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Binance Faces Class-Action Lawsuit Over Alleged Role In FTX’s Downfall

Binance FTX Changpeng Zhao Lawsuit California

A class-action lawsuit has been lodged against cryptocurrency exchange Binance and its CEO, Changpeng Zhao, on Monday. The plaintiff, a California resident, accuses Binance and Zhao of activities that reportedly led to the downfall of rival exchange FTX. PHOTO BY VADIM ARTYUKHIN/UNSPLASH

A class-action lawsuit has been lodged against cryptocurrency exchange Binance and its CEO, Changpeng Zhao, on Monday. The plaintiff, a California resident, accuses Binance and Zhao of activities that reportedly led to the downfall of rival exchange FTX.

Binance and Zhao are alleged to have violated federal and Californian laws concerning unfair competition. The complaint argues that they sought to establish a monopoly in the crypto market by inflicting harm upon FTX.

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