Regulation
Binance and Its CEO Sued by CFTC Over US Regulatory Violations
- CFTC alleges world’s biggest crypto exchange shirked rules
- Case was filed in federal court in Chicago on Monday
This article is for subscribers only.
The US took its most forceful move yet on Monday to crack down on crypto exchange Binance Holdings Ltd. and its chief executive officer Changpeng Zhao.
The Commodity Futures Trading Commission alleged in federal court in Chicago that Binance and its CEO, who is known as CZ, routinely broke American derivatives rules as the firm grew to be the world’s largest trading platform. Binance should have registered with the agency years ago and continues to violate the CFTC’s rules, according to the regulator.