Binance's BNB cryptocurrency experienced a nearly 10% drop following the SEC's lawsuit alleging illegal operations in the US, marking the largest one-day drop this year. The SEC claims that Binance and its founder misused customer funds and conducted manipulative trading to inflate trading volume. Other cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin, also saw a decrease in value on Monday. Forbes reported that Binance engaged in backroom asset shuffling and moved $1.8 billion to hedge funds without informing customers that the tokens were not fully backed, similar to actions taken by bankrupt crypto company FTX. Other crypto firms, such as FTX and Coinbase, are also facing allegations from US authorities.
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Binance's BNB Drops Nearly 10% Following SEC Lawsuit Alleging Illegal Operations in the US
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