This week’s recent dip in bitcoin (BTC) and binance coin (BNB) prices can be attributed to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Binance, which is the largest cryptocurrency exchange in the world.
Bitcoin and BNB prices fall as SEC sues Binance
The SEC has accused Binance, its CEO Changpeng Zhao (CZ), and Binance US of violating securities laws by manipulating the market and offering unregistered securities.
The SEC’s allegations include the operation of unregistered national securities exchanges, broker-dealers, and clearing agencies by Binance and Binance US. This means they’re accused of providing services and products without regulatory approval. Some specific products mentioned by the SEC include Binance’s staking program, certain crypto lending products, and its native exchange tokens BUSD and BNB.
The SEC’s claims align with previous allegations made by the Commodities and Futures Trading Commission (CFTC) in March, which accused Binance of market manipulation and illegal services to US clients from its international platform. These charges have led to a significant loss of trust and confidence in Binance and its associated cryptocurrencies.
The impact of the lawsuit on Bitcoin and Binance prices was immediate. Bitcoin, the market’s leading crypto, fell from $26,800 to $26,297 shortly after the news broke.
In response to the SEC’s allegations, Changpeng “CZ” Zhao, the CEO of Binance, took to Twitter and tweeted the number “4.” This was interpreted as a call for his followers to disregard negative press, and what he referred to as “fake news” intended to spread fear, uncertainty, and doubt about the exchange.
CZ also mentioned that Binance would issue a response to the complaint once they had reviewed it.
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