CFTC sues Binance and CEO for violating U.S. compliance rules.

The Commodity Futures and Trading Commission (CFTC) has filed a complaint against Binance, its co-founder Changpeng Zhao, and its former chief compliance officer, Samuel Lim, alleging that Binance actively solicited US users and subverted the exchanges own "ineffective compliance program." The regulator alleged that Binance, Zhao, and Lim violated eight core provisions of the Commodity Exchange Act, including laws that require controls "designed to prevent and detect money laundering and terrorism financing." The filing has the potential to upend the exchange's operations and is potentially just the first salvo in a regulatory crackdown on the world's largest crypto exchange.