Commodity Futures Trading Commission sues Binance

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Updated March 28, 2023 | Published March 28, 2023

2 mins read

Binance and its chief executive allegedly committed “wilful evasion of US law”.

Binance and its chief executive Changpeng Zhao are being sued by the Commodity Futures Trading Commission (CFTC) after claims they committed “wilful evasion of US law”.

The CFTC has accused Binance of breaking numerous US financial laws, including rules intended to thwart money laundering.

CFTC chairman Rostin Behnam said: “For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning that the CFTC will not tolerate wilful avoidance of US law.”

Binance allegedly told its most valuable US customers how to avoid its compliance controls and did not require customers to prove their identity before trading on the platform and failed to implement basic procedures to prevent terrorist financing and money laundering.

According to the CFTC, Zhao has played a key role in the misconduct. A statement read: “Zhao is alleged to have been responsible for all major strategic decisions at Binance, including devising the secret plot to instruct US-based VIP customers to evade Binance’s compliance controls and instructing Binance employees to ensure all communications about their control subversion took place over applications that facilitated the automatic destruction of evidence.”

Binance said in a statement: “This filing is unexpected and disappointing as we have been working collaboratively with the CFTC for more than two years. Nevertheless, we intend to continue to collaborate with regulators in the US and around the world.”

Looking for your next crypto casino? Check out: Bitcasino or FortuneJack.

Written by David Kent

David has more than a decade of sports betting and sports writing experience working with some of the biggest names in the industry. He focuses on articles covering these subjects including how crypto is transforming sportsbooks.
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