CFTC Takes Aim at Binance Amid Crypto Exchange Woes

The U.S. Commodity Futures Trading Commission (CFTC) Chair, Rostin Behnam, has stated that the Binance case is a clear evasion of the law. The CFTC has sued Binance and its CEO, Changpeng Zhao, for allegedly offering unregistered crypto derivatives products, violating laws against offering futures transactions, failing to register as a futures commissions merchant, and poorly supervising operations. Court documents filed on Monday contained internal chats from Binance, including one from the exchange’s chief compliance officer, Samuel Lim, who allegedly said, “On the surface we cannot be seen to have U.S. users but in reality we should get them through other creative means."