Why Ethereum Classic Is Falling

Ethereum Classic ETC/USD is trading lower by roughly 4.13% to $19.35 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.