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Crypto Hunting Season for the SEC 

by Ashley Paretto

Global crypto exchange company, Binance, announced on Twitter Thursday, June 8 that it would suspend deposits of the US dollar on its program. The tweet stated: “As a result, in an effort to protect our customers and platform, today we are suspending USD deposits and notifying customers that our banking partners are preparing to pause fiat (USD) withdrawal channels as early as June 13, 2023.” 

The change is a response to Monday’s aggressive lawsuit filed by the Securities and Exchange Commision. The SEC filed 13 charges against Binance on accounts of unregistered activity and misrepresented oversight. Binance moved hundreds of millions of funds through Silvergate and Signature banks before they closed in March. Upon inspection, the SEC is accusing Binance founder Changpeng Zhao of moving funds offshore. Zhao argues the global mobility of the funds serves the business’ operations.

After the lawsuit was announced, investors responded frantically pulling out investments. Binance’s stock, BNB-USD, opened Monday, June 5 trading at 305.17 a share. By close, the value diminished 9.27% to 276.89. 

On Friday, June 9, BNB traded between 256.51-265.02, which is roughly a 13.16-15.95% decrease since Monday. The perturbing start to the month has marked market capital down from 46.77B on Monday morning to roughly 40.22B Friday evening, a 15.8% drop.

TraderSZ, an independent market analyst, predicts Binance’s trading value could drop near its 52 week low of 184.54 in the coming future.

Crypto Scrutiny Continues

The SEC is aiming red dots on crypto companies performing unregistered activities. Coinbase, another leading crypto exchange platform, was legally charged 24 hours after Binance. The company acrues similar damages.

Coinbase’s stock face-planted alongside Binance this week dropping 15.94%. The stock’s trading value closed on Friday at 53.28. The lowest it’s been since the run on the banks in March.

Coinbase has shown no indication of following Binance’s choice to suspend U.S. dollar deposits.

Unclear Regulations?

Following the closing of several banks operating in crypto during March 2023, the SEC began warning crypto companies that U.S. Security laws were being violated. Now, serious litigation unfolds.

Crypto executives protest that regulations lack clarity. These companies claim the SEC has yet to incorporate new legislation involving crypto exchanges. Out of the contention may come clearer laws to what digital crypto trading businesses are permitted to do.

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