On November 22, 2023, Binance, the world's largest cryptocurrency exchange, found itself in the crosshairs of the SEC once again. The regulatory body issued a Wells notice to Binance's US affiliate, Binance.US, regarding its alleged involvement in unregistered securities offerings. This development followed a string of similar actions by the SEC against other cryptocurrency exchanges, including Coinbase and Gemini. The SEC's focus on these platforms stems from concerns about the potential for unregistered securities offerings and the lack of sufficient investor protections.