Cryptocurrency exchange Binance before US ban
Binance faces a US ban as it becomes the latest cryptocurrency firm to be hacked by regulators
Under fire: Binance co-founder Changpeng Zhao
Binance could face a ban in the US as it becomes the latest cryptocurrency firm to be slammed by regulators.
The Commodity Futures Trading Commission (CFTC) is suing Binance, along with its co-founder Changpeng Zhao and its former chief compliance officer Samuel Lim, for alleged violations of trading laws.
“Binance’s compliance program has been ineffective, and at Zhao’s direction, Binance has instructed its employees and customers to circumvent compliance controls in order to maximize corporate profits,” the CFTC said, adding that Lim is accused of “willful abetting.” to Binance’s violations”. .
The allegations pose an existential threat to the company, which could face a US ban or restrict future user registrations as a result of these alleged failings. Binance could not be reached for comment last night.
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