According to Foresight News, Binance and its CEO Changpeng Zhao have been subject to a class action lawsuit. The indictment initiated by plaintiff Nir Lahav claims that Binance’s actions are designed to monopolize the cryptocurrency market by deliberately damaging the competitive trading platform operated by the FTX entity. The lawsuit alleges that Changpeng Zhao's announcement of liquidation of FTT, his attempted acquisition of FTX and his subsequent withdrawal of such actions led to the rapid collapse and bankruptcy of the FTX entity, causing billions of dollars in financial losses to his clients. Lahav claimed to have suffered losses from trades made before the collapse of the FTX trading platform.​