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Australian shares are tipped to open higher this morning, following a nine-month record for the S&P.

The market index gained a 10-point uptick to 4283.85 points, alongside the NASDAQ and NYSE.

Meanwhile, the US Securities and Exchange Commission has sued the world’s largest crypto currency exchange, Binance, and its CEO, Changpeng Zhao.

The commission filed 13 charges against the CEO and company, alleging it operated a “web of deception,” and artificially inflated its trading volumes while diverting customer funds.

The watchdog is also going after rivalling crypto company, Coinbase, which is accused of illegally running an unregistered exchange in the US.

The SEC claims Coinbase has made billions of dollars since 2019 by operating as a middleman on crypto transactions while evading disclosure requirements put in place to protect investors.

Meanwhile, Bitcoin gained 4.44 per cent to $40,664.49.

Back home, Australian investors are awaiting today’s economic growth figures for the March quarter.

Economists are forecasting that gross domestic product expanded by 0.3 per cent over the first few months of the year – a slowdown from the 0.5 per cent growth over the December quarter.

The Aussie dollar held onto yesterday’s gains. One Australian dollar is buying 67 US cents and 54 British pence.

Iron ore rose nearly three per cent, trading at US$108.50 per tonne. Gold also continued to make gains, to US$1964.37 per ounce.


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