![]() The CFTC also accused Binance’s former Chief Compliance Officer Samuel Lim of “aiding and abetting” Binance’s violations. The CFTC said in its complaint on Monday that from at least July 2019 to the present, Binance “offered and executed commodity derivatives transactions on behalf of US persons” in violation of US laws.īinance’s compliance programme has been “ineffective” and the firm, under the direction of Zhao, told employees and customers to circumvent compliance controls, the CFTC said, citing a number of practices first reported by the Reuters news agency in a series of investigations into the exchange last year. But the pace of such government activity has surged recently. For years, US prosecutors and civil investigators have targeted crypto firms for illegal offerings and failures to comply with rules designed to prevent illicit activity. The lawsuit comes amid a broader and increasingly high-profile crackdown on crypto companies. “Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterisation of many of the issues alleged in the complaint,” Zhao said in a statement. Zhao, a billionaire who was born in China and moved to Canada at the age of 12, called CFTC’s complaint “unexpected and disappointing”. ![]() The CFTC sued Binance, Zhao and its former top compliance executive with “willful evasion” of US law “while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit”. The world’s biggest crypto exchange Binance and its CEO and founder Changpeng Zhao are being sued by the Commodity Futures Trading Commission (CFTC) in the United States for operating what the regulator alleges were an “illegal” exchange and a “sham” compliance programme. ![]()
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