CFTC Files Lawsuit Against Crypto Exchange Binance and its CEO

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The US Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance and its CEO Changpeng Zhao in the Northern District of Illinois.

According to the agency, the platform violated the rules for trading derivatives by operating without proper registration. The CFTC claims that Binance has been offering derivatives trading to US citizens since July 2019 and that its compliance program has proven to be ineffective.

In addition, it is said that Binance informed American VIP clients about the best practices for evading activity control and concealed its “true coverage and operations.”

In a press release, the Commission has called these actions “deliberate evasion of US law” and its claims of compliance with the rules “a sham.”