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Indebta > Investing > Bitcoin drops after SEC files 13 charges against Binance, founder Changpeng Zhao
Investing

Bitcoin drops after SEC files 13 charges against Binance, founder Changpeng Zhao

News Room
Last updated: 2023/06/06 at 7:51 AM
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Major cryptocurrencies sank on Monday, after the U.S. Securities and Exchange Commission charged the world’s largest crypto exchange Binance Holdings Inc. and its co-founder Changpeng Zhao with 13 securities law violations. 

Bitcoin
BTCUSD,
+0.18%
fell 5% Monday to $25,857, the lowest level since March 17, according to CoinDesk data. Ether
ETHUSD,
+0.37%
tumbled 4.4% to about $1,815, and Binance Coin fell 10.7% to around $275. 

The SEC on Monday alleged that Binance, the world’s largest cryptocurrency exchange, “secretly allow[ed] high-value U.S. customers” to trade on Binance.com in violation of U.S. securities, laws which bar unregistered exchanges from servicing U.S. customers.

The complaint also alleged that Zhao, often known as “CZ,” exercised control over customer assets and commingled them with personal and company holdings.

Representatives at Binance did not immediately return a request for comment.

Read: SEC charges Binance and founder CZ with mishandling customer funds, illegally serving U.S. investors

Read the full article here

News Room June 6, 2023 June 6, 2023
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