Bitcoin fell by $1 thousand after the news about the regulator's lawsuit against Binance

Bitcoin fell by $1 thousand after the news about the regulator's lawsuit against Binance

168
Author: Robert Strickland (crypto expert)
Subscribe

 

 

Bitcoin fell by $1 thousand after the news about the regulator's lawsuit against Binance
The value of the first cryptocurrency plummeted from $ 27.8 thousand to $ 26.8 thousand after it became known that the U.S. Commodity Futures Trading Commission filed a lawsuit against the largest cryptocurrency exchange and its head

Bitcoin plummeted by more than $1 thousand after news of the claim of the U.S. Commodity Futures Trading Commission (CTFC) against Binance. The value of the first cryptocurrency for half an hour fell from $27.8 thousand to $26.6 thousand. According to CoinGecko, at 18:30 Moscow time, the asset has recovered slightly in price and trades at $26.9 thousand.

CTFC sued Binance, its head Changpeng Zhao and Chief Compliance Officer Samuel Lim in federal court in Chicago on March 27, claiming they may have violated derivatives trading rules. According to the regulator, Binance evaded its obligations by failing to register properly.

CTFC argues in the lawsuit that despite the fact that Binance had no right to provide services to U.S. customers (a division of Binance.US was created for this purpose), the exchange actively worked with U.S. investors, including institutional and VIP-clients, and ignored legal regulations.

The lawsuit also alleges that the leading cryptocurrencies are commodities. The documents state that Binance, under Zhao's direction and control and with Lim's intentional and substantial assistance, provided services to individuals in the United States related to digital assets "that are commodities, including bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC)."

According to the lawsuit, the regulator intends to seek a permanent injunction prohibiting defendants and any other individuals or entities associated with them from engaging in activities subject to CTFC oversight.
BNB lost 4.5% in value, dropping from $329 to $314.

Other news

Binance CEO Explains the Uniqueness of the Upcoming Bitcoin Halving
CryptoQuant reported record accumulation of bitcoins ahead of the halving.
We've sold everything. Expert names reasons for crypto market downturn
The losses of miners after the halving were estimated at $10 billion. Where does this figure come from?
Robert Kiyosaki cited reasons for not investing in Bitcoin via ETF.
Chapter Hut 8 CEO Discusses Banks' Interest in Buying Bitcoin from Miners
Trustpilot