Here's the deal: The CFTC alleges that Binance and its CEO violated US trading laws by, among other things, secretly coaching 'VIP' customers within the United States on how to evade compliance controls.
The commission, which regulates US derivatives trading, said the company and its CEO, Changpeng Zhao,"instructed its employees and customers to circumvent compliance controls in order to maximize corporate profits."
As news of the lawsuit broke Monday, Zhao, known as"CZ," tweeted the number 4, pointing to a part of a previous statement:"Ignore FUD, fake news, attacks, etc." Perhaps the most significant part of the lawsuit is the way the CFTC loudly calls out one of the worst-kept secrets in all of crypto: That not only are US customers gaining access to risky offshore crypto derivatives they shouldn't be allowed to access, but it's also pretty darn easy to do so. All anyone needs is a VPN and an iron stomach, because crypto derivatives are leveraged bets on wildly unstable assets.
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