Companies • June 5, 2023, 11:17AM EDT
UPDATED: June 5, 2023, 11:37AM EDT

US SEC sues Binance, CEO Zhao for breaking securities rules: Bloomberg

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Quick Take

  • The U.S. Securities and Exchange Commission has sued Binance Holdings Ltd. and CEO Changpeng Zhao, Bloomberg News reported, citing a federal court filing.
  • The price of bitcoin declined immediately following the news.

The U.S. Securities and Exchange Commission has sued Binance Holdings Ltd. and CEO Changpeng Zhao, Bloomberg News reported, citing a federal court filing.

The suit accused them of breaking U.S. rules, Bloomberg said.

"Our team is all standing by, ensuring systems are stable, including withdrawals, and deposits," Zhao said on Twitter. "We will issue a response once we see the compliant. Haven't seen it yet. Media gets the info before we do."

The price of bitcoin fell immediately following the news, declining 2.6% to $26,412, according to TradingView.

This story is developing and will be updated.


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