Prices drop as CFTC sues Binance‍

As Binance Holdings Ltd. was sued by the US Commodities Futures Trading Commission for allegedly breaching trading and derivatives regulations, Bitcoin hit a 10-day low and other minor cryptocurrencies also fell.

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After FTX's collapse in November of last year, Binance, which sprang onto the cryptocurrency scene in 2017 and almost quickly outperformed bigger competitors, witnessed an increase in market share. It makes up roughly 60% of the spot and futures trading activity for cryptocurrencies. The business has contended that because the worldwide exchange lacks a headquarters, it is not governed by American law.   

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Omid Malekan, an adjunct professor at Columbia Management School, said, "Right now, the main thing I'm wondering is if there will be other, criminal accusations against them." Everyone has been anticipating a US government crackdown on Binance in the end.

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The most valuable currency by market value, Bitcoin, decreased by as much as 3.9% to $26,722. Token BNB on Binance decreased by roughly 3.5% to $315.70. 'Altcoins,' as they are known, also fell, with Cardano falling 3.1%, Solana falling 5%, and Polygon falling 4.4%.

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Several US government agencies have been looking into Binance's operations, including the CFTC. According to Trade  Algo, the Federal Revenue Service and federal prosecutors are investigating Binance's adherence to its anti-money laundering duties. Whether the exchange promoted the trade of unregistered securities has been under close examination by the Securities and Exchange Commission.