Major cryptocurrencies sank on Monday, after the U.S. Securities and Exchange Commission charged the world’s largest crypto exchange Binance Holdings Inc. and its co-founder Changpeng Zhao with 13 securities law violations.
fell 5% Monday to $25,857, the lowest level since March 17, according to CoinDesk data. Ether
tumbled 4.4% to about $1,815, and Binance Coin fell 10.7% to around $275.
The SEC on Monday alleged that Binance, the world’s largest cryptocurrency exchange, “secretly allow[ed] high-value U.S. customers” to trade on Binance.com in violation of U.S. securities, laws which bar unregistered exchanges from servicing U.S. customers.
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The complaint also alleged that Zhao, often known as “CZ,” exercised control over customer assets and commingled them with personal and company holdings.
Representatives at Binance did not immediately return a request for comment.