FULL STORY: The CFTC sued crypto exchange Binance and founder Changpeng “CZ” Zhao Monday on allegations the company knowingly offered unregistered crypto derivatives products in the U.S. against federal law. nikhileshde cheyenneligon jack Jesse report
, filed in the U.S. District Court for the Northern District of Illinois on Monday, alleged that Binance operated a derivatives trading operation in the U.S., offering trades for cryptocurrencies including bitcoin , ether , litecoin , tether and Binance USD , which the suit referred to as commodities. The suit also alleged that the company, under CZ’s leadership, directed its employees to spoof their locations through the use of virtual private networks.
Moreover, the suit alleged, Binance directed customers in the U.S. to use a variety of methods to evade restrictions on U.S-based customers. “Binance knew that U.S. customers continued to comprise a substantial proportion of Binance’s customer base,” the filing said, citing internal monthly reports sent to Zhao which said that, even as of June 2020 after controls had supposedly been implemented, 17.8% of customers were based in the U.S.
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