Last Updated on June 6, 2023 by Bitfinsider
The stock price of the U.S.-based cryptocurrency exchange Coinbase plummeted when news emerged that the Securities and Exchange Commission was suing Binance, a competitor trading platform.
After the news of the lawsuit broke, the market value of the company’s shares fell by almost 12 percent from Friday’s close. According to TradingView, they have since recovered marginally and are down 10.3% at $57.91.
The SEC alleges that Binance, the largest cryptocurrency trading platform in the world, and affiliated companies misled customers and misdirected funds to a distinct investment fund owned by Changpeng ‘CZ’ Zhao, the company’s CEO.
The SEC has investigated Coinbase’s digital asset listings, staking-as-a-service, institutional trading, and wallet services. In response, the company has sued the SEC in an effort to compel the regulatory agency to define rules for the regulation of digital assets.
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