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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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- 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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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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