Why Bitcoin Cash Is Nosediving

Bitcoin Cash BCH/USD is trading lower by some 4.88% to $118.94 Monday morning amid broader weakness across cryptocurrencies. 

Shares of several altcoins are trading lower following reports Binance and co-founder, Changpeng Zhao (CZ), were sued by the CFTC over US regulatory violations.

The regulatory body accused the company of violating trading and derivatives regulations, Bloomberg reported.

The legal action was initiated on Monday in a federal court located in Chicago. 

CZ had recently raised concerns over the recent shutdown of cryptocurrency friendly banks, stating that it feels like there is a coordinated effort by the U.S. government to shut down such banks.