Bitcoin fell as a result of the SEC document that was made public before the hearing on the Binance-SEC case, which will begin in about an hour.
In support of its Motion to Compel against Binance, the U.S. Securities and Exchange Commission (SEC) has responded by filing a document.
The SEC said in the petition that the recent departures from the cryptocurrency exchange, which included the CEO of Binance, were an “accelerating mass exodus” of staff members who could have crucial knowledge about the custody, control, and availability of assets.
The SEC chastises Binance in its paper for making contradictory claims regarding fundamental truths and delaying the creation of small-scale documents and information.
Additionally, the agency asserts that Binance has withheld whole classes of data that may clarify its claims on the custody of user funds.
According to the SEC, recent depositions have exposed a trove of confidential documents and information, and Binance is accused of either failing to conduct a proper investigation or withholding these documents and information without justification.
Following the development, there was a sharp drop in the price of Bitcoin, which caused it to once more drop below $ 27,000 while losing about 2%.
*This is not financial guidance.