CFTC Takes Legal Action Against Binance for Violating U.S. Regulations
TL;DR Summary
Binance, the world's largest cryptocurrency exchange by volume, has seen a net outflow of $400 million on Ethereum in the last 24 hours following news that the US Commodity Futures Trading Commission (CFTC) had sued the exchange and its founder. The on-chain movements highlight crypto trader skittishness in an uncertain regulatory environment, with even the prospect of something going amiss causing depositors to flee. Additionally, Paxos, a former issuer of the Binance USD (BUSD) stablecoin, burned more than $155 million of BUSD (2% of the circulating supply) in the past four hours, another example of investor flight.
- Binance Depositors Flee Following CFTC Charges, On-Chain Data Shows CoinDesk
- Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges CNBC
- US regulators sue crypto megaplatform Binance and its CEO CNN
- The CFTC Comes for Binance Bloomberg
- Binance Sued by CFTC Over Evading U.S. Rules The Wall Street Journal
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