Binance Lawsuit Triggers $700 Million in Withdrawals

Binance Lawsuit Triggers $700 Million in Withdrawals
Binance logo and stock graph are displayed in this illustration taken on June 28, 2021. Dado Ruvic/Illustration/Reuters
Bryan Jung
Updated:
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The Securities and Exchange Commission (SEC) lawsuit against crypto platform, Binance, triggered over $700 million in withdrawals as crypto traders continued to face losses.

The SEC filed 13 charges against Binance and its CEO, Changpeng “CZ” Zhao, for allegedly participating in an “extensive web of deception” to mislead customers and evade federal regulatory laws.

Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
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