China’s state broadcaster, CCTV, made a surprising move by covering news related to the United States Securities and Exchange Commission (SEC) suing Binance, the world’s largest cryptocurrency exchange, along with its co-founder and CEO Changpeng Zhao, and its American affiliate, Binance.US. This rare coverage by CCTV gained significant attention, given the broadcaster’s limited coverage of crypto-related news.
The CCTV segment provided a brief overview of the lawsuit, stating that the SEC accused the defendants of violating U.S. securities laws. It also noted that the prices of bitcoin and Binance’s native BNB coin experienced a decline following the announcement of the lawsuit. This development is noteworthy because Binance’s status as the largest crypto exchange makes it a prominent player in the industry.
It is important to mention that earlier in March, the U.S. Commodity Futures Trading Commission (CFTC) also filed a lawsuit against Binance and Zhao, focusing on the sale of crypto derivatives. The CCTV broadcast acknowledged this earlier lawsuit, but it is unclear whether they covered it at the time. The fact that CCTV highlighted both lawsuits emphasizes the significance of these legal actions and their potential implications for the regulatory landscape of cryptocurrencies.
Interestingly, CCTV had previously aired a segment on cryptocurrencies, featuring the Bitcoin logo, which was considered a significant event by Binance’s Zhao. According to him, such coverage in the past has often led to positive market trends. The segment showcased a Bitcoin ATM in Hong Kong, displaying a large blue Bitcoin logo and a visible option to “Buy Bitcoins.” Additionally, non-fungible tokens (NFTs) were highlighted in the segment, although the segment has since been taken down.
Given CCTV’s limited coverage of crypto-related news, this recent broadcast holds wider attention and raises speculation about its potential impact on the crypto industry. The outcome of the SEC lawsuit against Binance, Zhao, and Binance.US could have far-reaching consequences, shaping the future regulatory environment for cryptocurrencies.