Bitcoin hovers near 2-1/2 month low as Binance SEC lawsuit rattles investors

economictimes.indiatimes.com:

Binance, dealing a severe blow to the industry. Bitcoin, the world's largest cryptocurrency, was last at $25,736, down 0.01% on Tuesday, pinned near a more than two-month low. It had slumped more than 5% in the previous session, the largest daily decline since April 19. The U.S. Securities and Exchange Commission on Monday sued Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao, alleging that Zhao was secretly controlling Binance.US as part of a «web of deception» to evade U.S. laws, among other charges. «It's another blow to the crypto industry and the crypto exchanges of the world,» said Tony Sycamore, market analyst at IG Markets.

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«If what (the SEC is) alleging is true… well, Binance is the biggest, and if this is going on at the biggest, what's happening at the smallest? That is the natural link. It doesn't fill investors with confidence.» Binance's cryptocurrency fell 0.28% to a near three-month low of $276.87, after a 9.2% plunge on Monday. Reuters earlier reported that Binance controlled its U.S. affiliate's bank accounts, despite claiming it was independent. In statements, Binance said it had been cooperating with the SEC's probes and had «worked hard to answer their questions and address their concerns», including by trying to reach a negotiated settlement. The SEC complaint is the latest in a series of legal headaches for Binance. The company was sued by the U.S.