Key takeaways
- The U.S. regulatory financial body has sued both Binance and Coinbase, two of the biggest fish in the crypto industry, this week
- Both companies deny running unregistered securities and defying regulatory structures
- Bitcoin dropped 6%, while Coinbase’s share price plunged by 20% at one point during trading
It’s been another dramatic week in the crypto world – and it’s only Wednesday. The Securities and Exchange Commission (SEC) showed it isn’t pulling punches by going after the two most prominent names in the business, Binance and Coinbase, slapping them both with lawsuits accusing them of registered securities violations.
It’s a one-two hit from the SEC, so it’s no wonder crypto dived at the news. But is crypto just down, or is it out for the count now its biggest company is officially under fire? We’ve got the details on the riveting showdown and the market reaction below.
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