US CFTC Sues Binance CEO Changpeng Zhao: Bitcoin Plunges by $1400 Immediately

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.

This story is developing.