In a surprising move, China’s state broadcaster, CCTV, broke its tradition of limited crypto coverage by reporting on the United States Securities and Exchange Commission’s (SEC) lawsuit against Binance.
The SEC alleges Binance, its co-founder CZ, and its American affiliate Binance.US has violated U.S. securities laws. The news segment highlighted the subsequent drop in bitcoin and Binance’s BNB coin prices.
Binance, as the world’s largest crypto exchange, drew significant attention to the SEC lawsuit. This scrutiny comes in the wake of FTX’s downfall, where prosecutors accused the platform of fraudulent activities that harmed users. Interestingly, CCTV also mentioned a similar lawsuit by the U.S. Commodity Futures Trading Commission (CFTC) against Binance and Zhao regarding the sale of crypto derivatives in March. It remains unclear whether CCTV covered the CFTC lawsuit at that time.
CCTV’s rare coverage of crypto-related news has captured widespread attention, suggesting its significance. The outcome of the lawsuit holds implications for the regulatory landscape of cryptocurrencies.
Notably, last month, CCTV aired a segment featuring the Bitcoin logo, which Binance’s Zhao deemed a “big deal” as it historically accompanied bull runs. The segment showcased a Bitcoin ATM in Hong Kong and highlighted NFTs, although it has since been removed.
