CFTC: U.S. regulators needed to step in aggressively on Binance
Reuters
Published Mar 28, 2023 08:32AM ET
Updated Mar 28, 2023 03:51PM ET
WASHINGTON (Reuters) - Activity at Binance was a pretty clear case of evasion and U.S. authorities needed to step in aggressively and as quickly as possible, the chairman of the Commodity Futures Trading Commission said on Tuesday.
The U.S. agency sued Binance, the world's largest crypto exchange, on Monday.
"This seemed to be a pretty clear case of evasion and something that we needed to step in aggressively with and do it as quickly as possible because this was an ongoing fraud - going back to 2019 - and ongoing violation of the Commodity Exchange Act," CFTC Chairman Rostin Behnam said in an interview with CNBC.
Behnam said Binance was a common enterprise comprised of dozens and dozens of entities scattered across the globe.
"Not having a headquarters, not having a location is not going to prevent the CFTC from coming after you," he said.
Benham said it was clear that control of the enterprise came from Binance CEO Changpeng Zhao and there was clear documentation of an intent to evade the law.
"So we're going to vigorously continue and fight this case in court," he told the CFTC.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.