US clampdown has crypto kings looking abroad

After years on the sidelines, financial regulators in the United States are throwing the book at the free-wheeling cryptocurrency industry, with angry entrepreneurs threatening to take their business overseas.

Earlier this month, Wall Street’s regulator, the Securities and Exchange Commission, pressed a raft of charges against Binance, the world’s biggest cryptocurrency exchange, and US-based Coinbase.

Both companies, along with the now defunct FTX, were key brands in the crypto industry, helping grow what began as a secretive playground for tech geeks into a new way to invest embraced by Wall Street.