Coinbase drops 15% in pre-trading after SEC announces lawsuit
The United States Securities and Exchange Commission announced it was suing Coinbase. The exchange’s shares immediately sank by more than 15% in pre-trading.
The news dropped less than 24 hours after the SEC also announced it was suing Binance, alleging the world’s largest crypto trading platform and affiliated companies misled customers and misdirected funds to a separate investment fund owned by the company’s CEO, Changpeng ‘CZ’ Zhao.
After the news, Coinbase’s shares were down as much as 12% on Monday. The U.S.-based company trades on the Nasdaq.
This story is developing.
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Author: RT Watson