What a week…
There’s absolutely no need to beat around the bush, so let’s kick it off directly … the United States Securities and Exchange Commission sued Binance. That’s right, the world’s largest cryptocurrency exchange is under siege. Binance, Binance US, and Changpeng Zhao are all named in the lawsuit, as the SEC is out for blood.
The Commission has asked the court to freeze the assets of Binance US and has also issued a summons for CZ. Since he’s not a US citizen, though, reports have it that he doesn’t have to be physically present but can attend remotely.
The markets tumbled, needless to say. Bitcoin plummeted toward $25K, while Binance Coin suffered even more. The entire cryptocurrency community was taken by surprise by this sudden move.
And if that was all, perhaps things might have looked somewhat okay. But that was far from everything. The SEC is truly out for blood. The very next day, it filed against Coinbase.
That’s right, the two largest cryptocurrency exchanges, one of which is a publicly-traded company in the United States, are currently being sued by the Securities and Exchange Commission for violating securities laws. The market took a beating but was able to recover to a point where Bitcoin currently trades at $26,600, down 1.6% in the past seven days.
In the lawsuit against Coinbase, the SEC alleged that multiple cryptocurrencies are securities, naming ADA, SOL, MATIC, and others directly. As a result, ADA is down 15%, MATIC – 14%, and SOL – 10%. Expectedly, BNB is down about 15% as well.
If you don’t want to go through the full documentation, we’ve summarized them both in two pieces found below:
Amid all this, the only major cryptocurrency that’s holding well and is trading in the green for the past seven days is Ripple’s XRP. Perhaps one thing to do with it is the fact that the SEC’s claim against Coinbase didn’t name XRP a security.
All in all, the week was amongst the most intense ones in a while, and it’s very interesting to see how the industry will deal with the situation. Both Binance and Coinbase will be fighting the SEC claims.
Market Data
Market Cap: $1,154B | 24H Vol: $29B | BTC Dominance: 44.8%
BTC: $26,600 (-1.6%) | ETH: $1,848 (-2.1%) | BNB: $262 (-14.6%)
This Week’s Crypto Headlines You Better Not Miss
Bitcoin Plummets After SEC Sues Binance for Securities Violations. The world’s leading cryptocurrency exchange – Binance – has been sued by the United States Securities and Exchange Commission for allegedly violating securities laws, among other things.
SEC Sues Coinbase, Day After Filing a Lawsuit Against Binance. If the above wasn’t enough… well, the SEC also sued Coinbase for violating securities laws. This happened exactly one day after the Commission filed against Binance in what seems to be a massive move against the crypto industry.
Binance CEO Summoned By U.S. District Court. Binance’s CEO – Changpeng Zhao – is also under fire by the SEC. He has been issued a summons by the US District Court for the District of Columbia following the lawsuit against himself and his exchange.
Binance US Delists 101 Trading Pairs Following SEC Freezing Order. Almost immediately after the SEC sued Binance, CZ, and Binance US, the latter confirmed it has no plans of resuming trading for 101 trading pairs on its platform. Some of the targeted pairs include EOS/USDT, AAVE/USDT, COMP/USDT, and so forth.
The 3 Takeaways From the Lawsuit Between the SEC and Coinbase. The complaint of the SEC against Coinbase is 101 pages long. We’ve summarized the three main takeaways from the lawsuit, which will most likely have an impact on the industry.
3 Most Serious Claims in the SEC Lawsuit V. Binance. Binance, CZ, and Binance US are the defendants in the latest lawsuit against the US Securities and Exchange Commission. Here are some of the most serious claims the agency made against the firm and its CEO.
Charts
This week we have a chart analysis of Ripple, Binance Coin, Cardano, Solana, and Polygon – click here for the complete price analysis.
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