This past week was an incredible time for the cryptocurrency industry, with CryptoWatch looking into the major events that greatly changed its state now in the world. One is with the Bitcoin crash, which became a coincidental event for Binance now suspending its spot trading for the time being, along with the SEC catching up with the likes of Coinbase and Tron.
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Crypto is in a bind right now, and due to the many companies facing difficulties and controversy at present, its supposed rally this year has already come to a halt, with the industry suffering.
Binance Suspends Spot Trading Amid Bitcoin Crash
Over the weekend, Binance saw a significant change to its platform by temporarily suspending the famous "Spot Trading" available on their services, and this is to protect their users as the industry is going through a massive change.
Bitcoin again experienced a significant drop on Friday, March 24, up to 3 percent, and closed the weekend with bad news for its investors.
The company did not exactly claim that the Bitcoin crash was the reason behind its Spot Trading feature's problems, but this coincidence may or may not be related.
Still, it was significant with many users who relied on this Spot Trading for their real-time crypto needs, that the company wants to address as soon as possible and bring it back immediately.
Binance spot trading will return and will also enjoy the projected rise of Bitcoin, which is now slowly recouping its losses in the market.
Also read: FTX case: Sam Bankman-Fried's attorney will soon file revised bail package
Coinbase: 15% Shares Plunge After SEC Warning
There were reports that Coinbase is faces 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, amid significant instability in the crypto industry at present.
According to the report access pointCoinbase disclosed that it had received a Wells Notice from the agency, indicating that it may have violated laws protecting investors, according to an SEC filing on Wednesday, March 22.
'Coinbase Earn' is a new service from the company, but the SEC charge claims that the company failed to properly register with the agency regarding this offer. It claimed that registrations must be made under the SEC's Division of Corporate Finance before offering these types of services.
SEC vs. Tron's Justin Sun, and MORE
Tron, Justin Sun, Lindsay Lohan, Jake Paul, Soulja Boy, Ne-yo and more are faces SEC charges against its alleged cryptocurrency violations, as noted by the agency.
Sun faces civil charges against him for fraud and securities violations, while the SEC is also going after his three companies, Tron Foundation Limited, BitTorrent Foundation Ltd. and Rainberry Inc.
the edge reported that the businessman carried out market manipulation and unregistered offer and sale of securities with TRX and BTT crypto assets.
In addition to Sun, the SEC has also filed charges against eight celebrity backers of the coin for failing to disclose that they were paid to do so and how much money they made.
Related article: CryptoWatch: FTX Court Case and India Investigation into Crypto Money Laundering
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