The cryptocurrency market suffered heavy losses last night after the Securities and Exchange Commission (SEC) filed a lawsuit against the Binance exchange.
The regulator accused the trading platform of violating investor protection rules and misrepresenting data on transactions in digital assets, which the SEC classifies as unregistered securities, Bloomberg reports.
In just four hours, exchanges canceled almost $250 million in positions on the futures market after negative news appeared, CoinGlass data shows.
Bitcoin fell to its lowest level since mid-March. On the night of Tuesday, June 6, the cryptocurrency fell in price to $25,558.
Ether (ETH) lost more than 5% in value and fell to $1,799.
The altcoins Binance Coin (BNB) and Solana suffered the greatest losses, falling by 10.5% to $273.28 and $19.84, respectively. At the time of publication of this review, the capitalization of digital currencies was just over $1.084 trillion.
The Binance administration hastened to reassure traders.
The exchange's blog states that the company provides strong investor protection and adheres to standards of transparency in transactions with digital assets. Therefore, exchange users should remain calm.
