The price of BNB has lost 6% of its value for 24 hours. This follows the announcement by the Commodity Futures Trading Commission (CTFC) to sue Changpeng Zhao. Binance’s important position within the cryptocurrency landscape is once again being felt.
The BNB token undergoes the complicated context for CZ
While the cryptocurrency market has been stabilizing for a few days, Binance’s BNB prints more than 5.3% drop in 24 hours. In question, a complicated context for the cryptocurrency exchange platform and its CEO, Changpeng Zhao.
The fall of BNB/USDT over the last 24 hours
The rest of the market has not been spared this news, as Binance is an important player in the ecosystem. Bitcoin (BTC) fell 3.5% following the announcement, as did altcoin representative Ether (ETH). The few native tokens of centralized exchanges are also impacted: -2% for Crypto.com’s CRO or -2.5% for Bitget’s BGB.
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But what actually happened around Binance? In a nutshell, the United States Commodity Futures Trading Commission (CTFC) sued Changpeng Zhao (CZ), the famous founder of Binance. He is accused of having allowed certain American clients to circumvent the restrictions to trade derivatives on commodities.
In other words, CZ is accused of deliberately circumventing US law to satisfy some of its customers. Charges that he calls “ unexpected and disappointing“. As a reminder, the CTFC is an American federal organization responsible for regulating the stock exchanges where commodities are traded.
The fall of the market in reaction to this announcement illustrates the sense of regulatory uncertainty hovering over the cryptocurrency market and particularly in the United States, where attacks against associated service providers are increasing. It also speaks to Binance’s monopoly in the cryptocurrency landscape today.
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Source: Trading View
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