![]() ![]() "We estimate that at least 37% of Coinbase's net revenue would be at risk if the SEC were to target the company's crypto token trading and staking operations," Palmer added. Such legal action could be devastating for Coinbase, which has seen its stock price plummet by over 80% since its spring 2021 market debut. ![]() In its lawsuit against Binance, the SEC alleged the company and its chief executive Changpeng "CZ" Zhao offered unregistered securities to the general public via Binance.US in the form of the BNB BNB cryptocurrency, the Binance-linked BUSD BUSD stablecoin, and that Binance's staking service violated securities law. "We observe that several of the details of the lawsuit that the commission filed against Binance echo those it previously filed against crypto exchanges Bittrex and Kraken, and we believe these cases in aggregate represent a preview of the action that is likely to be filed against Coinbase," Berenberg analyst Mark Palmer wrote in a note seen by Coindesk. The daily exchange prices of ten major cryptocurrencies by market capitalization were extracted from a dedicated website for cryptocurrencies (). The lawsuit sent crypto prices falling, with bitcoin sliding 6. targetted Binance, triggering a $100 billion bitcoin, ethereum and crypto price crash. Crypto exchange Binance said it would convert 1 billion worth of Binance USD BUSD to bitcoin BTC ether ETH BNB coin BNB and other tokens to support the. As part of its lawsuit, the regulator named multiple tokens, including Binance Coin, Binance USD, Solana and Cardano, as securities. ![]() Bitcoin and crypto exchange Coinbase could be next to face an SEC lawsuit after the regulator. ![]()
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