Mar 28, 2023 04:01 PM
FINANCE
U.S. Sues Binance and Its CEO
In a statement, Binance called the CFTC’s lawsuit “unexpected and disappointing.” Photo: Bloomberg
(Bloomberg) — The U.S. took its most forceful move yet on Monday to crack down on crypto exchange Binance Holdings Ltd. and its chief executive officer Changpeng Zhao.
The Commodity Futures Trading Commission alleged in federal court in Chicago that Binance and its CEO, who is known as CZ, routinely broke American derivatives rules as the firm grew to be the world’s largest trading platform. Binance should have registered with the agency years ago and continues to violate the CFTC’s rules, according to the regulator.
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