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{"id":27675,"date":"2023-03-28T21:47:26","date_gmt":"2023-03-28T21:47:26","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/03\/28\/binance-cftc-suit-shows-that-regulators-will-keep-regulating-and-regulate-more\/"},"modified":"2023-03-28T21:47:28","modified_gmt":"2023-03-28T21:47:28","slug":"binance-cftc-suit-shows-that-regulators-will-keep-regulating-and-regulate-more","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/03\/28\/binance-cftc-suit-shows-that-regulators-will-keep-regulating-and-regulate-more\/","title":{"rendered":"Binance CFTC suit shows that \u2018regulators will keep regulating and regulate more\u2019"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/03\/28\/binance-lawsuit-cftc-crypto-exchange\/<\/a><\/br>
\nBinance CFTC suit shows that \u2018regulators will keep regulating and regulate more\u2019<\/br>
\n2023-03-28 21:47:26<\/br><\/p>\n

\n

Another bomb has<\/span> fallen on the crypto space \u2014 and the impact could be far-reaching<\/p>\n

On Monday, the U.S. Commodity Futures and Trading Commission announced it was suing Binance<\/a>, the world\u2019s largest crypto exchange by volume; its CEO, Changpeng Zhao; and chief compliance officer Samuel Lim. The company, Zhao and Lim are being sued for allegedly breaking trading and derivatives rules.<\/p>\n

\u201cCrypto is under attack,\u201d Yankun Guo, partner at Chicago-based law firm Ice Miller, told TechCrunch+. \u201cThe past six months has seen a wave of complaints and enforcement actions against blue-chip names including Coinbase, Kraken and KuCoin, and it was only a matter of time until Binance had their turn.\u201d<\/p>\n

Binance had about $11 billion in trading volume in the past 24 hours and has over 90 million customers globally, according to CoinMarketCap data. It launched in June 2017, and within 180 days became the largest crypto exchange in the world.<\/p>\n

The exchange has never registered with the CFTC in any capacity and has \u201cdisregarded federal laws\u201d for U.S. financial markets, including laws that implement controls to prevent and detect money laundering and terrorism financing, among other aspects, the filing said.<\/p>\n

TechCrunch+ reached out to CFTC for comment but did not hear back by the time of publication.<\/p>\n

A Binance spokesperson said the filing<\/a> was \u201cunexpected and disappointing as we have been working collaboratively with the CFTC for more than two years.\u201d They added that they intend to continue to collaborate with regulators in the U.S. and around the world. \u201cThe best path forward is to protect our users and to collaborate with regulators to develop a clear, thoughtful regulatory regime.\u201d<\/p>\n

Binance has spent $80 million on external partners like know-your-customer vendors, transaction monitoring, market surveillance and investigative tools to support its compliance programs, the spokesperson added.<\/p>\n

The ultimate impact on Binance could send shockwaves through the global digital asset market, Jason Allegrante, chief legal and compliance officer at Fireblocks, said.<\/p>\n

The lawsuit is also interesting because two executives, Zhao and Lim, were named, Guo noted. \u201cThis is a major shift that shows regulators are not only going after the company but also executives.\u201d<\/p>\n<\/p><\/div>\n

<\/br><\/br><\/br><\/p>\n

Tech, Technology<\/br>
\n<\/br>
\nSource:
https:\/\/techcrunch.com\/2023\/03\/28\/binance-lawsuit-cftc-crypto-exchange\/<\/a><\/br><\/br><\/p>\n","protected":false},"excerpt":{"rendered":"

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