Binance’s first chief compliance officer, Samuel Lim, is facing civil charges as part of the Commodity Futures Trading Commission's suit against the crypto exchange. What could this mean for other CCOs?
of undermining Binance’s compliance program and conducting activities to evade rules designed to prevent illicit financial activity, the Commodity Futures Trading Commission said Monday.
The CFTC, the derivatives market regulator, alleged that Mr. Lim and other officers promoted the use of creative means to help the exchange’s customers circumvent Binance’s compliance controls. He allegedly implemented a corporate policy that advised Binance’s U.S.
The charges against Mr. Lim represent CFTC’s increasing scrutiny in regulating the crypto industry, particularly in holding company executives accountable, according to Rory Doyle, financial crime policy manager at regulatory technology provider Fenergo. The vast majority of fines levied by regulators were against institutions, according to an analysis of regulatory enforcement actions Fenergo conducted recently. But Mr.
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