US CFTC Sues Binance CEO Changpeng Zhao: Bitcoin Plunges by $1400 Immediately

March 27, 2023
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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.

BTCUSDT_2023-03-27_18-18-36 — Source: TradingView

This story is developing.

The post US CFTC Sues Binance CEO Changpeng Zhao: Bitcoin Plunges by $1400 Immediately appeared first on CryptoPotato.

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