Ifeanyi Jesse 
In Binance’s complaint, CFTC labels ETH a commodity
In the hours after the U.S. took a further step to crack down on the cryptocurrency exchange Binance and its CEO Changpeng “CZ” Zhao, just a little amount of money left Binance.
Colin Wu of “Wu Blockchain” reports, citing Watchers data, that “Binance has outflowed $185 million worth of tokens in the past hour; $218 million worth of tokens has flowed out in the past four hours.”
Binance has outflowed $185 million worth of tokens in the past hour; $218 million worth of tokens have flowed out in the past four hours. However, this amount is not large. Binance’s total asset on chain is $75.6 billion. https://t.co/OLm0ZvOgrZ
— Wu Blockchain (@WuBlockchain) March 27, 2023
Binance saw nearly $5 billion in withdrawals within 48 hours in December after speculation first arose that U.S. prosecutors were considering charging the cryptocurrency exchange and its executives with money laundering and sanctions violations. According to DefiLlama data, the crypto exchange has seen only $652 million in outflows in the last 24 hours.
The impact of the news regarding the Binance CFTC lawsuit is, however, being felt on the markets, as the majority of crypto assets are trading in the red at press time.
In the previous 24 hours, the crypto exchange fell 3.51% to $26,918, while Ethereum fell 2.20% to $1,722. XRP is the only asset in the top 10 still in the green, besides stablecoins. In the last 24 hours, it rose 4.21% to $0.484.
CFTC Binance Court Case
The Commodity Futures Trading Commission (CFTC) said in federal court in Chicago on Monday that Binance and its CEO broke U.S. derivatives rules all the time. It thinks that Binance should have signed up with the regulator years ago and is still breaking the rules set by the CFTC.
“CZ,” the CEO of Binance, responded to the CFTC complaint. He said, “Today, the CFTC filed an unexpected and disappointing civil complaint, despite our working cooperatively with the CFTC for over two years. Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.”
