June 5 (Reuters) - Cryptocurrencies and shares in crypto and blockchain-related companies tumbled on Monday after the U.S. securities regulator sued crypto exchange Binance, another blow to the industry.
The SEC crackdown has prompted some crypto companies to increase compliance, spike products, and expand overseas, moves that some marketwatchers said would likely be accelerated by this latest action against the world's largest crypto exchange.
In April, the SEC charged crypto exchange Bittrex Inc with operating an unregistered securities exchange, broker and clearing agency, and settled with Kraken in February for $30 million over the exchange's U.S. crypto staking service.
Shares of Coinbase (COIN.O) were down 9.1% on the news of the SEC's charges against Binance.
Both Coinbase and crypto exchange Gemini launched international exchanges for crypto derivatives in May.
Persons:
Binance, Changpeng Zhao, Binance's cryptocurrency, Gary Gensler, marketwatchers, John Reed Stark, Kraken, Bittrex, James Angel, Gemini, Rajeev Bamra, Sinéad Carew, John McCrank, Manya Saini, Hannah Lang, Michelle Price, Leslie Adler, Lisa Shumaker
Organizations:
U.S . Securities, Exchange Commission, Reuters, SEC, Washington , D.C, Internet, Coinbase Global Inc, Georgetown University, Binance, Inc, Marathon, Mining, Moody’s Investors Service, Thomson
Locations:
Washington ,, U.S, New York, Bengaluru, Washington