CFTC Takes Legal Action Against Binance and CEO.

The Commodity Futures Trading Commission's (CFTC) lawsuit against Binance for allegedly offering unregistered derivatives products and helping US-based customers sidestep compliance controls via the use of virtual private networks (VPN) is a "big deal," according to Timothy Massad, the regulator's former chairman. The CFTC's level of detail in the complaint is "really quite striking," he said. However, Massad believes that the lawsuit is unlikely to prompt congressional lawmakers to enact legislation for regulating the crypto industry in the US. Meanwhile, the agency's filing against Binance will take some time to litigate.