In its complaint, the SEC alleged that Binance and Zhao had «free reign» over billions of dollars of crypto assets from the US
The cryptocurrency market saw a sharp sell-off on Monday after news arrived that the United States Securities and Exchange Commission (US SEC) has sued the world’s largest crypto exchange Binance and its founder and chief executive officer (CEO) Changpeng Zhao (CZ). The complaint accuses Binance of secretly controlling customers’ assets, allowing them to divert customer funds according to their whims.
In the last 24 hours, the global crypto market cap has fallen over 4.5 per cent, according to CoinMarketCap. Bitcoin, the largest crypto token by market cap, has fallen nearly 5 per cent and was trading at $25,720. This is the lowest it has touched since March 17.
Ethereum, Cardano, Solana, Dogecoin, and Polygon, among other tokens, were also trading deep in the red.
Moreover, Binance Coin (BNB), a token used to pay transaction and trading fees on Binance, fell nearly 9 per cent in the last 24 hours.
«Bitcoin is currently still holding around the very important psychological level of sub-$25,700, whereas a bounce back could be likely from here, breaking the same can lead it to $20,000 levels.
