{"id":18944,"date":"2023-06-06T12:24:49","date_gmt":"2023-06-06T16:24:49","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto-prices-plunge-as-sector-grapples-with-fallout-from-secs-binance-lawsuit\/"},"modified":"2023-06-06T12:24:50","modified_gmt":"2023-06-06T16:24:50","slug":"crypto-prices-plunge-as-sector-grapples-with-fallout-from-secs-binance-lawsuit","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=18944","title":{"rendered":"Crypto Prices Plunge As Sector Grapples With Fallout From SEC\u2019s Binance Lawsuit"},"content":{"rendered":"<div>\n<h2 class=\"topline-heading\">Topline<\/h2>\n<p>Shares in crypto and blockchain companies and the prices of major cryptocurrencies like bitcoin and ether have slumped after U.S. regulators accused the world\u2019s largest crypto trading platform Binance and its founder of weaving an \u201cextensive web of deception\u201d and mishandling investors\u2019 assets, the latest blow to the sector after a string of high-profile failures and crashes.<\/p>\n<h2>Key Facts<\/h2>\n<div class=\"key-facts\">\n<div class=\"key-facts-element\">\n<p>The price of bitcoin, by far the largest cryptocurrency by market capitalization, was trading at $25,710 early Tuesday morning, down about 4% from the day before.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Ether, second only to bitcoin in terms of market capitalization, was trading at nearly $1,816 on Tuesday, down almost 3% from the same time Monday.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>The prices of other top tokens, many named as securities in the lawsuit, also plunged in the last 24 hours, including Ripple\u2019s XRP, down around 5%, Cardano\u2019s ada (6%), dogecoin (7%), Solana\u2019s sol (7%) and Polygon\u2019s Matic (7%).<\/p>\n<p>  <fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad>\n <\/div>\n<div class=\"key-facts-element\">\n<p>The value of Binance\u2019s own token, Binance Coin (BNB), which was also named in the lawsuit and has a market value of nearly $50 billion, is down about 8% from Monday.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Stock for many crypto and blockchain firms\u2014the technology underpinning the digital currencies\u2014also fell following news of the regulator\u2019s crackdown.<\/p>\n<\/p><\/div>\n<div class=\"key-facts-element\">\n<p>Shares of Coinbase, the U.S.\u2019 largest crypto exchange and one of Binance\u2019s biggest rivals, were down around 9% at market close on Monday, as were shares for bitcoin mining firms Riot Platforms (9%) and Marathon Digital (8%).<\/p>\n<\/p><\/div>\n<\/div>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">News Peg<\/h2>\n<p>The Securities and Exchange Commission (SEC) on Monday sued Binance and its chief executive Changpeng Zhao for allegedly mishandling funds, lying to regulators and violating an array of securities laws. While this is not the first time Binance has faced regulatory scrutiny\u2014the Commodity Futures Trading Commission sued the company for allegedly illegally serving U.S. clients in March\u2014the SEC is a powerful regulator and its allegations are serious and have the potential to both cripple Binance\u2019s U.S. operations and reshape the sector as a whole. The lawsuit comes as key financial regulators, including the SEC and CFTC, which usually cooperate on such cases, vie for supremacy in regulating crypto and pay increasingly close attention to the industry. It also follows a number of high profile failures, notably the collapse of Sam Bankman-Fried\u2019s crypto exchange FTX and the failure of lenders Celsius and BlockFi.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Contra<\/h2>\n<p>Binance strongly disputes the allegations leveled against it and said it will \u201cvigorously\u201d defend itself, adding that it has actively cooperated with the SEC\u2019s investigation and \u201cworked hard to answer their questions and address their concerns.\u201d Although stressing it is taking the \u201callegations seriously,\u201d Binance said enforcement action was unwarranted and said it is \u201cdisheartened\u201d by the regulator\u2019s approach, alleging regulatory \u201coverreach\u201d that damages the U.S.\u2019 status as a global financial hub. \u201cIt seems based on these developments that the SEC\u2019s goal here was never to protect investors,\u201d Binance wrote in a blog. \u201cThe SEC\u2019s real intent here, instead, appears to be to make headlines.\u201d<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Forbes Valuation<\/h2>\n<p>$10.5 billion. That\u2019s the estimated net worth of Changpeng Zhao, according to <em>Forbes\u2019<\/em> real time tracker, ranking him as the world\u2019s 172nd richest person. Zhao, who goes by CZ, founded Binance in 2017 and his soaring wealth saw him rapidly climb the ranks of the world\u2019s richest. His net worth, though still sizable, sank as the crypto market soured last year.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\"><\/h2>\n<p>SEC Sues Binance For Multiple U.S. Rule Violations (Forbes)<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/roberthart\/2023\/06\/06\/crypto-prices-plunge-as-sector-grapples-with-fallout-from-secs-binance-lawsuit\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Topline Shares in crypto and blockchain companies and the prices of major cryptocurrencies like bitcoin and ether have slumped after U.S. regulators accused the world\u2019s largest crypto trading platform Binance and its founder of weaving an \u201cextensive web of deception\u201d and mishandling investors\u2019 assets, the latest blow to the sector after a string of high-profile [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18945,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-18944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Prices Plunge As Sector Grapples With Fallout From SEC\u2019s Binance Lawsuit | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Topline Shares in crypto and blockchain companies and the prices of major cryptocurrencies like bitcoin and ether have slumped after U.S. regulators\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=18944\" 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