Binance Sued by US Watchdog for Alleged Derivatives Rule Lapses

Binance Sued by US Watchdog for Alleged Derivatives Rule Lapses(bloomberg.com)

91 points by Krontab 3 years ago | 9 comments

overthrow 3 years ago |

This is literally the entire article:

Binance Holdings Ltd., the world’s largest cryptocurrency exchange, and Chief Executive Officer Changpeng Zhao, were sued by the US Commodity Futures Trading Commission for allegedly breaking trading and derivatives rules.

The CFTC filed the lawsuit Monday in federal court in Chicago.

phpnode 3 years ago | |

The details of the lawsuit can be found here: https://www.docdroid.net/60YAbCz/cftc-binance-pdf

joncrane 3 years ago | | |

I love how CFTC called out the CEO as characterizing the evasion of regulation as a "biz decision."

2OEH8eoCRo0 3 years ago | |

Official press release: https://www.cftc.gov/PressRoom/PressReleases/8680-23

Charges (pdf warning): https://www.cftc.gov/media/8351/%20enfbinancecomplaint032723...

joncrocks 3 years ago | |

https://www.coindesk.com/business/2023/03/27/binance-and-cz-...

joncrane 3 years ago | |

Thank you. I navigated through the modals, came back here for the non-paywalled version, STILL clicked on your link, THEN read your comment just to realize this is something that was filed to be "first!"

We'll have to wait for a more detailed analysis. Though Matt Levine did write about this on Thursday so I look forward to his email this afternoon.

revel 3 years ago |

The complaint is very damning. They have receipts showing that the CEO directed the company to set up a sham compliance department to evade restrictions and sanctions. Also there's all the historic fraud and market manipulation. Hard to see them survive this.

marban 3 years ago |

OG Text: https://www.cftc.gov/PressRoom/PressReleases/8680-23

perihelions 3 years ago |

Discussion:

https://news.ycombinator.com/item?id=35327996