CFTC's Lawsuit Against Binance Reveals Compliance Violations and Crypto Exchange Woes
The US Commodity Futures Trading Commission (CFTC) has sued Binance for violating trading and derivatives laws, alleging that the crypto exchange offered its derivatives trading services to US customers without applying for a derivatives license. The CFTC has demanded that Binance and its CEO, Changpeng “CZ” Zhao, should be banned from engaging in any of the conduct described in this case, and pay back the trading profits, revenues, salaries, commissions, loans and fees derived from US persons, and pay civil penalties for the violations. The CFTC lawsuit against Binance is a big deal for the crypto industry, given its general belief that the CFTC doesn’t pursue small crypto players without merit.
- Here’s why CFTC suing Binance is a bigger deal than an SEC enforcement Cointelegraph
- Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges CNBC
- The US case against Binance calls out one of the worst-kept secrets in crypto CNN
- The CFTC Comes for Binance Bloomberg
- Crypto outlook looks dire for exchanges, says Mizuho's Dan Dolev CNBC Television
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