US regulator takes legal action against Binance for alleged evasion.

The US Commodity Futures Trading Commission (CFTC) has sued Binance, the world's largest cryptocurrency exchange, and its CEO Changpeng Zhao for operating an "illegal" exchange and a "sham" compliance program. The CFTC accused Binance of "willful evasion" of US law and violating regulations designed to prevent illicit activity. Binance's compliance program was "ineffective" and the firm, under the direction of Zhao, told employees and customers to circumvent compliance controls, the CFTC said. Binance has made "significant investments" to ensure it does not have US users on its platform, the spokesperson said.