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The U.S. Securities and Exchange Commission (SEC) has revealed its focus on the major cryptocurrency exchange Binance, particularly regarding its processes for listing and trading altcoins. This move emphasizes the SEC’s commitment to enforcing stricter regulatory standards in the cryptocurrency market, as outlined in a recently submitted amended complaint. Following this significant action, Binance co-founder He Yi made a statement regarding the exchange’s approach to “memecoins.”
SEC Intensifies Pressure on Binance
In the amended complaint filed by the SEC, various concerns were highlighted about Binance’s operations, especially concerning how the exchange lists new altcoins and facilitates trades. The U.S. regulator aims to ensure compliance with existing securities laws by focusing on potential issues like market manipulation, fraudulent activities, and inadequate disclosure practices.
The SEC’s increased scrutiny is viewed as part of a broader initiative to impose more oversight on the cryptocurrency industry.
Binance Co-Founder Discusses “Memecoin” Strategy
Following the SEC’s actions, He Yi made a noteworthy statement. According to blockchain journalist Wu Blockchain, Yi addressed user reactions to the recent listings of Neiro (NEIRO), Turbo (TURBO), and Baby Doge Coin (100000BABYDOGE), offering clarity on the exchange’s approach to new listings and operational strategies.
Yi emphasized that Binance does not intend to influence market trends for memecoins, which are known more for their viral popularity than their intrinsic value. Instead, he clarified that Binance categorizes its projects into three types: those designed for airdrops, infrastructure projects backed by venture capital with high Fully Diluted Valuation (FDV), and memecoins.
The co-founder further explained that the exchange actively identifies and tests projects with low FDVs and dispersed coin assets. This selective approach aims to assess the viability and compliance of projects before they are traded on the platform, thereby ensuring a balanced and secure trading environment for users while mitigating risks associated with lesser-known or potentially highly volatile altcoins.
