Why Did Bitcoin Price Drop Suddenly? Here’s the Binance-SEC Document That Caused a Plunge

The U.S. Securities and Exchange Commission (SEC) has filed a response in support of its Motion to Compel against Binance.

In the petition, the SEC described the recent departures from the cryptocurrency exchange as an “accelerating mass exodus” of Binance employees, including its CEO, who may have important information regarding the custody, control and availability of assets.

In its document, the SEC criticizes Binance for making inconsistent statements about basic facts and slowing down the production of small-scale documents and information.

The agency also accuses Binance of concealing entire categories of information that would shed light on its allegations regarding the storage of customer assets.

The SEC alleges that recent depositions reveal a wealth of sensitive documents and information and that Binance failed to conduct a reasonable investigation or withheld these documents and information without a proper basis.

Following the development, there was a sudden decline in the Bitcoin price and it fell below $ 27,000 again, with a loss of approximately 2%.

*This is not investment advice.

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