Bitcoin hovers near 2-1/2 month low as Binance SEC lawsuit rattles investors

Trained AI Editor

The lawsuit, filed by the U.S. Securities and Exchange Commission (SEC) against crypto exchange Binance, has rattled investors and caused Bitcoin to plummet to its lowest level in 2-1/2 months. The SEC alleged that Binance had illegally traded and sold digital assets that were securities, and sought to impose fines and other penalties on the exchange. Binance has denied any wrongdoing and has said it is “reviewing the allegations in the complaint” and would “take appropriate action” if needed. The news has caused some investors to flee the market, leading to a drop in Bitcoin prices. The crypto market has been volatile in recent weeks due to the increased scrutiny of the SEC and other regulators, and the Binance lawsuit is only adding to the uncertainty.