2023-06-07 04:13:01
A mass decline in cryptocurrencies following the US prosecution of the “Binance” platform
Cryptocurrencies fell en masse following the US Securities and Exchange Commission, the world’s largest cryptocurrency exchange, accused Binance of mishandling funds and lying to regulators to circumvent laws.
The world-famous Bitcoin fell by regarding 4%, yesterday, Tuesday, to reach $ 25,700, while it had lost 2.9% of its value on Monday, following the Securities and Exchange Commission announced that it had filed a lawsuit, on the “Binance” platform and its president, Chang Bing Zhao, to circumvent the allegations. Laws. With the decline recorded yesterday, the percentage of Bitcoin losses over the course of a week amounts to regarding 7.5%.
Binance Coin also fell, by 7.7%, to regarding $277.7, and Ethereum fell by 2.8%, to $1,817, and Solana, 6.9%, to regarding $20.
According to the case brought by the Securities and Exchange Commission before a federal court in Washington, Binance allowed US residents to use its platform, while the company is not registered with US authorities.
“Changping Zhao and entities affiliated with Binance are responsible for fraud, conflicts of interest, lack of transparency, and willful circumvention of the law,” Gary Gensler, chairman of the Securities and Exchange Commission, said in a statement. “Zhao and his platform not only knew the rules, but chose to deliberately circumvent them. This puts customers and investors at risk.
This is a new attack on the Binance platform by the US Financial Products Regulatory Authority, since the end of March, for similar reasons. Bloomberg reported in May that the Department of Justice was investigating whether Binance was illegally used to allow Russians to circumvent US sanctions and transfer funds.
The Securities and Exchange Commission is taking the Binance platform not to register it, its cryptocurrencies such as BNP, or its other financial products in the United States.
“The prosecution by the SEC is not surprising, as it has already targeted a number of other centralized cryptocurrency exchanges, and it is likely only a matter of time, before The committee should take action once morest the biggest player in this field.” “Our team is ready to ensure the stability of our systems, including deposits and withdrawals,” Zhang Bing Zhao wrote on his Twitter account.
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