Investors are grappling with news that the US securities regulator has sued crypto exchange Binance.
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The world’s largest crypto exchange temporarily paused withdrawals of bitcoin for the second time in less than 12 hours.
The software that underpins the second biggest crypto coin, ether, was upgraded successfully.
Investors withdrew US$1.6-billion of cryptocurrency from Binance since it was sued by the US Commodity Futures Trading Commission on Monday.
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.