Why Bitcoin- And Ethereum-Related Stocks Coinbase, Marathon Digital And Riot Platforms Are Falling

Coinbase Global Inc COIN, Marathon Digital Holdings Inc MARA and Riot Platforms Inc RIOT shares are all trading lower Monday afternoon amid broader weakness across cryptocurrencies. 

Shares of several crypto-related stocks are trading lower following reports Binance and co-founder, Changpeng Zhao (CZ), were sued by the CFTC over US regulatory violations.

The regulatory body accused the company of violating trading and derivatives regulations, Bloomberg reported.

The legal action was initiated on Monday in a federal court located in Chicago. 

CZ had recently raised concerns over the recent shutdown of cryptocurrency friendly banks, stating that it feels like there is a coordinated effort by the U.S. government to shut down such banks.

According to data from Benzinga Pro:

• COIN is trading lower by 10.29% to $60.85
• MARA is lower by 7.23% to $7.24
• RIOT is lower by 6.02% to $8.11