6/5, 7:20 PM (Source: TeleTrader)
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Coinbase tanks over 11% as SEC slaps suit against Binance

Coinbase Global Inc.'s shares tumbled as much as 11% on Monday after the United States Securities and Exchange Commission (SEC) sued Binance Holdings Ltd. and its CEO Changpeng Zhao (CZ) for allegedly breaching federal securities law by mishandling customer funds.

The news sent the world's largest cryptocurrency, Bitcoin, to its lowest valuation in a little over 11 weeks.

The company's stock dropped by 10.93% to sell at $57.48 apiece at 1:11 pm ET.

Baha Breaking News (BBN) / AB