CFTC sues Binance and founder CZ for illegal crypto derivatives trading and evading US laws.
TL;DR Summary
The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Binance and its founder, Changpeng Zhao, for violating the Commodity Exchange Act (CEA) and CFTC regulations. The complaint alleges that Binance knowingly disregarded applicable provisions of the CEA while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit. The CFTC seeks disgorgement, civil monetary penalties, permanent trading and registration bans, and a permanent injunction against further violations of the CEA and CFTC regulations.
- CFTC Charges Binance and Its Founder, Changpeng Zhao, with Willful Evasion of Federal Law and Operating an Illegal Digital Asset Derivatives Exchange | CFTC Commodity Futures Trading Commission
- Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges CNBC
- Binance, CZ Sued by US CFTC for Alleged Crypto Trading, Derivatives Violations Bloomberg
- Binance Sued by CFTC Over Evading U.S. Rules The Wall Street Journal
- CFTC Sues Binance, CZ Over 'Willful Evasion' of U.S. Laws, Unregistered Crypto Derivatives Products CoinDesk
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