Binance, the world’s largest cryptocurrency exchange, and its CEO Changpeng Zhao, are facing a lawsuit from the U.S. Commodity Futures Trading Commission (CTFC) for allegedly breaking trading and derivatives rules.
The commodities watchdog sued Binance and Zhao in a Chicago Federal Court for allegedly violating its rules on derivatives and trading.
The CEO has dismissed the allegations as FUD.
Earlier this year, CFTC Chairman Rostin Behnam promised more enforcement actions for crypto companies that don’t comply with its rules.
Binance has been under scrutiny from U.S. senators for purported lax KYC/AML procedures. I also allegedly hid the interrelationships between its different business units.
This is a developing story.
Disclaimer
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.
Source: https://beincrypto.com/binance-exchange-and-ceo-sued/