Binance is shopping to find a banking partner since the two financial institutions it used failed in the recent crisis leaving them unable to handle its customers' cash.
Last month, the Commodity Futures Trading Commission sued Binance, alleging the exchange operated illegally in the U.S. and violated rules designed to prevent illicit financial activity. The CFTC sued Binance and executives, including founder and CEO Changpeng "CZ" Zhao, accusing the defendants of willfully skirting U.S. law.
Changpeng Zhao, founder and chief executive officer of Binance, attends the Viva Technology conference in Paris, France, June 16, 2022.In a civil complaint, the CFTC alleges Binance and Zhao violated numerous federal regulations – including operating an illegal digital assets derivatives exchange – and charges the exchange's former chief compliance officer, Samual Lim, with aiding and abetting in the alleged violations.
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