Coinbase falls 10% after the SEC sues rival crypto exchange Binance for violating securities law
The SEC accused Binance of breaking the law by offering unregistered securities to the general public, including its BNB token and BUSD stable coin. The lawsuit also alleged that a staking service offered by Binance also violated securities laws.
The SEC lawsuit sent shockwaves through the crypto sector, sending shares of Coinbase lower as well as popular crypto coins like bitcoin and ether, which both fell as much as 5%. is currently being investigated by the SEC and received a Wells notice The SEC's main point to crypto firms is that you can't skirt securities laws by offering cryptocurrencies to the public without registering them. The debate is whether cryptocurrencies are in fact securities, which the SEC has argued yes, they are, while crypto firms like Coinbase have argued the opposite.
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