By Staff Reporters
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The Securities and Exchange Commission sued cryptocurrency platform Coinbase today, charging the company with operating an unregistered securities platform and brokerage service. The lawsuit comes a day after the SEC filed charges against Binance, below.
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Cryptocurrencies and shares in crypto and blockchain-related companies tumbled yesterday after the U.S. securities regulator sued crypto exchange Binance, another blow to the industry. The U.S. Securities and Exchange Commission sued Binance and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a “web of deception” to evade U.S. laws, among other charges. Reuters earlier reported that Binance controlled its US affiliate’s bank accounts, despite claiming it was independent.
The SEC also said Binance artificially inflated trading volumes on the platform, diverted customer funds and failed to restrict U.S. customers from its platform and misled investors about market surveillance controls.
Bitcoin, the world’s biggest cryptocurrency was down 5.45% after falling to its lowest level since mid-March following the news. Binance’s cryptocurrency fell 9.72%.
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Filed under: "Ask-an-Advisor", Alerts Sign-Up, Information Technology, Investing | Tagged: binance, binance tumbles, Changpeng Zhao, coinbase, crypto, crypto-currency, lawsuit, SEC |















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