Bitcoin drops after SEC files 13 charges against Binance, founder Changpeng Zhao

Major cryptocurrencies sank on Monday, after the U.S. Securities and Exchange Commission charged the world’s largest crypto exchange Binance Holdings Inc. and its co-founder Changpeng Zhao with 13 securities law violations.

Bitcoin BTCUSD, -5.88% fell 5% Monday to $25,857, the lowest level since March 17, according to CoinDesk data. Ether ETHUSD, -5.03% tumbled 4.4% to about $1,815, and Binance Coin fell 10.7% to around $275. The SEC on Monday alleged that Binance, the world’s largest cryptocurrency exchange, “secretly allow[ed] high-value U.S. customers” to trade on Binance.com in violation of U.S. securities, laws which bar unregistered exchanges from servicing U.S. customers.

The complaint also alleged that Zhao, often known as “CZ,” exercised control over customer assets and commingled them with personal and company holdings.Read: SEC charges Binance and founder CZ with mishandling customer funds, illegally serving U.S. investors

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