Investors pull out $790 million from Binance after SEC lawsuit

The U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Binance and its creator Changpeng Zhao on Monday.

They are charged with 13 counts of breaking US law, including operating without a standard exchange license, providing brokerage and clearing services, and fabricating information regarding the Binance.US platform.

The SEC also sued the biggest bitcoin exchange in the US, Coinbase. The exchange is also charged with trading cryptocurrency illegally. According to IG Markets analyst Tony Sycamore, the lawsuits are "another blow to the cryptocurrency industry and cryptocurrency exchanges around the world."

source: bloomberg.com

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Investors pull out $790 million from Binance after SEC lawsuit

Investors have pulled out more than $790 million from the cryptocurrencies Binance and Binance.US (or more than $778 million and roughly $13 million, respectively).