The SEC lawsuit heralds more regulatory difficulties for the cryptocurrency industry, which is reeling from increased scrutiny after a series of high-profile bankruptcies so far in 2022.
The commission also recently threatened action against Coinbase (NASDAQ:COIN) for non-compliance with securities laws. Coinbase shares fell 10% following news of Binance's lawsuit.
Cryptocurrency prices plummeted last year after the Federal Reserve began raising interest rates, ending the easy money environment that initially boosted the industry.
Since then, the market has struggled to recover even from the record highs seen in 2021 and has traded largely in range in recent months.
The commission also recently threatened action against Coinbase (NASDAQ:COIN) for non-compliance with securities laws. Coinbase shares fell 10% following news of Binance's lawsuit.
Cryptocurrency prices plummeted last year after the Federal Reserve began raising interest rates, ending the easy money environment that initially boosted the industry.
Since then, the market has struggled to recover even from the record highs seen in 2021 and has traded largely in range in recent months.
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