![]() It also wants Binance to pay civil penalties and accept bans on trading as well as its ability to register within the U.S. “The CFTC and its Enforcement Division will pursue those digital asset platforms and individuals who flout and actively attempt to circumvent CFTC regulatory requirements.”Īs part of its lawsuit, the CFTC seeks to compel Binance to repay allegedly ill-gotten gains that stem from the misconduct it is accused of. “The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose-over and over-to place profits over following the law,” acting director of the division of enforcement at the CFTC Gretchen Lowe said in a press release. It added that Zhao instructed Binance representatives to use Signal to communicate with customers based in the U.S. The lawsuit includes messages sent via the encrypted messaging app Signal that were collected from Zhao’s telephone. ![]() “Unless restrained and enjoined by this Court, Defendants are likely to continue to engage in the acts and practices alleged in this Complaint.” It also wants Binance to pay civil penalties and accept bans on trading as well as its ability to register within the U.S.“Binance has never been registered with the CFTC in any capacity and has disregarded federal laws essential to the integrity and vitality of the U.S. “Binance has never been registered with the CFTC in any capacity and has disregarded federal laws essential to the integrity and vitality of the U.S. It states that Binance failed to comply with laws designed to detect and prevent money laundering and terrorist financing. The lawsuit went on to claim that Binance’s reluctance to disclose the location of its executive offices is reflective of the exchange’s attempts to avoid regulation. ![]() Zhao responded to the lawsuit's announcement by tweeting 4, alluding to a tweet he made in January that connects. ![]() Over the past hour, Bitcoin had fallen 3.3 to 26,800, and Ethereum had stumbled 2.9 to under 1,700. CNBC reported last week that the exchange played a role in helping people bypass restrictions in China to access the exchange. The two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, fell on the news, according to CoinGecko. One of the ways that Binance undermined its compliance program was by having its officers, employees, and agents assist users in using a virtual private network (VPN) to obscure their location. Though Binance, Zhao, and other employees at the exchange knew they were required to register Binance with the CFTC after soliciting customers in the U.S., the lawsuit claims they have all “chosen to ignore those requirements and undermined Binance’s ineffective compliance program.” Adam Cochran (adamscochran.eth) March 27, 2023 I think they actually have really strong chances here of succeeding in toppling the Binance empire. This is the CFTC attempting to strike *fatal* blow to Binance, and at first read through. ![]()
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