Today the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against crypto exchange Binance, its CEO Changpeng Zhao (CZ) and former Chief Compliance Officer Samuel Lim. It alleges that Binance deliberately targets U.S. customers for derivatives transactions, despite not registering with the CFTC. It also accuses the group of violating anti-money laundering rules.
Binance is the world’s largest cryptocurrency exchange, with global daily derivatives transactions at almost $50 billion, around five times its spot volumes.
“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,” said Gretchen Lowe, CFTC’s Enforcement Division Principal Deputy Director and Chief Counsel.
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