Currently, Bitcoin, the largest cryptocurrency based on market capitalization, is being traded at approximately $26,467.31. On the other hand, BNB is being traded at around $1,844.69
Following the U.S. Securities and Exchange Commission’s (SEC) lawsuit against Binance, the leading cryptocurrency exchange, a district court in the United States has issued a summons to Binance’s founder and CEO, Changpeng Zhao.
The lawsuit accuses Binance of violating federal securities laws by allegedly offering unregistered securities, namely the BNB token and Binance BUSD stablecoin, to the public.
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The recent actions taken by the US Securities and Exchange Commission (SEC) against major cryptocurrency exchanges have caused fear in the cryptocurrency market. As a result, top altcoins have experienced a decline of more than 20% in the past week.
Altcoins Plunge Over 20% as SEC Takes Legal Action Against Crypto Exchanges
In the midst of this chaotic situation, Binance’s native token BNB experienced a decline. Based on the available 7-day data on CoinMarketCap, BNB is down by 14%.
Tokens like Pepe, Polygon, Gala, along with Cardano, Solana, Polkadot, and XRP, experienced significant drops in their prices, falling by over 13%. These declines occurred following the SEC’s lawsuit against two major crypto exchanges and other altcoins were also affected.
Additionally, data indicates that the overall global cryptocurrency market cap decreased by 2.3%, reaching $1.1 trillion. The largest cryptocurrency, Bitcoin, dropped by 2% and is now trading below the $26,500 level. The price of Ethereum also declined and fell below $1,850.
According to a statement by Vikram Subburaj, CEO of Giottus Crypto Platform, Bitcoin and Ethereum are still seen as reliable options for investors seeking a safe hedge. He also mentioned that as the US Federal Reserve considers raising interest rates, we can expect increased volatility in the upcoming week.
District Court Judges Assigned to Oversee SEC Lawsuits Against Coinbase and Binance
Also Read This Related: Binance Pay Partners with Credencial Payments, a LATAM-Based Company
Recent court filings have disclosed the identities of the judges assigned to handle the SEC lawsuits against Coinbase and Binance. Judge Jennifer H. Rearden in the Southern District of New York will oversee the SEC v Coinbase case, while Judge Amy Berman Jackson in the District of Columbia will handle the SEC vs Binance case.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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