Changpeng Zhao is facing charges and US prosecutors are seeking a 36-month prison sentence. Binance, the cryptocurrency exchange, is under legal scrutiny in Canada and the Philippines.

Legal Troubles in Canada

The largest exchange by volume, Binance, is confronted with a class action lawsuit in Canada. The plaintiffs claim that Binance breached local securities laws by selling crypto derivative products to individual investors without proper registration. The Ontario Superior Court of Justice has requested certification for the class action lawsuit, highlighting that numerous Canadian users are involved in cryptocurrency derivative products on Binance's platform.

At the same time, the Securities and Exchange Commission of the Philippines has instructed Google and Apple to remove the Binance app from their app stores in the Philippines. This decision comes as a response to concerns about unregistered securities being offered to Filipino citizens and the operation of an unregistered broker within the country.

US Legal Action Against CZ

US prosecutors are advocating for a 36-month prison sentence for Changpeng Zhao due to violations of anti-money laundering laws. They argue that this sentence, coupled with a $50 million fine, is necessary to address Zhao's deliberate breach of US laws.

Amidst these legal challenges, the value of Binance's local token, BNB, has dropped by 2.41% in the last 24 hours, currently trading in the $589 region.

This information was first shared on COINTURK NEWS.