Cryptocurrencies drop following week of regulatory crackdown

The selling in cryptocurrencies continued Sunday following a week that saw lawsuits brought against exchanges and the delisting of some tokens.

Bitcoin was trading around $25,700, lower by less than 1%.

For the week, Bitcoin was down more than 4%.

Ethereum was trading at approximately $1,740 or lower by 0.3%.

BINANCE.US SUSPENDS USD DEPOSITS AFTER REGULATORS CRACKDOWN

Representations of cryptocurrencies Bitcoin, Ethereum and DogeCoin. (REUTERS/Dado Ruvic/File Photo / Reuters Photos)

For the week, Ethereum was trading lower by more than 7%.

Dogecoin was trading at 6 cents, down by nearly 1%.

The latest move to roil the markets on Friday was when Robinhood Markets announced it was delisting Solana, Cardano and Polygon as of June 27.

All three tokens were trimming what had earlier double-digits declines.

CRYPTO EXCHANGE BINANCE, CEO HIT WITH CHARGES IN SEC LAWSUIT

Earlier in the week, the Securities and Exchange Commission started launching lawsuits against Binance Holdings Ltd and Coinbase.

In a 136-page complaint filed in federal court, the SEC accused Binance and the company’s CEO of operating a “web of deception.”

With its 13 total charges, the SEC complaint accused Binance Holdings, Zhao, BAM Trading and BAM Management US Holdings of committing breaches of the Securities Act and the Exchange Act, two U.S. laws pertaining to securities.

Changpeng Zhao, founder and chief executive officer of Binance. (REUTERS/Benoit Tessier/File Photo / Reuters Photos)

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A day later, Coinbase, the largest U.S. cryptocurrency platform, was also sued.

On Friday Binance.US said it is suspending U.S. dollar deposits and that its banking partners are preparing to pause fiat dollar withdrawal channels as early as June 13, 

Reuters contributed to this report.