Coinbase Shares Drop 10% Following SEC’s Suit Against Binance

📆 6/5/2023 7:32 PM
📰 CoinDesk

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Shares of Coinbase ($COIN) fell 10% after news broke that the SEC was suing Binance for violating federal securities laws. HeleneBraunn reports

The stock fell more than 5% right after the filing was released and then continued to fall. Meanwhile, the price of bitcoin fell more than 5% to below $26,000. Shares of MicroStrategy , which holds a vast amount of bitcoin on its balance sheet, fell almost 9%.

The SEC is accusing Binance of offering unregistered securities and staking services to the general public, among other allegations, as U.S. lawmakers double down on enforcement actions against crypto companies.

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