CFTC sues Binance over alleged breaking of trading and derivatives rules News โธ US โธ Binance โธ Regulation
CFTC sues Binance over alleged breaking of trading and derivatives rules
The CFTC has filed legal action against Binance and two company executives for violating commodity law.
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Updated: Jul. 21, 2023 at 2:57 pm UTC
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The Commodity Futures Trading Commission (CFTC) has filed a complaint against Binance over allegations of regulatory violations.
A civil action was filed with the District Court of the Northern District of Illinois named Changpeng Zhao (CZ), Samuel Lim, and three Binance companies in the lawsuit.
It alleged that the defendants had facilitated trading and derivative orders on commodities for U.S. citizens illegally.
“has solicited and accepted orders, accepted property to margin, and operated a facility for the trading of futures, options, swaps, and leveraged retail commodity transactions involving digital assets that are commodities including bitcoin (BTC), ether (ETH), and litecoin (LTC) for persons in the United States.“
More details to follow.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Changpeng Zhao, popularly known as “CZ,” is a notable figure in the cryptocurrency world, primarily for founding and leading Binance, the world’s leading cryptocurrency exchange by trading volume.
