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Last week, Binance was sued by the U.S. Securities and Exchange Commission, which listed 13 charges against the company, Zhao and the operator of its purportedly independent U.S. exchange.
The lawsuits against Binance and Coinbase (NASDAQ:COIN) Global have increased fears the crypto market’s ordeal could be prolonged further after the sector was battered by a string of meltdowns including the bankruptcy of FTX, Binance’s biggest competitor, last year.
Binance Coin has lost more than 20% in value since the SEC’s action.
