Just before the password exchange Binance and CEO Zhao Changpeng were sued by the American Commodity Futures Trading Federation (CFTC) for violating regulatory requirements, it is reported that nearly $1 billion of passwords left the website wallet.
According to Thanefield Capital Data Research, a large amount of money was withdrawn hours before Binance CFTC filed the lawsuit. Binance CFTC filed a lawsuit on Monday, March 27th at 3 p.m. In the 12 hours before the prosecution, nearly $1.5 billion left Binance, Kraken, Coinbase and Bitfinex. More than half of that, or $850 million, was revoked in Binance.
Just an hour after the announcement, Binance saw another $240 million withdraw. Over the past 24 hours, more than $400m in assets have been withdrawn from the etherfang fund, according to Nansen.
However, Binance still owns digital currency assets worth $63.36 billion, including more than $2 billion in Tether (USDT), $17 billion in BTC (BTC) and $8.1 billion in Ether (ETH).
CFTC filed a lawsuit in Binance and Zhao, District Court for the Western District of New York, USA. The European Commission has been investigating the Binance business since 2021, indicating that the company was unable to carry out its regulatory responsibilities and did not make the necessary application for registration with derivatives regulators. Binance is suspected of conducting BTC, etheric and county bitcoin (LTC) transactions for Chinese citizens in the United States from at least 2019.
The world's largest password exchange has also been investigated by the IRS and federal prosecutors, who have checked its compliance with compliance rules. The Securities and Exchange Commission (Securities And Exchange Commission) has launched its own investigation into whether Binance allows US traders to browse unregistered securities.
Zhao has long denied CFTC's accusations, fabricating lies and passwords that the exchange "does not buy or sell at a profit or 'control' the sales market at any time."
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