Crypto wrap: Markets resilient amid SEC action against Binance, Coinbase

Last week saw a turbulent week for the cryptocurrency market. On Tuesday, the United States Securities and Exchange Commission (US SEC) sued the largest crypto exchange Binance and its chief executive officer (CEO) Changpeng Zhao for breaching the rules.

Just the next day, it sued Coinbase Global for running an “illegal exchange”.

Both Coinbase and Binance denied the SEC’s allegations and have pledged to vigorously defend themselves in court. However, the crypto market reacted sharply to both allegations.

On Wednesday, the crypto market shed five per cent and major digital tokens like Bitcoin and Ethereum were down nearly 10 per cent. After a brief recovery, they plunged again after the charges on Coinbase surfaced.