The US took its most forceful move yet on Monday to crack down on crypto exchange Binance Holdings and its chief executive officer Changpeng Zhao.
The US took its most forceful move yet on Monday to crack down on crypto exchange Binance Holdings Ltd. and its chief executive officer Changpeng Zhao.
“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,” Gretchen Lowe, chief counsel in the CFTC’s enforcement division,The exchange said it’d been working with the regulator for more than two years and would continue to collaborate with authorities in the US and elsewhere.
He added that he strictly observes Binance’s policies, including those for anyone with private information such as details on listings. In addition to suing Zhao and several Binance entities, the CFTC also alleged that Samuel Lim, Binance’s former chief compliance officer, broke its rules. The CFTC also said Binance’s own documents for the month of August 2020 showed that the platform earned $63 million in fees from derivatives transactions, and that about 16% of its accounts were identified as being held by US customers.
The Securities and Exchange Commission has been scrutinising whether the exchange has supported the trading of unregistered securities.Binance, which exploded onto the crypto scene in 2017 and almost immediately took on and surpassed larger rivals, saw its market share surge after last November’s collapse of FTX.
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