Investors Race to Withdraw Deposits from Binance Amid ‘Scam Network’ Allegations

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Bitcoin fell 3 percent to less than £21,000 as US regulators sued the world’s largest cryptocurrency exchange and its founder.

The SEC accused Binance and Changpeng Zhao of misusing investor funds, operating as an unregistered exchange and violating a wide range of US securities laws.

SEC Chairman Gary Gensler said in a written statement that Zhao and Binance “engaged in a vast web of deception, conflict of interest, non-disclosure, and calculated evasion of law.”

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What happened overnight

Asian stock markets rose after Wall Street fell on concerns that the US economy may weaken after a report showed slowing growth in service industries.

The Shanghai Composite Index rose 0.2 points to 3,237.89 and the Hang Seng Index in Hong Kong rose 1.1 percent to 19,310.53.

Tokyo’s Nikkei 225 rose 0.4% to 32,350.58 after government data showed Japanese wages rose 1% year-on-year in April, but growth slowed from 1.3% in the previous month.

Sydney’s S&P ASX 200 fell 0.5% to 7,181.90. South Korean markets were closed for a holiday.

Wall Street stocks fell on Monday after a closely watched overall gauge of services by the Institute for Supply Management unexpectedly fell to a year’s low, contradicting upbeat readings for the US economy.

The Dow Jones Industrial Average fell 0.6%, to 33,562.86. The broad-based S&P 500 fell 0.2% to 4,273.79, while the technology-rich Nasdaq Composite fell 0.1%, to 13,229.43.

The yield on the 10-year Treasury fell 2 basis points to 3.67 percent amid speculation that the Federal Reserve plans to keep interest rates steady in June with the possibility of an increase in subsequent months.

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