The past week was one hell of a time for the cryptocurrency industry, with CryptoWatch looking into the major events which highly changed its status is now in the world. One is with the Bitcoin drop which became a coincidental event for Binance, now suspending its Spot Trading for the time being, alongside the SEC catching up to companies including Coinbase and Tron.
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Crypto is in a tight spot right now, and due to the many companies which face hardships and controversies in the present, its supposed rally this year already came to a halt, with the industry hurting.
Binance Suspends Spot Trading amidst Bitcoin Plunge
Over the weekend, Binance saw a significant change to its platform by temporarily suspending the famous "Spot Trading" available on its services, and this is to protect its users as the industry is going through a massive change.
Bitcoin yet again saw a significant drop last Friday, March 24, by as much as 3 percent, and it closed the weekend with a piece of bad news for its investors.
The company did not exactly claim that the Bitcoin drop was the reason behind the problems of its Spot Trading feature, but this coincidence may be related, or not.
Still, it was a significant one with many users relying on this Spot Trading for their real-time crypto needs, which the company wants to address ASAP and bring it back immediately.
Binance's Spot Trading will return, and will also enjoy the projected rise of Bitcoin, now slowly regaining its losses in the market.
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Coinbase: 15% Shares Plunge After SEC Warning
There were reports that Coinbase is facing security charges from the Securities and Exchange Commission, and this led to a significant drop in its market shares last week. Coinbase suffered a 15 percent drop and it is one that hurt the company, amidst the significant instability of the crypto industry in the present.
As per the report AP, Coinbase revealed that it had received a Wells Notice from the agency, indicating that it may have violated laws protecting investors, as per an SEC filing on Wednesday, March 22.
'Coinbase Earn' is a new service from the company, but the SEC charge claims that the company did not properly register with the agency regarding this offer. It claimed that registrations must be made under the Division of Corporate Finance of the SEC before offering these kinds of services.
SEC vs. Tron's Justin Sun, and MORE
Tron, Justin Sun, Lindsay Lohan, Jake Paul, Soulja Boy, Ne-yo, and more are facing SEC charges against their alleged cryptocurrency violations, as flagged by the agency.
Sun is facing civil charges against him for fraud and securities violations, while the SEC also gunning after his three companies, Tron Foundation Limited, BitTorrent Foundation Ltd., and Rainberry Inc.
The Verge reported that the entrepreneur engaged in market manipulation and unregistered offer and sale of securities with crypto assets TRX and BTT.
Aside from Sun, SEC also filed charges against eight celebrities who backed the coin for not disclosing that they were being paid to do so and how much money they earned.
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