US regulator is filing a case against major crypto exchange Binance

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US regulator is filing a case against major crypto exchange Binance

The US financial regulator Commodity Futures Trading Commission (CFTC) is filing a lawsuit against the world’s largest cryptocurrency trading platform Binance and its co-founder and CEO Changpeng Zhao. According to the CFTC, Binance has been in violation of multiple rules for years.

The US financial regulator Commodity Futures Trading Commission (CFTC) is filing a lawsuit against the world’s largest cryptocurrency trading platform Binance and its co-founder and CEO Changpeng Zhao. According to the CFTC, Binance has been in violation of multiple rules for years. (Idrees Abbas/SOPA Images/Sipa USA)

The suit has been filed in a federal court in Chicago. According to the regulator, Binance conducted certain transactions and services without the necessary license. “At Binance, they have known for years that they are breaking CFTC rules,” said the watchdog.

Campaign against misconduct

Chairman Rostin Behnam says the charges are part of “a campaign to find and stop misconduct in the volatile and risky crypto world.” He says this is a warning to everyone in the crypto world that the regulator will not tolerate deliberate circumvention of US law.

US authorities have been looking at the company, which was founded in China in 2017, for some time. The CFTC now wants Binance to face fines and a trading ban. The former director of the trading platform, Samuel Lim, is also being charged.


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