Binance Isn’t FTX. It’s Much Bigger and More Systemically Important to Crypto - BNN Bloomberg

The US Commodity Futures Trading Commission sued Binance and Chief Executive Officer Zhao for allegedly evading federal laws and operating an illegal digital-asset exchange. Bitcoin fell as much as 4.5% after the lawsuit was filed

Highlights

• The US Commodity Futures Trading Commission sued Binance and Chief Executive Officer Zhao for allegedly evading federal laws and operating an illegal digital-asset exchange.
• The CFTC is seeking permanent trading and registration bans in the enforcement action it filed as well as unspecified penalties and restitution.
• The move will reverberate across an industry that boomed outside regulated finance in a decade of low interest rates before Ponzi schemes, exchange mishaps and more helped snuff out speculative euphoria.
• Binance is the biggest target by far in a US regulatory crackdown that has engulfed other big players, from US exchange Coinbase Global Inc.
• to fallen algorithmic stablecoin king Do Kwon.

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