![]() Zhao called those an "incomplete recitation of facts."īinance is also under investigation by the Justice Department for suspected money laundering and sanctions violations, according to people familiar with the probe. Commodity Futures Trading Commission (CFTC) in March for operating what the regulator alleged were an "illegal" exchange and a "sham" compliance program. The SEC complaint is the latest in a series of legal headaches for Binance, which was also sued by the U.S. "I think that there's a big risk here that this could be crippling to Binance," said Ed Moya, senior market analyst at Oanda. ![]() ![]() Its derivatives trading volume, however, rose. Binance dominates crypto trading, last year processing trades worth about $65 billion a day.Ī March report from CCData showed that Binance’s spot market share across top-tier exchanges fell in March for the first time in five months to 57.7% from 62.0% in February. Market players said the SEC's allegations could hobble Binance, with the lawsuit likely to reverberate through the crypto industry. Binance's own cryptocurrency BNB, the world's fourth-largest by market size, dropped more than 5%. REUTERS/Benoit Tessier Acquire Licensing Rightsīitcoin, the world's biggest cryptocurrency, fell as much as 6% on the news to its lowest in almost three months. Changpeng Zhao, founder and chief executive officer of Binance, attends the Viva Technology conference dedicated to innovation and startups at Porte de Versailles exhibition center in Paris, France June 16, 2022.
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