Oh boy, the Commodity Futures Trading Commission just threw some major shade at Binance and its CEO Changpeng “CZ” Zhao. They sued them in federal court and the whole crypto world is shook.
Bitcoin and Ether took a tumble, down about 3% each. BNB, the cryptocurrency powering Binance’s BNB chain, was down even more, more than 6%. It’s like the CFTC put a hole in their ship and they’re sinking fast.
Other crypto-related stocks were also hit hard. Coinbase fell over 10% and MicroStrategy, the Bitcoin “hodling” company, was down more than 7%. Even mining companies like Marathon Digital Holdings and Riot Blockchain saw shares drop about 8%.
The CFTC is alleging that Binance “disregarded applicable federal laws” while catering to its U.S. customers. They claim Binance didn’t implement proper know-your-customer and anti-money-laundering procedures, and even helped U.S.-based customers “evade the compliance controls Binance purported to implement to prevent and detect violations of U.S. Law.” Ouch, that’s gotta hurt.
In response, CZ posted a tweet with just the number “4.” I guess he’s trying to tell us to ignore the fear, uncertainty, and doubt, but it’s hard to ignore when your ship is sinking faster than the Titanic. This post was create by https://lzomedia.com
Top comments (0)