Why Shiba Inu (SHIB) Is Nosediving

Shiba Inu SHIB/USD is experiencing a 6.46% decline, trading at $0.00000796 during Monday's session, in line with the overall weakness observed in the cryptocurrency market. Multiple cryptocurrencies have witnessed a decline in share prices following the Securities and Exchange Commission's lawsuit against Binance for alleged U.S. securities violations.

As reported by our Benzinga team, Binance Holdings Ltd. and its CEO Changpeng Zhao are facing a lawsuit filed by the Securities and Exchange Commission (SEC), citing alleged violations of U.S. regulations, as indicated in a recent legal filing by the SEC.

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The legal proceedings allege that Zhao, as the driving force behind Binance, directed employees to use VPNs to conceal their geographical locations.

Binance is the largest cryptocurrency exchange in the world by trading volume. In fact, it tops the ranks of cryptocurrency exchanges maintained by CoinMarketCap, which are ranked based on 24-hour trading volumes, exchange score and average liquidity. Binance triumphs over exchanges like Huobi Global and Coinbase, which follow closely in 2nd and 3rd places, respectively.