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Coinbase stock tumbles after the crypto exchange and the crypto exchange gets sued by SEC. The US Securities and Exchange Commission (SEC) aimed the most dominant force in the world of cryptocurrencies on Monday, following months of debates, threats, and warnings.
The US Securities and Exchange Commission charged Binance and its founder, Changpeng Zhao, with conducting a "web of deception," charging him and his exchange with 13 charges.
Binance manages billions of dollars in assets for many ordinary individuals, but the consequences are likely to extend well beyond the cloistered, online world of cryptocurrency.
The firm is a sponsor of the Italian football club Lazio as well as the Argentina national squad. It also sponsored the Africa Cup of Nations event in 2021. It has also expanded its holdings through venture capital investments and a $500 million stake in Elon Musk's Twitter.
The SEC looks to be intent on a broader crypto exchange crackdown, and Coinbase stock tumbles triggered by the collapse of the Bahamas-based FTX last year, whose creator, US native Sam Bankman-Fried, has now been charged with securities fraud, money laundering, and other offenses.
On Tuesday, the SEC charged Coinbase with endangering clients by acting as an "unregistered broker, exchange, and clearing agency."
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