Cryptocurrency exchange Binance is under legal pressure in Canada and the Philippines, while U.S. prosecutors are demanding 36 months in prison for Changpeng Zhao.
The lawsuit seeks damages and rescission of unlawful derivatives trades. The plaintiffs argued that tens of thousands of Canadian users of the Binance website invested in its cryptocurrency derivatives products. He said that by removing Binance applications from digital app marketplaces, these companies would help “prevent the further proliferation of its illegal activities in the country,” saying that otherwise, this could have “detrimental” effects on the local economy.
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