Bitcoin was down more than 6% on Monday, with the losses deepening as the day dragged on. As of Monday afternoon, the flagship cryptocurrency had fallen to about $25,500 — the lowest it has been in months. Bitcoin has declined by nearly 14% from a recent high about a month ago.Meanwhile, ethereum, the second-largest cryptocurrency by market cap, also suffered following news of the lawsuit. Ethereum fell more than 5% to about $1,800.
Indeed, the news about Binance has roiled the entire cryptocurrency ecosystem. Every single one of the 100 biggest cryptocurrencies was down on Monday afternoon, with many having plummeted by double-digit levels. The SEC said that Binance, the world’s largest cryptocurrency exchange, had been secretly diverting customer funds to another trading entity controlled by Zhao, which then engaged in fraudulent trading. The play made Binance’s volume appear bigger than it was, officials allege. The complaint goes on to accuse Binance and Zhao of “blatant disregard” for federal securities law.In March, the Commodity Futures Trading Commission announced it was suing Binance and Zhao for allegedly breaking U.S.
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