“For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. "I have been clear that the CFTC will continue to use all of its authority to find and stop misconduct in the volatile and risky digital asset market. The annoucnement by the CTFC also contained a statement by CFTC chairman Rostin Behnam, who said: “Today’s enforcement action demonstrates that there is no location, or claimed lack of location, that will prevent the CFTC from protecting American investors. The impact of the CTFC investigation into Binance has added to already cautious investor sentiment pervading crypto markets, as traders await the outcome of the SEC's notice to Coinbase ( COIN).īitcoin was down 3.4% to $26,935 on Monday. The Binance cryptocurrency exchange has also been accused of failing to properly register with the CFTC.
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Photo: Jakub Porzycki/NurPhoto via Gettyīitcoin ( BTC-USD) dipped below the $27,000 mark after news emerged that Binance, the world’s largest cryptocurrency exchange, is facing a US ban.īinance is being sued by the Commodity Future Trading Commission (CFTC), which could also lead to a possible trading and registration ban in the US.īitcoin fell 3.4% after the CTFC announcement, which stated: "The Commodity Futures Trading Commission today announced it has filed a civil enforcement action in the US District Court for the Northern District of Illinois charging Changpeng Zhao and three entities that operate the Binance platform with numerous violations of the Commodity Exchange Act and CFTC regulations."Ĭhangpeng “CZ” Zhao is the CEO of Binance, and the CFTC has accused him of encouraging Americans to “evade compliance controls” and breaking US law.
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