The U.S. Securities and Exchange Commission sued Coinbase, accusing it of illegally operating without registration with the regulator.
That happened a day after the SEC filed a lawsuit against Binance and its CEO, Changpeng Zhao.
Coinbase shares were down 13.4% at $50.81 after earlier hitting their lowest level since January.
Also, after falling earlier, Bitcoin , the world's biggest cryptocurrency, was up 1.4%.
Coinbase had disclosed in March that it received a "Wells notice" from the SEC threatening a potential lawsuit over certain products.
Persons:
Coinbase, Changpeng Zhao, Matt Stucky, Shannon Stapleton, Binance's cryptocurrency, Paul Grewal, we'll, Grewal, Manya Saini, Shristi, Sinéad Carew, Paul Simao
Organizations:
Coinbase, U.S . Securities, Exchange Commission, SEC, Binance, Global, Northwestern Mutual Wealth Management Company, Coinbase Global Inc, Nasdaq, Times, REUTERS, Mining, Marathon, Thomson
Locations:
Manhattan, New York, U.S, Bengaluru