SEC lawsuits against Binance and Coinbase shake up crypto industry.

Lawyers for Binance and its founder Changpeng Zhao allege that SEC Chair Gary Gensler offered to serve as an advisor to Binance's parent company in 2019, according to documents filed by the SEC. At the time, Gensler was teaching at MIT's Sloan School of Management. The SEC has recently filed 13 charges against Binance and Zhao, alleging the company failed to register as an exchange and broker-dealer, improperly commingled funds, and lacked critical internal controls over its businesses. Binance's lawyers have asked for Gensler's recusal from any actions regarding the company due to his alleged ties to Zhao.