SEC Lawsuit Sends Crypto Market into Chaos as Binance and Coinbase Face Legal Battles
Crypto markets crashed after the SEC launched enforcement actions against Binance and Coinbase for allegedly operating as unregistered securities exchanges. Bitcoin and Ethereum sustained among the lighter losses, while Binance’s native BNB coin crashed 23%. Cardano, Solana, and Polygon, cited as securities in the SEC’s lawsuit against Binance, suffered losses of over 30%. Every unbacked cryptocurrency in the top thirty by market capitalization depreciated in value this week. The SEC also filed an emergency motion requesting court permission to seize Binance.US’s assets, and Coinbase was charged for violating securities laws through its staking service. SEC Chairman Gary Gensler said the crypto industry’s entire business model is “built on non-compliance” and called for a regulatory framework around cryptocurrency transactions.
- This Week in Coins: Market Crashes as SEC Slams Binance and Coinbase Decrypt
- Binance, Coinbase head to court; the SEC labels 67 crypto-securities Cointelegraph
- SOL, ADA, MATIC Tokens Slide 20% in Sudden Move Days After SEC Lawsuit Allegations CoinDesk
- SEC charges against Binance and Coinbase are terrible for DeFi Cointelegraph
- The troubles of crypto exchanges Binance and Coinbase are just the beginning The Globe and Mail
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