Investors withdrew US$1.6-billion of cryptocurrency from Binance since it was sued by the US Commodity Futures Trading Commission on Monday.
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The US has sued Changpeng Zhao and his Binance cryptocurrency exchange for alleged violations of derivatives regulations.
Binance’s stablecoin, Binance USD, has seen around $6-billion of outflows following a US regulatory crackdown on the company that issues the token.
New York’s chief financial regulator has ordered Paxos, the company behind the stablecoin of major crypto exchange Binance, to stop issuing the token.
Now that Sam Bankman-Fried’s fall from grace is complete, uneasiness is growing around the dominance that his rival holds in the cryptocurrency market.
FTX founder Sam Bankman-Fried was arrested in the Bahamas at the behest of US prosecutors on Monday
As customers withdrew billions of dollars from crypto exchange FTX, founder Sam Bankman-Fried worked the phones in a futile bid to raise $7-billion in emergency funds.
Once again, a feud broke out between alpha-male celebrities in crypto. Only this time, what followed was tens of billions of dollars of digital wealth vanishing in a flash.
Crypto exchange FTX is to start US bankruptcy proceedings and CEO Sam Bankman-Fried is to step down after a week of high drama.
News of the liquidity crunch at FTX has sent reverberations through the crypto world.