Crypto Markets Drops 16% After US Authorities Launch Probe into Binance Exchange

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The value of Bitcoin and other cryptocurrencies briefly plunged as much as 16% yesterday as the US Commodity Futures Trading Commission (CFTC) began investigating the world’s largest trading platform.

The CFTC investigated Binance, a cryptocurrency exchange launched in 2017 by developer Changpeng Zhao. The commission is investigating possible evasion and violations of US regulations. Binance is said to have allowed US citizens to purchase derivatives even though Binance is not registered with the CFTC. Binance does not allow traders with a US registered address to ban them in 2019.

The Commission has been cracking down on crypto platforms and exchanges since last year.

Binance CEO Changpeng Zhao downplayed the investigation and expressed confidence that Binance will not be accused of wrongdoing. Binance recently appointed former US Senator and Ambassador to China Max Baucus to build closer ties with US authorities and regulators

For more information you can read the <a href=””>original story</a> at Cityam.

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