CFTC Lawsuit Against Binance Breaking Rules

T

he Commodity Futures Trading Commission (CFTC) is taking legal action against Binance and two of its executives for disregarding trading and derivatives regulations.

The Commodity Futures Trading Commission (CFTC) has taken legal action against Binance, accusing the company of disregarding necessary regulations.

Changpeng Zhao (CZ), Samuel Lim, and three of their respective Binance companies sought a civil action in the District Court of the Northern District of Illinois.

Allegedly, the defendants had unlawfully enabled trading and derivative orders on commodities for American citizens.

“has solicited and accepted orders, accepted property to margin, and operated a facility for the trading of futures, options, swaps, and leveraged retail commodity transactions involving digital assets that are commodities including bitcoin (BTC), ether (ETH), and litecoin (LTC) for persons in the United States.“

Chris

An editor at Coincrop

View articles

Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.