Tag: Binance

SEC Accuses Binance of Commingling User Funds and Other Malpractices, Designates MATIC, SOL, Others as Securities

According to the SEC in a recent lawsuit, Binance deliberately broke several rules and secretly funneled customer funds via a separate entity. The US Securities and Exchange Commission (SEC) has slammed Binance with a lawsuit for varying malpractices. In addition to accusing Binance of mishandling customers’ funds, the commission’s lawsuit also fires at several altcoins, including Polygon (MATIC) and Solana (SOL). The SEC’s lawsuit hit Binance and its CEO Changpeng “CZ” Zhao with 13 civil charges. According to the suit, Binance has not properly restricted US customers from its Binance.com platform, stating that the…

Coinbase (COIN) Shares Tumble 9% amid SEC’s Binance Securities Violation Allegations

The SEC filing against Binance had a significant impact not only on Coinbase but also on other linked entities and cryptocurrencies. Coinbase Global Inc (NASDAQ: COIN) witnessed a significant drop of 10.3% in its share value after the United States Securities and Exchange Commission (SEC) announced its decision to sue the trading platform’s biggest rival the Binance exchange. Following the news, Coinbase stock closed the trading day down by 9% Edward Moya, a senior market analyst at foreign exchange Oanda, eloquently captures the sentiment surrounding the recent decline in Coinbase…

Binance sees $778M net outflows on Ethereum blockchain amid SEC charges: Nansen

The SEC lawsuit against Binance on June 5, accusing the crypto exchange of violating various securities laws, had a direct impact on the crypto market as well as the balance sheet of the crypto exchange. According to data shared by crypto analytic firm Nansen, Binance saw a negative netflow of $778 million on the Ethereum blockchain, where $871 million worth of assets inflowed onto the exchange while $1.6 billion worth of assets went out of the exchange. Even in the first 24 hours following the SEC lawsuit, Ethereum-based tokens have…

Bitcoin traders bet on $24K BTC price as market digests SEC vs. Binance

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Bitcoin (BTC) circled $25,800 on June 6 as the aftermath of fresh panic over largest exchange Binance lingered. BTC/USD 1-day candle chart on Bitstamp. Source: TradingView BTC price risks losing multi-month range Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it steadied after dropping to near three-month lows. The weakness came as part of a knee-jerk market reaction to news that United States regulators were suing Binance and its CEO, Changpeng Zhao, also known as CZ, over “a variety of securities law violations.” “Through thirteen charges, we allege…

Bitcoin drops to 3-month lows amid Binance drama

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The US SEC sued Binance and its CEO Changpeng Zhao (CZ) for violating the securities law. Consequently, bitcoin (BTC) dropped by over 3% as the marketwide bearish FUD rose. Bitcoin has been tumbling since early May. With the current bearish sentiment, its price has fallen from the crucial $26,000 mark. BTC is down by 3.8% in the past 24 hours from the $27,000 mark and trading at around $25,780 at the time of writing. However, bitcoin’s…

Crypto sentiment index dips back to March ‘fear’ levels amid Binance lawsuit

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The Crypto Fear and Greed Index — a tool that measures broader market sentiment towards Bitcoin and the broader crypto market — has dipped to a level of “fear” not witnessed since March 11 this year, when Circle’s USD coin (USDC) briefly lost its dollar-peg.  The stumble in market sentiment on June 5 comes in the wake of the United States Securities and Exchange Commission filing a lawsuit against Binance, its U.S. arm of operations and its CEO, Changpeng Zhao. The SEC pressed a total of 13 charges against the exchange…

SEC sues Binance and CZ for securities violations

The U.S. Securities and Exchange Commission is taking legal action against Binance and its CEO, Changpeng Zhao (CZ). The SEC lawsuit claims that Binance “unlawfully solicited” customers from the U.S. to trade assets on unregistered platforms. Also, the securities regulator alleged that contrary to what the defendants claimed, Binance and CEO Zhao were directly involved in Binance.US operations.  Meanwhile, the latest development comes shortly after another federal regulator, the Commodity Futures Trading Commission (CFTC), also sued Binance for operating without proper registration, thereby violating the Commodity Exchange Act.  Meanwhile, Binance…

Why Did Bitcoin BTC Price Fall to $25.4K? SEC Lawsuit Against Binance Rocks Crypto Markets

Ether, the second largest crypto in market value, was recently changing hands below $1,800, off more than 5% from Sunday, same time. ETH and other major altcoins followed a similar path to bitcoin on Monday with the bulk of their declines coming in the immediate hours after the SEC suit. BNB, Binance’s exchange token, and SOL, the native cryptocurrency of the Solana blockchain, recently plunged more than 10%. ADA and MATIC, the tokens of smart contract platforms Cardano and Polygon, and popular meme coin DOGE were recently off more than…