• Home
  • Live Crypto Price
  • Contact
No Result
View All Result
  • Home
  • Live Crypto Price
  • Contact
No Result
View All Result
No Result
View All Result
Home Cryptocurrency

Binance And Its CEO CZ Sued By CFTC After Alleged Regulatory Violations

BtcCasey by BtcCasey
March 27, 2023
in Cryptocurrency
0 0
0
Binance And Its CEO CZ Sued By CFTC After Alleged Regulatory Violations
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter



The CFTC lawsuit details how the firm allegedly offered unregistered commodity derivatives to American customers.

The Commodity Futures Trading Commision has sued Binance, the world’s largest cryptocurrency exchange by volume, and its CEO Changpeng Zhao, alleging that the company offered the sale of unregistered derivatives to customers in the United States.

The lawsuit alleges several transgressions against CFTC regulation, including the “offering, entering into, confirming the execution of, or otherwise dealing in, off-exchange commodity futures transactions,” “operating a facility for the trading or processing of swaps without being registered as a swap execution facility (“SEF”) or designated as a contract market,” “failing to diligently supervise Binance’s activities relating to the conduct that subjects Binance to Commission registration requirements,” and “failing to implement an effective customer information program and to otherwise comply with applicable provisions of the Bank Secrecy Act.”

These violations, amongst others, were hidden within the operations of the company, which the lawsuit alleges was “designed to obscure the ownership, control, and location of the Binance platform.”

According to the lawsuit, the court must hold Binance accountable, otherwise Binance is “likely to continue to engage in the acts and practices alleged in this complaint and similar acts and practices.”

The lawsuit featured alleged internal Signal messages which indicate that the company knew of its wrongdoings and encouraged the practices within the platform.

2023 has held great regulatory challenges for Binance; in January, U.S. Senators launched an investigation into alleged criminal activity the platform participated in. In addition, the DOJ confirmed that it was split on its decision of whether to charge Binance and its executives, with reports stating that DOJ officials had discussed possible plea deals with Binance’s attorneys.

It seems, however, that it was simply a matter of time before Binance was charged by some regulatory entity. The SEC has recently stated its position that cryptocurrencies outside of bitcoin are securities, with a bulletin warning recently posted describing that “those offering crypto asset investments or services may not be complying with applicable law, including federal securities laws.” In a rather timely fashion, SEC Chair Gary Gensler today reiterated that “investors in the crypto markets are putting their assets at risk in a highly speculative asset class.”

Previously, Gensler commented that “everything other than Bitcoin is a security,” at least quelling fears that Bitcoin may be looped into potentially coming regulation.





Source link

Previous Post

‘The Only Way to Truly Scale Blockchains Is to Parallelize Processing’ Says Piers Ridyard – Interview Bitcoin News

Next Post

Do Kwon Successfully Formed a Company in Serbia Weeks After Interpol Issued Red Notice – Regulation Bitcoin News

BtcCasey

BtcCasey

Next Post
Do Kwon Successfully Formed a Company in Serbia Weeks After Interpol Issued Red Notice – Regulation Bitcoin News

Do Kwon Successfully Formed a Company in Serbia Weeks After Interpol Issued Red Notice – Regulation Bitcoin News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

Pantera Capital CEO: Bitcoin (BTC) Could Hit $115k after Halving

May 5, 2022
BOLT12, LNURL And Bitcoin Lightning

BOLT12, LNURL And Bitcoin Lightning

June 20, 2022
Jack Dorsey Muses on Social Media ‘Takeover,’ Ethereum Weaknesses; Plus the Latest in Crypto Mining — Bitcoin.com News Week in Review – The Weekly Bitcoin News

Jack Dorsey Muses on Social Media ‘Takeover,’ Ethereum Weaknesses; Plus the Latest in Crypto Mining — Bitcoin.com News Week in Review – The Weekly Bitcoin News

April 24, 2022
Luna Foundation Acquires An Additional 37.8k Bitcoin Worth $1.5B, Bringing its Total Holdings to 80,394 BTC

Luna Foundation Acquires An Additional 37.8k Bitcoin Worth $1.5B, Bringing its Total Holdings to 80,394 BTC

May 6, 2022
Bitcoin Is Our Weapon In The War Of Ideas

Bitcoin Is Our Weapon In The War Of Ideas

0
Allianz Chief Economic Advisor Predicts Bitcoin Going Higher Amid Inflation

Allianz Chief Economic Advisor Predicts Bitcoin Going Higher Amid Inflation

0
Insurance Considerations For Bitcoin Miners

Insurance Considerations For Bitcoin Miners

0
Becoming A Sovereign Individual With Bitcoin

Becoming A Sovereign Individual With Bitcoin

0
How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

June 7, 2023
Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

June 6, 2023
Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

June 5, 2023
Fidelity Investments Has Opened Bitcoin Trading To The Public During Ongoing Banking Crisis

Three Reasons Behind Bitcoin's 2023 Resurgence

June 4, 2023

Recommended

How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

How My Bitcoin Mining Firm Is Surviving Crypto Winter, Again

June 7, 2023
Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

Zion Social Network Embraces Bitcoin Payments Via Lightning Network For Instant Transactions Through Secure Messaging

June 6, 2023
Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

Bitcoin 2023 Was A Demonstration Of The Bitcoin Community’s Resilience And Optimism

June 5, 2023
Fidelity Investments Has Opened Bitcoin Trading To The Public During Ongoing Banking Crisis

Three Reasons Behind Bitcoin's 2023 Resurgence

June 4, 2023

About Us

We bring you the latest bitcoin news from all over the internet

Categories

  • Cryptocurrency
  • Latest
No Result
View All Result
  • Home
  • Live Crypto Price
  • Contact

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In