The largest cryptocurrency exchange in the world, Binance, as well as its CEO and previous top compliance executive, were sued by the U.S. Commodity Futures Trading Commission (CFTC), who claimed they were running an “illegal” exchange and a “sham” compliance program.
Binance Sued By CFTC
With regard to “willful evasion” of U.S. law, the CFTC filed a lawsuit against Binance, Zhao, and its former top compliance executive. This was done “while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit.”
The CFTC’s complaint, according to billionaire Zhao, who was born in China and relocated to Canada when he was 12 years old, was “unexpected and disappointing.”
Zhao was noted as saying “Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.”
The case is filed in the midst of a more extensive and prominent campaign against cryptocurrency businesses. U.S. prosecutors and civil detectives have been focusing on cryptocurrency companies for years because they make illegal offers and break laws meant to stop illegal activity. However, such governmental activity has lately increased in volume.
The Interesting Part
One of the more interesting aspects of this lawsuit is that it is the CFTC that is suing the Binance exchange and not the SEC.
This could mean the US is moving towards cryptocurrencies being commodities, which would be incredibly bullish news for the sector overall, including newly launching cryptocurrencies.
Avorak AI
One such cryptocurrency, Avorak AI, in no doubt falls under the realm of commodities. Its token, AVRK, is a medium of exchange used to give credits for the Avorak system. This utility defines AVRK as a utility token, although with a non-fixed value, AVRK is free to vary in price based on demand. This gives a comparable market cap on the token to the revenue generated by the products, meaning strong demand for the products will push the price upward.
With products such as an automated self-learning trading bot, image generators, and AI writing tools, the Avorak experience will draw plenty of attention, with revenue likely following.
Youtubers are already catching sight of Avorak, with videos popping up across the platform explaining how the crypto works and going over the details with a fine tooth comb.
Having already listed on their first centralized exchange (CEX), Azbit, the outlook is strong for AVRK, as getting these CEX listings will be a key part of easy access to Avorak products.
Rumors of CEX listings have come true already, with a number of other hints that more exchanges are on the way. Keep your eyes peeled for more Avorak news and jump on board before its too late.
Want to learn more about Avorak AI?
Website: https://avorak.ai
Buy AVRK: https://invest.avorak.ai/register
