Binance sued by CFTC of regulator violations - report

Binance and CZ sued

Highlights

• Binance Holdings, which is the world’s largest cryptocurrency exchange, along with CEO Changpeng Zhao, were sued by the US CFTC for breaking trading and derivatives rules.
• The lawsuit is in regards to not registering with the CFTC CFTC.
• Other reports say the IRS and other US officials have been investigating Binance’s anti-money-laundering compliance and the SEC has been scrutinizing whether the exchange supported trading of unregistered securities.
• The losses accelerated after these headlines but that’s also an indication of worsening sentiment broadly broadly.
• In addition, fading fear about US banks is diminishing demand for crypto safety, diminishing demand from crypto safety.

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