Binance sued by CFTC for allegedly flouting commodity trading laws
Binance, the world's largest crypto exchange, was sued by the Commodity Futures Trading Commission Monday for alleged violations of the federal laws governing commodities markets.
The CFTC alleged that Binance failed to register with the agency as a derivatives intermediary as required by U.S. law, according to a lawsuit filed in federal court in Illinois.
The complaint alleges that Binance "actively facilitated violations of U.S. law" by assisting U.S. clients in evading compliance controls and instructing customers to obscure their location using virtual private networks, or VPNs.
Major cryptocurrencies bitcoin and ether were both trading lower Monday.
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March 27, 2023 11:32 ET (15:32 GMT)
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