CFTC sues Binance for illegally offering services to U.S. citizens CFTC CommodityFuturesTradingCommission Binance
- Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao have been sued by the U.S. Commodity Futures Trading Commission for allegedly breaking trading and derivatives rules, according to a report from Bloomberg.
“Beginning no later than July 2019 and continuing through the present, Binance, under Zhao’s direction… has solicited and accepted orders, accepted property to margin, and operated a facility for the trading of futures, options, swaps, and leveraged retail commodity transactions involving digital assets that are commodities including bitcoin , ether , and litecoin for persons in the United States,” the court filing states.
The filing also alleges that Binance purposefully obscures the identities and locations of the entities operating on the trading platform. It states that the senior management team failed to properly supervise the exchange’s activities and “actively facilitated violations of U.S. law, including by assisting and instructing customers located in the United States to evade the compliance controls Binance purported to implement to prevent and detect violations of U.S. law.
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