SEC Targets $120 Billion of Tokens With Coinbase, Binance Suits

The list of digital tokens deemed as unregistered securities by the Securities and Exchange Commission now spans over $120 billion of crypto after the US agency’s lawsuits against Binance Holdings Ltd. and Coinbase Global Inc.

The regulator in the complaints against Binance and Coinbase cited more than a dozen major coins as assets that fall under its purview. Such a designation comes with strict investor protection rules and could make the tokens harder to trade if exchanges shy away from listing them for fear of falling foul of the SEC.

Binance’s BNB — which has a market value of ...