• Binance is considering taking legal action against payment provider and former partner Checkout.com.
• Bitcoin (BTC) and Ether (ETH) prices tumbled, causing a host of liquidations in what’s been described as a “bloodbath.”
• Binance faces myriad regulatory challenges, culminating in a Securities and Exchange Commission lawsuit against the exchange and its CEO, Changpeng Zhao.
Binance Considers Legal Action Against Checkout.com
Binance told Cointelegraph on Aug. 18 that it is considering legal action against its former partner and payment provider Checkout.com. This potential dispute came roughly one week after Checkout.com reportedly ended its business relationship with Binance over possible regulatory actions. The fallout from this has already impacted Binance, leading to them shutting down their regulated fiat-to-crypto payment platform, Binance Connect due to “changing market and user needs.”
Bitcoin & Ether Price Slump Leads To Crypto Bloodbath
The Bitcoin and Ether price slump on Aug 18 saw the top two cryptocurrencies fall to a two-month low and triggered a series of liquidations for thousands of derivatives traders. This crypto bloodbath led to billions of dollars worth of hedged positions being liquidated, with many traders losing millions in single trades – according to CoinGlass data, 176,752 traders got liquidated in the process.
SEC Lawsuit Against Binance Exchange & CEO
Binance faced myriad regulatory challenges which culminated in a lawsuit filed by the U.S Securities and Exchange Commission (SEC). This was filed against both the exchange itself as well as its CEO Changpeng Zhao for a variety of securities law violations on June 5th 2023 .
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