US regulators aim to ban Binance, the world’s largest cryptocurrency trading platform, claiming that it has been operating illegally in the country.

The Commodities Futures Trading Commission (CFTC) filed suit against the company, alleging that it solicited business in the United States without being duly registered to do so.

Binance was also accused of breaching various anti-money laundering and other financial laws in the United States.

The firm, launched in 2017, claims to be the largest centralized exchange for digital assets, with over 100 million customers. It is headed by Changpeng Zhao, a Canadian billionaire of Chinese descent who is also a defendant in the lawsuit.

The Commodity Futures Trading Commission (CFTC) claimed Binance had operated in the United States since 2019. Still, it had never registered with the government or complied with relevant US regulations by employing an “intentionally opaque” global organizational structure.

CFTC also stated that for a significant portion of that time, Binance did not require its consumers to give any identity-verifying information before trading on the site. CEO CZ of Binance, on the other hand, has defended the legitimacy of the exchange’s Know-Your-Customer (KYC) practices, saying that they employ best-in-class technology to guarantee regulatory observance. 

In addition, he reiterated Binance’s dedication to “transparency and collaboration with authorities and law enforcement and clarified that the company does not engage in profitable trading or manipulate the market.

What’s the outlook for BNB?

While the dispute continues, one thing is evident: the Binance Coin (BNB) price is at risk of a dramatic decline. BNB token fell 5.4% in the 24 hours following Monday’s announcement, the highest 24-hour decrease of any token in the top 10 by market valuation. 

The following Coinmarketcap graph illustrates the CFTC’s impact on BNB. BNB has been in the red since the lawsuit was announced on March 27th, and the trend is expected to continue as investors sell their coins in panic. 

The price of BNB right now is roughly $315. Whether or not BNB’s price would remain over $300 following the lawsuit has been a hot topic recently, but the answer does not look promising in light of the trend.

Is it time to find new altcoins?

While Binance’s case remains unsolved, the interest in new ICO DigiToads intensifies. This revolutionary blend of a meme coin and play-to-earn token offers investors massive in-game rewards, giveaways, staking rewards, and, most importantly, guaranteed 450% growth over the presale. Beginning at $0.01 during the presale, the TOADS launch price will reach $0.055. 

This audited and doxxed startup has already raised $520K during the presale one period, which means that roughly 86% of the tokens have been sold. This can only suggest that the early birds are busily stocking up in preparation to make a killing on the debut. Notably, this ERC20 token does not employ vesting. Therefore, tokens can be claimed by users immediately once launched.

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Closing Notes

As the situation with Binance unfolds, it serves as a reminder of the importance of adhering to financial regulations and registering properly with relevant authorities. This also highlights the need for investors to diversify their portfolios and consider other options like DigiToads. 

With the presale phase almost sold out and the project offering exciting rewards, this latest ICO presents a unique opportunity for those looking to invest in cryptocurrency. Additionally, with its fun and engaging gaming experience, many look at TOADS as the best crypto for beginners.

For More Information on DigiToads visit the website, join the presale or join the community