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Crypto-Related Stocks Drop Alongside Bitcoin on CFTC Binance Suit
Shares of rival crypto exchange Coinbase fell by nearly 10%.
Stocks of crypto companies fell Monday after the U.S. Commodity and Futures Trade Commission (CFTC) sued Binance, the world's largest cryptocurrency exchange by trading volume, and CEO Changpeng Zhao.
Coinbase (COIN), the only U.S. publicly traded crypto exchange, fell 9.1% as of 15:25 UTC (11:25 a.m. ET). Shares of bitcoin mining companies Marathon Digital (MARA), Riot Blockchain (RIOT) and Hut 8 Mining (HUT) all slid more than 7%. MicroStrategy (MSTR) – which earlier Monday disclosed the purchase of nearly another 6,500 bitcoin – was down 6.7%.
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Bitcoin, the largest cryptocurrency by market cap, lost $1,000 to below $27,000. Binance's exchange token, BNB fell 3.3%.
Filed in the U.S. District Court for the Northern District of Illinois on Monday, the CTFC's lawsuit alleged that Binance knowingly offered unregistered crypto derivatives products in the U.S. contrary to federal law.
The company, said the CFTC, operated a derivatives trading operation in the U.S., offering trades for numerous cryptocurrencies, all of which the CFTC said are commodities. The suit also alleged that Binance, under Zhao’s leadership, directed its employees to spoof their locations through the use of virtual private networks.
Sheldon Reback
Sheldon Reback is CoinDesk editorial's Regional Head of Europe. Before joining the company, he spent 26 years as an editor at Bloomberg News, where he worked on beats as diverse as stock markets and the retail industry as well as covering the dot-com bubble of 2000-2002. He managed the Bloomberg Terminal's main news page and also worked on a global project to produce short, chart-based stories across the newsroom. He previously worked as a journalist for a number of technology magazines in Hong Kong. Sheldon has a degree in industrial chemistry and an MBA. He owns ether and bitcoin below CoinDesk's notifiable limit.
