The market is falling after the SEC sued Binance.
The SEC sued CEO Changpeng Zhao (CZ) and the company himself for violating Binance’s securities rules. The details of the case continue to come from both sides.
What’s Happening With Bitcoin, Binance Coin After SEC’s Litigation?
The SEC sued Binance and its CEO, CZ, for violating securities law. The SEC’s pressure on the cryptocurrency industry is increasing day by day. After the FTX and LUNC collapses last year, the SEC’s eye is on the cryptocurrency sector. However, Binance has been sued by the SEC, as reported by Bloomberg today.
With the effect of the lawsuit, there are serious decreases in Bitcoin and Binance Coin.
As seen on the 4-hour chart of Bitcoin, Bitcoin tried and failed to break the $27,255 thousand resistance several times. However, support in Bitcoin, the leading cryptocurrency of the crypto money market, is in the band of $ 25,827. If the decline deepens, it seems likely that Bitcoin will reach this point.
Binance’s local cryptocurrency BNB, which has been sued, is also experiencing a serious decline. BNB experienced a serious decline from the $ 300 band and fell to the level of $ 284. However, if the decline deepens, it is likely to reach $270.
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