Share this article
Cryptocurrencies Crash After the SEC Charges Binance With Sale of Unregistered Securities
The SEC on Monday charged the crypto exchange and its CEO Changpeng Zhao with violating a number of securities laws.
Updated Jun 5, 2023, 11:02 p.m. Published Jun 5, 2023, 4:55 p.m.
Altcoins are suffering the largest losses following the SEC’s lawsuit against Binance and its CEO Changpeng “CZ” Zhao.
Among the allegations are that the exchange offered a number of unregistered securities to the general public, among them not just Binance’s BNB token and its BUSD stablecoin, but also Solana , , , , , Axie Infinity (AXS), Filecoin , , Sandbox (SAND) and .
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The entire cryptocurrency market is in the red on the news, including declines of 5%-10% in most of the above tokens.
Asked about possible regulatory implications for Sky Mavis, the developer of popular play-to-earn game Axie Infinity, CEO Aleksander Leonard Larsen said they are "looking into it" and noted that "it doesn't change much. We are staying the course, building our products."
Polygon declined to comment on the situation and none of the other tokens could be reached for comment at the time of publication.
The world’s largest cryptocurrency by market cap, bitcoin was recently down 5% to trade at $25,800. Ether is down 4.5% to $1,811.
Eliza Gkritsi, Margaux Nijkerk and Brad Keoun contributed to the reporting of the story.
UPDATE (June 5, 20:00 UTC): Adds comments from Sky Mavis and Polygon.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
SpaceX’s $300M Bitcoin Stack Puts Crypto Inside the World’s Biggest Planned IPO
The Elon Musk–run company is moving ahead with plans for an initial public offering that would seek to raise “significantly more than $30 billion.” Even relatively small balance-sheet allocations matter at that scale.
What to know:
- SpaceX is planning an IPO by 2026, potentially valuing the company at $1.5 trillion.
- The company holds significant cryptocurrency assets, including bitcoin and dogecoin.
- Elon Musk's influence in crypto markets is notable, with SpaceX's IPO potentially expanding his reach in AI and crypto infrastructure.
Top Stories
