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    The future of crypto hinges on a fight between the SEC and a former burger flipper

    A looming courtroom battle between the largest cryptocurrency exchange and the world's most powerful regulator promises to shape the future of crypto.
    by David Gura Aug 13, 2023 6 minutes
    Binance founder and CEO Changpeng Zhao poses during an interview at the technology startups and innovation fair in Paris on May 16, 2022. CZ and Binance are being sued by the SEC, in a legal battle that could help determine whether cryptocurrencies should adhere to market regulations.

    Binance may not be a household name, but in the world of cryptocurrencies it has a massive presence.

    And now, the company founded by a former burger flipper turned billionaire is engaged in a massive legal battle against Wall Street's top cop — a fight whose outcome may well define the entire future of the crypto industry.

    This summer, the Securities and Exchange Commission filed more than a dozen charges against Binance, which operates the world's largest cryptocurrency exchange, and its founder and chief executive, Changpeng Zhao.

    They are accused of misleading investors and operating an unregistered — and therefore illegal — exchange. Better known by his initials, CZ, Binance's CEO is accused of orchestrating "an elaborate scheme to evade U.S. federal securities laws," according to the SEC.

    The sweeping charges, which are being fiercely contested by Binance, are part of an aggressive crackdown of the crypto industry that kicked into high gear after FTX collapsed last year.

    In recent months,

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