Jump to content

The Crypto Crapper - US CFTC sues Binance (world's largest crypto) exchange for violating compliance rules


Recommended Posts

I'll post a non-paywalled CNBC article.

 

107152567-1668602820538-GettyImages-1244
WWW.CNBC.COM

The CFTC alleged that Binance violated federal law to solicit U.S. users for millions in revenue, a potentially existential threat to the exchange.

 

Quote

 

The Commodity Futures and Trading Commission filed a complaint against crypto exchange Binance, its co-founder, Changpeng Zhao, and its former chief compliance officer, Samuel Lim, alleging that Binance actively solicited U.S. users and subverted the exchanges own “ineffective compliance program,” according to a filing in Illinois federal court Monday.

 

The filing has the potential to upend the exchange’s operations and is potentially just the first salvo in a regulatory crackdown on the world’s largest crypto exchange. Beyond disgorgement and any monetary costs, the CFTC filing asked the court to impose further relief, including trading and registration bans.

 

The regulator alleged that Binance, Zhao, and Lim violated eight core provisions of the Commodity Exchange Act, including laws that require controls “designed to prevent and detect money laundering and terrorism financing.”

 

Just days prior to the CFTC filing, CNBC reported on how Binance employees worked to subvert the exchange’s compliance controls in China, using some of the same techniques that the CFTC alleges Binance to solicit U.S. users.

 

 

  • Thanks 1
Link to comment
Share on other sites

  • Commissar SFLUFAN changed the title to The Crypto Crapper - US CFTC sues Binance (world's largest crypto) exchange for violating compliance rules

I find it curious that when you Google Binance articles don't automatically populate the top with the news. Only now are they showing just tweets about it. Not to be conspiratorial but typically like a celeb dies or someone does something like Jonathan Majors you google them and you get every news article horizontally at the top. 

 

Like they're starting to show now but it took a long ass time. 

Link to comment
Share on other sites

9 hours ago, SuperSpreader said:

I find it curious that when you Google Binance articles don't automatically populate the top with the news. Only now are they showing just tweets about it. Not to be conspiratorial but typically like a celeb dies or someone does something like Jonathan Majors you google them and you get every news article horizontally at the top. 

 

Like they're starting to show now but it took a long ass time. 

I think it might just be that crypto has lost much of it’s shine and it doesn’t get the same amount of press that it once did. Yeah, getting sued by the CFTC might be might be new, but in general “big crypto company isn’t on the up and up” isn’t as big a story as it used to be.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...