Crypto shares tumble after US SEC charges Binance with securities law violations

Cryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. Securities and Exchange Commission sued crypto exchange Binance and its founder, Changpeng Zhao, alleging violations of securities laws.Bitcoin, the world's biggest cryptocurrency was down 5.3 per cent after falling to its lowest level since mid-March following the news. Binance's cryptocurrency fell 9.4 per cent.

In a blog post, Binance said:"We intend to defend our platform vigorously," adding that"because Binance is not a U.S. exchange, the SEC's actions are limited in reach."

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