Binance must appear in court: CZ’s good heart is costing the platform – BeinCrypto

Binance as collateral victim?

Binance will have to put its bags in court for a little while. After suing the Bloomberg newspaper for defamation, the exchange platform finds justice. However, it is she who is the subject of the complaint this time.

Last spring, Elon Musk hit the headlines after announcing his intention to buy Twitter. An initiative that had had its effect within the crypto sector through, for example, a massively boosted Dogecoin price.

However, nothing went as planned. The CEO of Tesla had all the difficulty in the world to agree with the team of the social network and to raise the money necessary for the purchase. He was nevertheless able to count on the support of his faithful friend, Changpeng Zhao. The latter offered the multi-million dollar loan through his company Binance. A decision that seems to cost him dearly today.

Indeed, after several weeks of testing, Elon Musk went back on his initiative and gave up buying the platform from the blue bird. After losing large sums of money in this case, Twitter was quick to take all the companies involved in the case to court.

Binance therefore finds itself called to appear for offering his help. However, it would seem that justice simply wants to know the ins and outs of the negotiations involving Elon Musk. It is therefore unlikely that Binance will suffer any consequences despite the ever-increasing investigation.

Meanwhile the exchange continues to democratize crypto

This setback does not seem to stop Binance. The platform continues to expand, with the ambition to make crypto available to as many customers as possible. Recently, the company joined forces to MasterCard to issue a prepaid payment card in Argentina. This initiative may become more popular in Europe in the years to come, once the regulations are in place and Binance is certain to be in good standing once and for all.

As for the Binance Coin (BNB), it seems to be recovering and has just exceeded $300. A first sign of recovery after eight weeks of fighting the cryptocurrency crisis.

The near future therefore seems rather bright for Changpeng Zhao’s company as well as for all its projects, including the creation of a new token. The smooth running of things nevertheless seems to depend on the behavior of Elon Musk. The future will tell us if the legal cases of the exchange platform will have, finally, had consequences on the performance of the latter.

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