Here's Why Polygon (MATIC) Is Moving

Polygon MATIC/USD is trading lower by 4.57% to $0.84 during Monday's session, in line with the overall weakness observed in the cryptocurrency market. Following the Securities and Exchange Commission's lawsuit against Binance for alleged U.S. securities violations, various cryptocurrencies have observed a decrease in their prices.

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.