Major cryptocurrency exchange Binance and executives, including CEO and founder Changpeng Zhao, have been sued by the U.S. Commodity Futures Trading Commission (CFTC) for regulatory violations, according to a court filing on Monday. Binance, the world's biggest crypto exchange, had from at least July 2019
Major cryptocurrency exchange Binance and executives, including CEO and founder Changpeng Zhao, have been sued by the U.S. Commodity Futures Trading Commission for regulatory violations, according to a court filing on Monday.
Binance, the world's biggest crypto exchange, had from at least July 2019 to the present"offered and executed commodity derivatives transactions on behalf of U.S. persons," in violation of U.S. laws, the CFTC said in its complaint. Binance's compliance program has been"ineffective" and the firm, under the direction of Zhao, told employees and customers to go around compliance controls, the CFTC said. It also accused Binance's former Chief Compliance Officer Samuel Lim of aiding and abetting Binance's violations."For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance.
Binance dominates the global digital asset sector. Its core Binance.com exchange, the world's biggest, processed trades worth about $23 trillion last year, according to data provider CryptoCompare. Its trading volumes hit $34 trillion in 2021, Zhao said last year.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto exchange Binance and its CEO sued by CFTC over regulatory violationsMajor cryptocurrency exchange Binance and its Chief Executive Changpeng Zhou have been sued by the Commodity Futures Trading Commission(CFTC) over regulatory violations, according to a court filing on Monday. Binance did not immediately respond to a request for comment. A spokesperson for the CFTC did not
Read more »
TikTok CEO dodges questions on Uyghur persecution during House hearingTikTok CEO Shou Chew did not directly answer questions about China’s Uyghur persecution and possible Taiwanese invasion at a House committee hearing on Thursday. Chew, who was grilled by both Republican and Democratic lawmakers for five hours over the social media platform, insisted that he was only in Capitol Hill to speak about his company, which currently faces a potential nationwide ban over years-long national security concerns. Rep. Debbie Lesko (R, AZ-8) threw the Uyghur question three times at Chew.
Read more »
Apple CEO praises China's history of co-operation on Beijing visitSHANGHAI - Apple CEO Tim Cook on Saturday (March 25) used his first public remarks on his visit to China to praise the country for its rapid innovation and its long ties with the US iPhone maker, according to local media reports. Apple CEO Tim Cook on Saturday used his first public remarks in China in recent years to praise...
Read more »
TikTok committed to keeping app safe, says CEO Chew Shou Zi after US Congress hearingHe shared his thoughts in a video which has garnered more than 20 million views so far. Read more at straitstimes.com.
Read more »
Who is Shou Zi Chew, the embattled TikTok CEO from Singapore?TikTok CEO Shou Zi Chew was grilled for around four-and-a-half hours by a bipartisan US Congress on 23 March amid increasing calls for a ban on the platform in the US over concerns about the Chinese government’s influence on the company. Chew was called to testify before the House Energy and Commerce Committee about TikTok’s “consumer privacy and data security practices, the platforms’ impact on kids, and their relationship with the Chinese Communist Party.” Members of both the Democratic Party
Read more »
Commentary: How well did TikTok CEO Chew Shou Zi hold out against US Congress grilling?Chew Shou Zi’s performance at a hostile congressional hearing was a missed opportunity for TikTok, says NTU’s Mark Cenite.
Read more »