The Commodity Futures Trading Commission filed a civil complaint in federal court in the Northern District of Illinois, charging Binance and its founder Changpeng Zhao with violating the Commodity Exchange Act and CFTC rules, which regulate the crypto derivatives such as futures. Samuel Lim, the firm’s former chief compliance officer, was also charged.
announcing the civil complaint. “This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law.”In a statement to The Washington Post, Binance said the CFTC’s allegations were “unexpected and disappointing,” as the company had been working with the agency for more than two years. “Nevertheless, we intend to continue to collaborate with regulators in the U.S. and around the world,” the company said.
Though its offshore exchange is not officially available to U.S. residents, Binance far outstrips its peers, with trading volumes that outstrip the next several competitors combined, according to crypto analytics siteBinance’s offshore exchange does not operate in the United States because it offers risky financial products, such as crypto derivatives, that are generally prohibited in the country. Binance operates a separate exchange for U.S. residents that offers a smaller menu of products.
Somebody call in the batman, he has no jurisdiction.
Top scammer in financial system!
Scammers finally indicted for their crimes? About time.
they are trying to close all the exit ramps from the dying dollar
gladstein ETH is not a commodity. Why isn’t SEC involved?
Us just wants it's tradfi to run the trading. Using regulatory capture like a mafia.
johncecilprice Crypto Crypt Cryp Cry Pon Ponz Ponzi