Coinbase's shares lost as much as 12% after news broke that the SEC was suing rival exchange Binance.
Binance, the world's largest crypto trading platform, and affiliated companies misled customers and misdirected funds to a separate investment fund owned by the company's CEO, Changpeng 'CZ' Zhao.with the SEC, including an investigation into the company’s digital asset listings, staking-as-a-service, institutional trading and wallet services.
U.S. regulators have been ramping up scrutiny of cryptocurrency trading and the platforms that facilitate such activity, especially since the fallout caused by the collapse of the FTX exchange.© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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