US regulator the (CFTC) is suing Binance CEO ChangpengZhao and three entities that operate the world’s largest crypto-currency exchange, alleging numerous violations of the Commodity Exchange Act (CEA) and CFTC regulations. ITinGovernment Binance
US regulator the Commodity Futures Trading Commission is suing Binance CEO Changpeng Zhao and three entities that operate the world’s largest crypto-currency exchange, alleging numerous violations of the Commodity Exchange Act and CFTC regulations.
Binance was initially based in China, but later moved its headquarters out of China shortly before the Chinese government imposed regulations on crypto-currency trading.former HSBC South Africa global banking head Hannes Wessels as its country manager for South Africa.
“Today’s enforcement action demonstrates there is no location, or claimed lack of location, that will prevent the CFTC from protecting American investors. I have been clear that the CFTC will continue to use all of its authority to find and stop misconduct in the volatile and risky digital asset market,” says CFTC chairman Rostin Behnam.
According to the complaint, Binance has offered and executed commodity derivatives transactions to and for US persons from July 2019 through the present.
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