Why Cardano (ADA) Is Falling Sharply

Cardano ADA/USD is trading lower by 6.92% to $0.33 Wednesday morning, according to data from Benzinga Pro. Several altcoins have been trading lower this week after the SEC sued Coinbase for operating as an unregistered securities exchange, broker and clearing agency.

The SEC complaint alleges that Coinbase has unlawfully facilitated the buying and selling of crypto asset securities since 2019, intertwining exchange, broker, and clearing agency services without SEC registration, resulting in billions of dollars.

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What Else?

Shares of crypto-related stocks are also trading lower this week after the SEC sued Binance over 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.

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.