The devil is in the details of the CFTC lawsuit which has accused Binance and its boss of everything from insider trading to evading KYC controls. Here are a few details you may have missed in the ruckus.
“Zhao has communicated over Signal with the auto-delete functionality enabled with numerous Binance officers, employees, and agents for widely varying purposes,” said the CFTC.Another startling allegation from the commodities regulator accuses the firm's employees of knowing that its platform had facilitated"illegal activities."
It specifically referred to a February 2019 incident in which former compliance chief Samuel Lim received information “regarding HAMAS transactions.” According to the filing, Lim explained to a colleague that terrorists usually send “small sums” as “large sums constitute money laundering.”One man at the top
It cited an example of the CEO personally approving minor office expenses and paying for company services such as Amazon Web Services with his own personal credit card.VIP program perks In addition to allegedly encouraging customers to use virtual private networks to access the platform, the CFTC also alleged that part of the perks for VIP customers was that they were given “prompt notification” of any law enforcement inquiry about their account.“Zhao wanted U.S. customers, including VIP customers, to transact on Binance because it was profitable for Binance to retain those customers,” it alleged.The CFTC also accused Binance of being aware of U.S.
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