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CFTC Sues Binance and CEO Over Alleged Regulatory Violations, Sending Bitcoin Price Down

Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao are facing a lawsuit filed by the Commodity Futures Trading Commission (CFTC) over alleged regulatory violations.

The lawsuit was filed on Monday, accusing Binance and Zhao of breaking trading and derivatives rules, and claims that Binance has solicited and accepted orders from U.S. customers involving spot and derivative transactions since July 2019 without being registered with the CFTC.

The CFTC aims to stop Binance's illegal activities and force them to follow the law while also seeking financial penalties and additional remedies such as bans on trading and registration and repayment of ill-gotten gains.

The news of the lawsuit has sent shockwaves through the cryptocurrency market, with the price of Bitcoin plunging to $26,766, a 4.4% drop for the day. Binance's native cryptocurrency, Binance Coin (BNB), has also been affected, with its value dropping by 1.6%.

BNB BNB $593.35
+1.02%
CFTC Changpeng Zhao
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