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June 5 (Reuters) - Cryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. Securities and Exchange Commission sued crypto exchange Binance and its founder, Changpeng Zhao, alleging violations of securities laws. The SEC's complaint against the world's biggest cryptocurrency exchange listed 13 charges. Bitcoin , the world's biggest cryptocurrency was down 5.3% after falling to its lowest level since mid-March following the news. In a blog post, Binance said: "We intend to defend our platform vigorously," adding that "because Binance is not a U.S. exchange, the SEC's actions are limited in reach." Shares of rival crypto exchange Coinbase Global (COIN.O) were down 11.6%, while Blockchain farm operator Bitfarms Ltd stock was down 5.8%.
Persons: Changpeng Zhao, Bitcoin, Binance's cryptocurrency, Binance, Zhao, Sinéad Carew, Manya, Leslie Adler Organizations: U.S . Securities, Exchange Commission, SEC, Bitfarms, Inc, Marathon, Mining, BTC, MicroStrategy, Ebang, Canaan Inc, U.S . Commodity Futures, Commission, Manya Saini, Thomson Locations: U.S, Binance, New York, Bengaluru
Crypto stocks fall as Silvergate crisis deepens
  + stars: | 2023-03-06 | by ( ) www.reuters.com   time to read: +1 min
March 6 (Reuters) - Shares of cryptocurrency-related companies fell in premarket trading on Monday after Silvergate Capital Corp (SI.N) pulled the plug on its crypto payments network, following its doubts about keeping its business viable. The digital assets-focused bank said late on Friday that effective immediately it had made a "risk-based decision" to discontinue the Silvergate Exchange Network (SEN). Shares of the La Jolla, California-based bank were down more than 4% in premarket trading, while crypto lending peer Signature Bank (SBNY.O) fell 3%. Crypto exchange Coinbase Global (COIN.O) and BTC mining machine maker Ebang International were both down about 1% each. "The crypto market reacted to the negative news from Silvergate Bank, with both Bitcoin and Ethereum down ~4.8% for the week," analysts at brokerage Bernstein said in an industry note.
Silvergate's deepening crisis jolts crypto stocks
  + stars: | 2023-03-06 | by ( Manya Saini | ) www.reuters.com   time to read: +2 min
The crypto-focused bank said late on Friday that it had made a "risk-based decision" to discontinue the Silvergate Exchange Network (SEN) effective immediately. "The SEN is Silvergate's main flagship product that previously was the key attraction for depositors to bring funds to the bank," said analysts at Wedbush. Shares of crypto lending peer Signature Bank (SBNY.O) also fell roughly 2.5% in morning trade, while crypto exchange Coinbase Global (COIN.O) was down nearly 1%. Crypto firm Riot Platforms Inc (RIOT.O), and BTC mining machine makers Ebang International and Canaan Inc (CAN.O) drop between 1% and 2%. "The crypto market reacted to the negative news from Silvergate Bank, with both bitcoin and ethereum down about 4.8% for the week," analysts at brokerage Bernstein said.
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