(Reuters) – Crypto alternate Binance doesn’t promote Bitcoin or its native token, CEO Changpeng Zhao tweeted on Tuesday.

Final week, Binance was sued by the U.S. Securities and Change Fee, itemizing 13 costs in opposition to the corporate, Zhao, and the operator of its U.S. alternate, which it purports to be impartial.

The lawsuit in opposition to Binance and Coinbase (NASDAQ:) International is additional testing the crypto market after the sector was hit by a collection of meltdowns, together with the chapter of Binance’s greatest competitor FTX final yr. There are rising considerations that it’s going to drag on.

For the reason that SEC motion, the worth of Binance Coin has decreased by greater than 20%.