SEC Financial News

The cryptocurrency market has oscillated between support and resistance levels in the past few months. While it appears that Bitcoin now can consistently remain above $20,000, the market’s biggest asset has had trouble breaking past the $30,000 mark.However, other crypto assets are showing consistent growth over the past few weeks.

It's not been a good day for Coinbase (COIN) so far: The crypto exchange is being sued by the U.S. Securities and Exchange Commission (SEC), ten state regulators have the company in their sights, and Coinbase stock has dropped almost 14% in early trading.

The SEC’s latest complaint against Binance could point to why former Binance.US CEO Brian Brooks chose to step down in August 2021, only three months after his appointment.

The US Commodity Futures Trading Commission Chair Rostin Behnam, Coinbase’s Chief Legal Officer Paul Grewal and a slew of former regulators are set to testify Tuesday morning in front of a US congressional committee.

Despite a new round of regulatory FUD (fear, uncertainty and doubt) from the US Securities and Exchange Commission (SEC) in wake of their just-announced lawsuit against Coinbase, crypto prices are rising again.

Pro-XRP lawyer, John Deaton, has suffered a phone hack on June 4, after a relentless cyberattack over several days. 

Binance Holdings Ltd., and its US affiliates, are being charged by the US Securities and Exchange Commission for multiple offenses, months after being charged separately by another US regulator. 

If there were ever such a thing as an all-star lineup of regulators, the United States House of Representatives Agricultural Committee’s June 6 hearing on digital asset regulation would probably hold the record. The current chair of the Commodity Futures Trading Commission (CFTC) Rostin Behnam was joined by a former chair and a former acting chair of that agency, as well as a former commissioner. Coinbase chief legal officer Paul Grewal also appeared.

In an increasingly unpredictable cryptocurrency market, meme coins are establishing their foothold.

The Securities and Exchange Commission has sued crypto trading platform Binance and its founder Zhao Chanpeng over more than a dozen charges, including misusing customer funds.

Shares of major US-based cryptocurrency exchange Coinbase plunged 10% after the US Securities and Exchange Commission announced charges against Binance and its founder Changpeng Zhao.

Bitcoin’s price declined 5% in one hour on June 5 after the United States Securities and Exchange Commission (SEC) filed a lawsuit against Binance on allegations of violating federal securities laws. Even though the $25,500 support held for Bitcoin, investors are still digesting the potential impacts of the regulatory action, which also involves Binance CEO Changpeng “CZ” Zhao.

The US Securities and Exchange Commission threw a one-two punch to cryptocurrency exchanges this week, charging yet another exchange, Coinbase, Inc., on Tuesday.

Crypto investors pulled $791.6 million from the crypto exchange Binance in 24 hours, crypto research firm Nansen said Tuesday, after U.S. regulators unveiled 13 securities charges against the company and its founder Changpeng Zhao.

Coinbase, Robinhood, and representatives from the United States commodities regulator are set to testify before Congress on June 6 to discuss a newly proposed crypto bill. 

The crypto market experienced a shockwave as the US Securities and Exchange Commission (SEC) recently filed a lawsuit against Binance, the world's largest cryptocurrency exchange, naming Cardano (ADA) as an unregistered security - shifting the Cardano price prediction over night.

The price of Ethereum (ETH) has dropped by 3% in the past 24 hours, slipping to $1,816 as the cryptocurrency market reels from the news that the SEC has sued Binance and its founder Changpeng Zhao with 13 violations.

The total number of cryptocurrencies the United States securities regulator has labeled as a “security” has now reached an estimated 61, after adding a few more from its lawsuit against crypto exchange Binance.

The price of XRP has risen by 2% in the past 24 hours, with its ascent to $0.536380 coming as the cryptocurrency market as a whole dips by 1%.

Among other things, the SEC alleges that, while Zhao and Binance publicly claimed that US customers were restricted from transacting on the firm's international exchange, in reality they "subverted their own controls" to skirt this rule.Further, the SEC alleges that, while Zhao and Binance publicly claimed that the company's US exchange was created as a separate, independent trading platform for US investors, they secretly controlled Binance.US operations behind the scenes.According to the SEC, Zhao and Binance have been able to commingle customer assets or divert customer assets as they please, including to an entity Zhao owned and controlled called Sigma Chain. SEC chair Gary Gensler says: "Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law."As alleged, Zhao and Binance misled investors about their risk controls and corrupted trading volumes while actively concealing who was operating the platform, the manipulative trading of its affiliated market maker, and even where and with whom investor funds and crypto assets were custodied.

Binance, dealing a severe blow to the industry. Bitcoin, the world's largest cryptocurrency, was last at $25,797, up 0.2% in Asian trade on Tuesday, pinned near a more than two-month low. It had slumped more than 5% in the previous session, the largest daily decline since April 19. The U.S. Securities and Exchange Commission on Monday sued Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao for secretly controlling Binance.US as part of a «web of deception» to evade U.S. laws, among other charges. «It's another blow to the crypto industry and the crypto exchanges of the world,» said Tony Sycamore, market analyst at IG Markets.