The SEC Sues Binance!
Binance Coin has already lost almost 10% and BTC is down more than 5% due to Binance's problems in the US.
Recent events in the US have put digital currencies under a lot of pressure. BTC is currently losing more than 5%, and Binance Coin is down almost 10% after information that the SEC decided to sue the largest cryptocurrency platform in connection with alleged financial irregularities. Binance is accused of violating securities industry regulations, selling unregistered securities, and operating an unregistered stock exchange in the US. In addition, the US financial regulator was to add that the exchange has been managing the funds of its clients for a long time due to unofficial transfers of funds to an entity controlled by the founder of Binance.
BTC triggered a correction
It is worth adding here that this is not the first time that the American financial market supervisor is suing the Binance exchange. Previously, such actions were taken by another agency, specifically by the CFTC. Everything indicates that American politicians would probably like to prevent investments in digital currencies using the popular Binance platform as soon as possible.
Due to these events, we are currently seeing significant falls in the quotations of major digital currencies, as well as a breakout of most of this financial sector from the recent sideways trend. The recent wave of events clearly illustrates that positive sentiment, whether in the US stock market or in the commodities market, is no longer reflected in the same way in the case of investor attitudes towards cryptocurrencies.
The current price of BTC is now approaching May lows, which occurred after Bloomberg reports that the SEC has decided to sue the largest centralized cryptocurrency platform. The US financial regulator in the lawsuit accused the exchange of mismanagement of customer funds and notorious lying to US regulators. The prolonged period of volatility on the charts of many digital currencies was finally interrupted by a sharp drop in price, which may indicate a not very optimistic June within the crypto sector.
The oldest cryptocurrency has dropped below $26,500 per coin. It is worth noting that this level, from the perspective of on-chain data, was the basis for the purchase average of short-term investors, which, as a result, may most likely put pressure on them to increase supply.
