The United States Commodity and Futures Trading Commission (CFTC) is suing the CEO of the world’s largest cryptocurrency exchange Binance – Changpeng Zhao.
As a result, the BTC price lost over $1400 in minutes.
- According to a CNBC report, CZ – the CEO of Binance – is being sued by the CFTC for allegedly violating trading regulations.
- The court filing stipulates that the exchange has taken a “calculated approach to solicit US customers in violation of federal regulations.”
- CZ and his former compliance officer Samuel Lim have allegedly “actively cultivated lucrative and commercially important VIP customers, including institutional customers, located in the United States.”
- As a result, the price of BTC has plunged by more than $1400 before recovering slightly to where it trades at the time of this writing.
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This story is developing.
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