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Crypto-Related Stocks Drop Alongside Bitcoin on CFTC Binance Suit
Shares of rival crypto exchange Coinbase fell by nearly 10%.
Updated Mar 27, 2023, 6:55 p.m. Published Mar 27, 2023, 3:38 p.m.
Stocks of crypto companies fell Monday after the U.S. Commodity and Futures Trade Commission (CFTC) sued Binance, the world's largest cryptocurrency exchange by trading volume, and CEO Changpeng Zhao.
Coinbase (COIN), the only U.S. publicly traded crypto exchange, fell 9.1% as of 15:25 UTC (11:25 a.m. ET). Shares of bitcoin mining companies Marathon Digital (MARA), Riot Blockchain (RIOT) and Hut 8 Mining (HUT) all slid more than 7%. MicroStrategy (MSTR) – which earlier Monday disclosed the purchase of nearly another 6,500 bitcoin – was down 6.7%.
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Bitcoin, the largest cryptocurrency by market cap, lost $1,000 to below $27,000. Binance's exchange token, BNB fell 3.3%.
Filed in the U.S. District Court for the Northern District of Illinois on Monday, the CTFC's lawsuit alleged that Binance knowingly offered unregistered crypto derivatives products in the U.S. contrary to federal law.
The company, said the CFTC, operated a derivatives trading operation in the U.S., offering trades for numerous cryptocurrencies, all of which the CFTC said are commodities. The suit also alleged that Binance, under Zhao’s leadership, directed its employees to spoof their locations through the use of virtual private networks.
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- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Tom Lee responds to controversy surrounding Fundstrat’s differing bitcoin outlooks
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What to know:
- X users flagged what appeared to be conflicting bitcoin outlooks from Fundstrat’s Tom Lee and Sean Farrell.
- Lee endorsed a post arguing the views reflect different mandates and time horizons, not internal disagreement.
- The episode highlights how public commentary can blur distinctions between short-term risk management and long-term macro views.
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