A large crypto exchange and its founder were sued – the bitcoin price plunged

The world’s leading cryptocurrency exchange Binance and its founder Changpeng Zhao has been sued. The US Securities and Exchange Commission SEC has brought a total of 13 charges against the company and Zhao. Reported about it Reuters.

According to the charges, among other things, Binance artificially increased the trading volume of the exchange and mixed customer funds with the company’s own money. It is alleged that Binance used its subsidiaries established in the United States for its illegal activities. In addition, the company is accused of lying to lawmakers and investors.

According to Binance, the SEC’s actions will only have a limited impact on the company because Binance is not a US exchange. The company has denied the charges.

With the news, the price of the world’s largest cryptocurrency, bitcoin, collapsed six percent in one fell swoop, falling to its lowest value in three months. At the time of writing, on Tuesday morning Finnish time, the bitcoin rate was 25,800 dollars.

Source: Arvopaperi by www.arvopaperi.fi.

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