The suit is the latest development in this year's crackdown on the crypto industry by U.S. "Long term this can be seen as a healthy development for the ecosystem as bad actors are cleansed out, and capital flows out of cryptocurrencies with significant regulatory risk and into bitcoin." "However, such volatility is often temporary, and prices may recover once the market absorbs the news," he added.
"Any regulatory action against a major player in the cryptocurrency space creates uncertainty and leads to increased market volatility in the short term." "Binance is the largest cryptocurrency exchange by trading volume so it's no surprise that the market is responding the way it is to the news," Sam Callahan, lead analyst at bitcoin services company Swan Bitcoin, told CNBC.
The complaint follows a similar one against Binance from the Commodity Futures Trading Commission earlier this year. The declines came after the SEC alleged Binance and its co-founder, Changpeng Zhao, comingled billions of dollars of investor funds with their own and violated securities laws. Binance Coin, a token used to pay transaction and trading fees on the Binance exchange, tumbled 9.5%. Personal Loans for 670 Credit Score or LowerĮther slid 5.1% to $1,807.79. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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