Recently, giant global exchange Binance and Binance CEO Changpeng Zhao were accused of violating US securities.
The US Securities and Exchange Commission (SEC) has filed a lawsuit against Binance and Binance CEO Changpeng Zhao after accusing CZ of violating US securities laws. According to the report of Bloomberg On June 5, 2023
according to the copy offiling a lawsuitIt details how it ignores federal securities laws and puts investors at risk. It said the defendants profited billions by persuading US investors to buy, sell and trade using unregistered platforms.
Lawsuits have also been filed against BAM Trading Services Inc and BAM Management, which is a Binance partner, inJune 2019 to launch Binance US in response to CZ allegations said :
“We will respond as soon as we see the complaint. still haven’t seen it The media gets the information before we do.”
The CFTC is working on Binance.
In March, Binance was sued by the Commodity Futures Trading Commission (CFTC) over allegations of commodities violations. Including allowing US citizens to use the platform. cryptocurrency without having to register with the agency
However, CZ commented that the CFTC’s action was “very unexpected and disappointing.”
Binance’s new CEO
A major leadership change is underway at the global crypto giant Binance, bringing in Binance rising star and regional market head outside the US, Richard Teng. Replaced Changpeng Zhao in the role.
Teng has previously been seen as the most likely candidate to succeed current co-founder and CEO Changpeng “CZ” Zhao.
According to the report, Teng is expanding his role to oversee regional markets outside of the United States. The former regulator also wants to demonstrate that Binance is a “new organization” that can effectively and efficiently transform the crypto market.
“Richard Teng’s appointment to oversee Binance’s regional markets outside the United States. The crypto market has grown immensely since its inception in 2017.”
Teng was recently appointed in May as Binance’s regional market head outside the United States. And brushed off the idea that he was being groomed to take over from the 46-year-old CEO.
“Speculation on these things may have been premature.”
BNB price is falling sharply.
Following news of the lawsuit against Binance and CZ, Bitcoin and BNB prices crashed sharply, with BNB having dropped more than 10% in the last 24 hours to $275 and is likely to continue its decline.
This was caused by news of two big changes for Binance, whether it was the US SEC suing Binance, the world’s largest exchange, causing the exchange’s credibility to rapidly decline. Also recently, Binance changed its CEO from Changpeng Zhao to Richard Teng.
However, investors continue to follow the news of the moves of the US SEC and Binance whether it repeats the case with Ripple Labs and the SEC, which if they look similar, it means tokens. Binance’s BNB could face a sustained bear market that could cause its price to plummet.
2023-06-05 16:21:40
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