIN stock price is up 2.5%, while the price of BNB coin is down 7.1% in the past 24 hours to $258.94.