<span style="font-weight: 400;">Tokens like Solana, Cardano, and Avalanche saw declines of double digit percentage points. Bitcoin and Ether, the two biggest computerised resources, slid over 3%.</span>
<h2><span style="font-weight: 400;">SEC punishes Coinbase, Binance with separate lawsuits in U.S</span></h2>
<span style="font-weight: 400;">By filing <a href="https://www.bnnbloomberg.ca/crypto-markets-slump-as-us-regulatory-crackdown-spooks-investors-1.1931287" target="_blank" rel="nofollow noopener">lawsuits</a> against Coinbase Global Inc., the largest US exchange, and Binance Holdings Ltd., the sector's largest trading platform, the SEC earlier this week dealt a double blow to the crypto industry. The SEC denounced Binance and its pioneer Changpeng 'CZ' Zhao of misusing client reserves, deceiving financial backers and controllers, and disrupting protection guidelines.</span>
<h2><span style="font-weight: 400;">Binance's Binance called SEC 'disappointing' after being named in U.S. lawsuit over</span></h2>
<span style="font-weight: 400;"><a href="https://www.cryptoknowmics.com/news/sec-files-lawsuit-against-coinbase-following-binance-lawsuit/" target="_blank" rel="noopener">Binance</a> stated that it had engaged in honest negotiations with the SEC to resolve the issue and called the SEC's action "disappointing." The company has stated that it will vigorously defend its platform. Coinbase has stated that it is prepared to take the legal battle all the way to the Supreme Court and has refuted the SEC's claim that it operates an illegal exchange. Some tokens, like Binance's BNB, Cardano's ADA, and Solana's SOL, were flagged as unregistered securities as part of the lawsuits. If exchanges hesitate to list the tokens for fear of falling foul of the SEC, this designation comes with stringent rules for protecting investors and could make trading the tokens more difficult. Robinhood Markets Inc. said it will drop Solana, Cardano and Polygon. The BNB token, which can be seen as a sign of feeling toward Binance, fell practically 10% at one point Saturday prior to paring a portion of the drop.</span>

Regulatory Crackdown Scares Investors, Causing Cryptocurrency Markets To Slump

Tokens like Solana, Cardano, and Avalanche saw declines of double digit percentage points. Bitcoin and Ether, the two biggest computerised resources, slid over 3%.

Sonakshi is into the crypto world ever since she heard about it and is pursuing her interest through Cryptoknowmics. She is a sensational poet, technical writer and content strategist.

Regulatory Crackdown Scares Investors, Causing Cryptocurrency Markets To Slump

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