Crypto stocks down after US SEC sues Binance, CEO Zhao

Silvergate Capital

05/06/2023 16:45

** Shares of cryptocurrency and blockchain-related companies
down after U.S. Securities and Exchange Commission sues Binance
and its founder Changpeng Zhao on alleged violations of
securities laws 
    ** Zhao said on Twitter the crypto exchange has not seen the
complaint and its team is "standing by, ensuring systems are
stable, including withdrawals, and deposits" 
    ** Bitcoin  BTC=BTSP , the world's biggest cryptocurrency,
moved lower on the news 
    ** Crypto exchange Coinbase Global  COIN.O  falls ~6%, while
Blockchain farm operator Bitfarms Ltd  BITF.O  down 3.3%
    ** Crypto miners: Riot Platforms Inc  RIOT.O  Marathon
Digital  MARA.O , Hut 8 Mining  HUT.O  and Bit Digital  BTBT.O 
down between 2.8% and 5.3%
    ** Shares of software firm and BTC buyer MicroStrategy
 MSTR.O  decline 6.3% 
    ** BTC mining machine makers Ebang International  EBON.O 
and Canaan Inc  CAN.O  down 3.4% and 5.1%, respectively  


 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))