Binance is a Cayman Islands limited liability company founded by Zhao and the charges are familiar to practices uncovered after the collapse of the second largest cryptocurrency exchange, FTX, last year.The world’s largest cryptocurrency exchange Binance and its founder Changpeng Zhao have been accused of misusing investor funds, operating as an unregistered exchange, and violating a slew of US securities laws in a lawsuit filed by US regulators. The news caused Bitcoin, the largest crypto in terms of value in circulation – worth over $500 billion (€468 billion) – to plummet, losing almost 2 per cent in a matter of minutes. In March, the Commodity Futures Trading Commission filed an enforcement action against Binance and Zhao in the US District Court for the Northern District of Illinois charging them with numerous CTFC violations. Why is the lawsuits only happening in the United States of America ?
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