Live news: Bitcoin drops 5% after US watchdog accuses Binance of multiple violations

Bitcoin, the most traded cryptocurrency, shed 5 per cent on Tuesday after the US Securities and Futures Commission announced it was suing the world’s largest digital coin exchange for allegedly sending customer funds to a company owned by its chief executive.

The SEC filed 13 civil charges against Binance on Monday, including allegations that the company operated unregistered exchanges and misrepresented controls and oversight of its US unit.

Bitcoin dropped 5.1 per cent over the past 24 hours, according to market tracker CoinGecko, while ether, the next largest coin by market capitalisation, fell 4 per cent. Binance Coin, the exchange’s native token, fell 9 per cent.

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