Justice Department had been investigating Binance since 2018 for possible money-laundering and sanctions violations. Reuters reported in December that the U.S. customers' trading of such products are required to register with the agency. Firms such as brokers that facilitate U.S. The CFTC is responsible for oversight of commodities and derivatives markets, including for Bitcoin.
users on its platform, the spokesperson said.ĬFTC Chairman Rostin Behnam said in a statement that Binance executives knew for years "they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance." Lim did not immediately respond to calls and messages from Reuters.Ī spokesperson for Binance, which dominates the global digital asset sector, said the firm will continue to "collaborate" with regulators.īinance has made "significant investments" to ensure it does not have U.S. The CFTC also accused Binance's former Chief Compliance Officer Samuel Lim of "aiding and abetting" Binance's violations.
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laws.īinance's compliance program has been "ineffective" and the firm, under the direction of Zhao, told employees and customers to circumvent compliance controls, the CFTC said, citing a number of practices first reported by Reuters in a series of investigations into the exchange last year.
The CFTC said in its complaint on Monday that from at least July 2019 to the present, Binance "offered and executed commodity derivatives transactions on behalf of U.S. But the pace of such government activity has surged recently. prosecutors and civil investigators have targeted crypto firms for illegal offerings and failures to comply with rules designed to prevent illicit activity. The lawsuit comes amid a broader and increasingly high-profile crackdown on crypto companies. "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," Zhao said in a statement.
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