Crypto giant Binance charged with violating US trading and derivatives laws
Add Binance to the list of crypto heavyweights facing serious legal trouble. The Commodity Futures Trading Commission hasBinance, founder Changpeng Zhao and former compliance chief Samuel Lim with allegedly violating both the agency's regulations and the Commodity Exchange Act.
Zhao directed much of the rulebreaking himself, the CFTC claims, and there are reportedly chats and emails as evidence. Lim, who left Binance in 2022, is accused of knowingly aiding in the scheme. Among other things, he purportedly encouraged American users to mask trades through a VPN and even create new accounts through shell companies. The activity indicates that Binance's compliance mechanisms"have been a sham," CFTC chief counsel Gretchen Lowe says.
The Commission hopes to permanently ban Binance's registration and trading. It also hopes to levy fines and make the firm disgorge its gains. There's no estimated financial penalty. We've asked Binance for comment and will let you know if we hear back. The company has historically defended itself against accusations. Zhao's brand is also facing a Securities and Exchange Commission
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