Bitcoin drops after CFTC sues crypto exchange Binance for allegedly breaking trading rules

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A worsening macroeconomic climate and the collapse of industry giants like FTX and Terra have weighed on bitcoin's price this year. Cryptocurrencies dropped on Monday morning after the CFTC sued Binance, the biggest crypto exchange in the world, for allegedly violating trading rules. The price of bitcoin slid 3.5% to $26,883.11, according to Coin Metrics. Ether fell 3.3% to $1,708.78. In a court filing, the CFTC, or the Commodity Futures and Trading Commission, said Binance violated eight provisions of a commodities trading law "designed to prevent and detect money laundering and terrorism financing." The lawsuit, which was filed Monday in...