Binance Sees $850M Withdrawal Amid CFTC Indictment
Binance CEO Changpeng Zhao has been accused of regulatory violations by the United States Commodity Futures Trading Commission (CFTC). The indictment comes after nearly $1.5 billion in crypto was reportedly withdrawn from centralized exchanges such as Binance, Kraken, Coinbase, and Bitfinex. More than half of that amount, specifically $850 million, taken out from Binance.
The CFTC filed a suit against Binance and CZ in the U.S. District Court for the Northern District of Illinois, alleging that the company failed to meet its regulatory obligations by not properly registering with the derivatives regulator. Binance allegedly conducted transactions in Bitcoin, Ether, and Litecoin for U.S. citizens since at least 2019. In addition to the CFTC’s lawsuit, Binance is also under investigation by the Internal Revenue Service (IRS) and federal prosecutors. The Securities and Exchange Commission (SEC) is investigating whether Binance allowed U.S. traders to access unregistered securities.
Source
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