CFTC's lawsuit against Binance has opened a lot of debate on the timing of the action and its potential impact on the future of Binance in the U.S.
The lawsuit accuses Binance of prioritizing commercial success over regulatory compliance. It said that Binance disregarded applicable federal laws while fostering Binance's U.S. customer base. The U.S. regulator has accused Binance and its CEO, Changpeng Zhao aka CZ of seven violations of CEA/CFC/USC rules.
Apart from the regulatory violations, the suit also specifically targets Binance's U.S. trading arms Merit Peak and BAM. CFTC alleged that Binance and its affiliated entities are a common enterprise with UBO and direct control back to CZ.CFTC in the suit has demanded that Binance and CZ should be banned from engaging in any of the conduct described in this case, trading on registered entities, holding any commodity interest or -directing any trading of digital assets.
The CFTC lawsuit against Binance is a big deal for the crypto industry given its general belief that CFTC doesn’t really go after small crypto players and without merit. This was evident in the Bitfinex case back in 2018, which the crypto exchange
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