Binance CEO On US SEC Allegations – Crypto News – Crypto News
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Binance CEO On US SEC Allegations – Crypto News

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Crypto News: The global cryptocurrency market witnessed a massive sell off on Monday. The cumulative digital asset market cap fell sharply by more than 5% losing more than $53 billion in just 1 hour. This massive sell off comes in after the US Securities and Exchange Commission (SEC) launched legal actions against the world’s largest crypto exchange Binance.

Also Read: This Amendment In US Crypto Bill Can Lead SEC To Reimburse On Losing

SEC Charges Binance On 13 Charges

The US SEC sued Binance and its co-founder Changpeng Zhao (CZ) on 13 different charges. The commission alleged that the defendants comingled billions of dollars worth of user funds. It highlighted that the money was sent to a European company controlled by CZ.

The commission mentioned that Binance created its US armed Binance.US to shield the exchange and its CEO. This was done in order to distort law enforcement. However, the watchdog called Binance an unregulated international exchange.

US SEC in the complaint highlighted BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as Securities and accused Binance.US of making them available for trading. Binance CEO, CZ called the commission launched allegations “an attack on the entire industry”.

As the news broke out, Solana (SOL) and BNB price dropped by around 10%, while Cardano (ADA) price registered a decline of around 8%. However, the Sandboxie (SAND) price fell by 7%. Read More Crypto News Here…

Also Read: Pro XRP Lawyer Drops New Evidence Supporting XRP Isn’t A Security

Bitcoin (BTC), the world’s largest crypto price registered a massive sell off leading its price to drop by more than 5%. Ethereum (ETH) also felt the heat and fell by around 4%. Coinglass data depicts that more than 116K traders were liquidated in the last 24 hours. The total liquidation has been valued at around $32 million. The single largest liquidation was registered on the crypto exchange Bitmex valued at $9.94 million.

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Ashish believes in Decentralization and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at ashish@coingape.com

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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