Cryptocurrency exchange Binance hits back at SEC lawsuit, saying allegations ‘simply wrong’ – as it happened

This blog is now closed. You can read the full report here: Binance accused of mishandling funds

Here's a quick summary of what happened today:

The US Securities and Exchange Commission filed a lawsuit against Binance, the largest cryptocurrency exchange, the most serious action taken by US regulators against the company.

The SEC said that Binance operated a shell company, Binance.US, to skirt federal regulators, along with diverting customer funds to outside entities.

Binance issued a response to the SEC's lawsuit saying that it had been complying with regulators' questions" and was looking to negotiate a settlement with the agency.

In the aftermath of news of the complaint, the price of Bitcoin fell below $26,000 for the first time since March.