SEC sues Binance Holding and Chairman Zhao. Bitcoin dips. | Forexlive

The U.S. SEC has filed 13 charges against Binance, the largest global cryptocurrency exchange, and its founder, Changpeng Zhao. Binance is the largest crypto exchange.

Binance is accused of mishandling customer funds, lying to regulators, and misleading investors about its operational safeguards. The SEC alleges that Binance mixed billions of dollars in customer funds and secretly transferred them to a separate company controlled by Zhao.

This action follows a similar case by the Commodities Futures Trading Commission against Binance and Zhao, highlighting a broader regulatory clampdown in the crypto trading sector.

The price of Bitcoin has trading back below its 100 day moving average at $27,019. The price currently trades at $26,455 just above the low for the day $26,398. The price is also trading away from the 38.2% retracement of the move up from the March 2023 low. The level comes in at $26,655.

The next downside targets – on further downside momentum – comes against the May 25 low at $25,878 and below that the May 12 low at $25,800. Below that and the 50% midpoint of the move up from the March low comes in at $23,949.