Cryptocurrencies Stumble After SEC Files Charges Against Binance
- Lawsuit alleges that Solana, Cardano, others are securities
- Bitcoin falls below $26,000 to the lowest level since April
This article is for subscribers only.
Cryptocurrencies slumped across the board after the US Securities and Exchange Commission accused Binance Holdings Ltd. of mishandling funds and lying to regulators.
In the lawsuit, the SEC also alleged that certain tokens - including Solana, Cardano, Polygon, Filecoin, Cosmos, Sandbox, Decentraland, Algorand, Axie Infinity, and COTI - that traded on Binance.com and Binance.US were offered and sold as securities, a move that could have wide implications for other exchanges that offer these tokens. Solana fell as much as 13%, while Cardano dropped 8%, Polygon slipped 6% and Filecoin slumped 10%.