“It’s An Attack On The Entire Industry”: Binance CEO On US SEC Allegations

Crypto News: The global cryptocurrency market witnessed a massive sell off on Monday. The cumulative digital asset market cap fell sharply by more than 5% losing more than $53 billion in just 1 hour. This massive sell off comes in after U.S. Securities and Exchange Commission (SEC) launched legal actions against the world’s largest crypto exchange Binance.

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SEC Charges Binance On 13 Charges

The U.S SEC sued Binance and its co founder Changpeng Zhao (CZ) on 13 different charges. The commission alleged that the defendants comingled billions of dollars worth of user funds. It highlighted that money was sent to a European company controlled by CZ.x

The commission mentioned that Binance created its US armed Binance.US to shield the exchange and its CEO. This was done in order to distort law enforcement. However, the watchdog called Binance an unregulated international exchange.

U.S SEC in the complaint highlighted BNB, BUSD, SOL, ADA, MATIC, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI as Securities and accused Binance.US of making them available for trading. Binance CEO, CZ called the commission launched allegations “an attack on the entire industry”.

As the news broke out, Solana (SOL) and BNB price dropped by around 10%, while Cardano (ADA) price registered a decline of around 8%. However, Sandbox (SAND) price fell by 7%. Read More Crypto News Here…

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Bitcoin (BTC), the world’s largest crypto price registered a massive sell off leading its price to drop by more than 5%. Ethereum (ETH) also felt the heat and fell by around 4%. Coinglass data depicts that more than 116K traders were liquidated in the last 24 hours. The total liquidation has been valued at around $32 million. The single largest liquidation was registered on the crypto exchange Bitmex valued at $9.94 million.

0xScope reported that Binance’s reserve assets recorded an outflow of approx $1.4 billion within the 1 hour of the US SEC suing the crypto exchange.