CZ is being sued by the US CFTC for allegedly violating trading rules.
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.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
