Crypto Traders Suffer $320M Losses in Liquidations as SEC Lawsuit Against Binance Spurs Market Plunge

Crypto traders endured the largest daily liquidation of long positions in at least 3 months, according to coinglass_com, as the market fell after an SECGov lawsuit against binance erased those betting on prices to rise. sndr_krisztian reports

Some $289 million of long positions – traders who bet on prices to rise – were wiped out during the day, marking the largest level of long liquidations in at least three months, per Coinglass.

Crypto markets nosedived Monday following the SEC suit accusing Binance, the world’s largest crypto exchange by trading volume, and its chief executive, Changpeng “CZ” Zhao, of offering unregistered securities, commingling user deposits and inflating trading volumes.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CoinDesk /  🏆 291. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BNB price tumbles as SEC files lawsuit against crypto exchange giantCrypto prices, including bitcoin and Binance's BNB token, fell in value after word broke that the U.S. Securities and Exchange Commission had sued the crypto exchange giant.
Read more »

Binance faces SEC charges for allegedly mishandling funds and dodging rules | EngadgetBinance faces SEC charges for allegedly mishandling funds and dodging rules
Read more »

SEC Sues Crypto Exchange Binance, CEO Changpeng ZhaoBREAKING: Crypto exchange binance and CEO cz_binance sued by the SEC on allegations of violating federal securities laws. nikhileshde reports.
Read more »

House Republicans Push for Crypto Oversight With Bill to Make SEC Play BallLeaders of the House Financial Services Committee and House Committee on Agriculture released a draft bill that aims at building a guideline for crypto exchanges to register with the SEC and operate within the United States. CoinDesk Managing Editor of Global Policy and Regulation Nikhilesh De breaks down the draft legislation.
Read more »

The SEC is suing Binance, the world’s largest crypto exchangeThe feds accuse crypto giant Binance of operating illegally in the US.
Read more »