Crypto Falls as SEC Sues Binance

The SEC already had its sights set on Zhao, with the regulator already investigating whether Binance illegally sold coins as part of its virtual currency called BNB on its platform,Now, the regulator is also accusing Binance of failing to implement controls to stop market manipulation, such as monitoring for "wash trading," which is when a trader buys an asset from their own account, artificially inflating its price.

"Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits," Zhao Binance also said that "any allegations that user assets on the Binance.US platform have ever been at risk are simply wrong," and that it's an "easy target now caught in the middle of a US regulatory tug-of-war."

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