Oh, Binance, What Have You Done?

Ah, Binance, our favorite crypto exchange – or, it used to be. It seems one of the top players in the crypto exchange market has been busted again. As the notorious US Commodity Futures Trading Commission (CFTC) went after Binance, Bitcoin (BTC) and Ethereum (ETH) have been feeling the repercussions.

Bitcoin (BTC)

You may be thinking, well, BTC has been riding high lately so surely it’s okay. Well, it appears to be having a bit of a hangover after partying a bit too hard! It closed at $27,628.58 (by mid-day Thursday). Boy, that’s a dip from a few days ago – it was dancing around $30K for a while.

Ethereum (ETH)

It’s been a rough few days for Ethereum (ETH) too. ETH plunged to $790.58 on the news of Binance’s troubles.

So What’s Going On?

As we’ve seen, when one exchange is in trouble, the whole market can feel the effects. It looks like Binance is once again in the crosshairs of the CFTC. The CFTC is saying that Binance failed to register as a swap exchange – and violated several other regulations as well.

The Lowdown:

  • Bitcoin (BTC) dropped to $27,628.58 on Thursday due to CFTC suit against Binance

  • Ethereum (ETH) sank to $790.58 mid-week

  • CFTC is suing Binance for failing to register as a swap exchange

So, it looks like it’s time for us to use an alternative cryptocurrency exchange – at least until Binance sorts out its legal issues. Time to look at other exchange options before getting too comfortable with any platform!