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Binance CEO and Exchange Face Lawsuit for Alleged Market Manipulation and Monopolization Tactics

Binance.US and its CEO, Changpeng Zhao, are facing a collective lawsuit in the Northern California District Court. The suit accuses the cryptocurrency exchange of unfair competition and attempts to monopolize the market, specifically by undermining its rival, FTX.

The legal action centers around tweets from Zhao in November 2022, which the plaintiffs claim were misleading and made with malicious intent to depress the market price of FTX's utility token, FTT. The lawsuit seeks monetary damages, court costs, and disgorgement of ill-gotten gains across seven counts, with the potential for thousands to join the proposed class action.

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