Why Bitcoin Sank Today!
The US government is going after Binance and its CEO. And because of that move, Bitcoin picked up a cold, and lost value (about 3%). There are challenges everywhere in the market right now. Regional banks are struggling with liquidity and capital adequacy perception crises. Inflation is ravaging savings. Supply chain remains suboptimal.
And now, Bitcoin has to deal with the world’s largest crypto exchange having court dates with America. 2023 is looking like one of those years to [fill your word], but it is just the first quarter with three more to go.
U.S. regulators sued Binance on Monday, alleging that the world’s largest cryptocurrency exchange "knowingly" and repeatedly violated commodity trading laws “designed to prevent and detect money laundering and terrorism financing.” Filed in a federal court in Chicago, the civil suit from the Commodity Futures and Trading Commission also names Binance CEO Changpeng Zhao as a defendant. The CFTC argues that Binance solicited U.S.-based customers despite not being registered to do so, and encouraged those U.S.-based customers to use virtual private networks (VPNs) so they could hide their locations and trade on the platform. A Binance spokesperson called the legal complaint "unexpected and disappointing.”
