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The leading cryptocurrency exchange by trading volume, Binance, and its CEO Changpeng Zhao were sued Monday by the Commodity Futures Trading Commission (CFTC).
The U.S. regulator alleged that Zhao and his company violated trading and derivates rules, according to a lawsuit filed by the CFTC in a Chicago federal court.
The two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, fell on the news, according to CoinGecko. Over the past hour, Bitcoin had fallen 3.3% to $26,800, and Ethereum had stumbled 2.9% to under $1,700.
This story is developing and will be updated.