Breaking Crypto News Flash: Binance Sues CFTC as Bitcoin Drops Below $27,000
The CEO of Changpeng Zhao, also known as Binance and CZ, has filed a lawsuit for trading and derivatives violations. The CZ faced legal action from the US Commodity Futures Trading Commission (CFTC).
CFTC filed a lawsuit against Binance and CZ in Chicago Federal Court on Monday (March 27). This case marks another regulatory obstacle for one of the world’s largest cryptocurrency exchanges.
In a lawsuit filed by the CFTC against Binance Holdings and its CEO, Chanpeng Zhao, the exchange allegedly violated US trading rules and derivatives by allowing US customers to trade derivatives on the platform.
Bitcoin falls on the news about FUD
The leading cryptocurrency experienced a two-week breakthrough caused by the banking crisis in the US. However, after the CFTC case was made public, it fell sharply. The Bitcoin USD pair fell to $26,510. However, the 4-hour candle closed around $26,900.
Prices on most cryptocurrencies on Monday were generally declining. The air has fallen by 2.8% in the last 24 hours, Solana - by 4.9%, and Litecoin - by 4.1%. Ripple’s XRP was ahead of other cryptocurrencies, but it also fell after news of Binance.
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