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As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by DAILYCALLER.COM:
The Commodity Futures Trading Commission (CFTC) sued Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao on Monday for allegedly breaking trading and derivatives rules.
The derivatives regulator said Binance neglected its responsibility to properly register with the CFTC, according to the filing. The agency has been investigating Binance since at least 2021 over whether it has allowed Americans to trade crypto derivatives, as the CFTC rules typically obligate companies to register if they do.
Binance allegedly guided American customers to avoid compliance measures by using VPNs (virtual private networks) and other methods, according to the filing. The firm also allegedly hid the fact that they had American customers in their internal documents and data.
According to the legal filing, Binance allegedly guided American customers to avoid compliance measures by using VPNs (virtual private networks). Additionally, the firm accused Binance of hiding listings of American customers in their internal documents and data.
Binance.com is illegal for Americans to use, which is why it has only been accessible through VPN since 2019. It’s currently based in the Cayman Islands.
Binance.US is more limited than Binance.com, with a comparison of 150 cryptocurrencies to 350 cryptocurrencies. In December 2022, it experienced mass withdrawals following the FTX cryptocurrency exchange bankruptcy last year.
BREAKING: Binance, the world’s largest crypto exchange, and CEO Changpeng Zhao, were sued by the US CFTC for allegedly breaking trading and derivatives rules https://t.co/jsEIKBI4VZ pic.twitter.com/K4p9gC4S9i
— Bloomberg (@business) March 27, 2023
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