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CFTC: U.S. regulators needed to step in aggressively on Binance

Published 03/28/2023, 08:32 AM
Updated 03/28/2023, 03:51 PM
© Reuters. FILE PHOTO: Signage is seen outside of the US Commodity Futures Trading Commission (CFTC) in Washington, D.C., U.S., August 30, 2020. REUTERS/Andrew Kelly/File Photo

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.

Latest comments

Everything was ok with cryptocurrencies until the Chines Miners arrive on the stage.. Gov can't allowed that subversive interference on undermine USD!
$’s monopoly is in danger thats y they are trying to crush crypto industry
Troops, pigs, politicians, and brainwashers called teachers depend on fiat tax slavery to survive. They will steal from their own family
You don't? You depend on parents
Biden's Operation Chokepoint 2.0 continues on crypto because the US government no longer believes in liberty.
Regular users aren't breaking the law
No, they're just helping others break the law
For US users, it sepends on which Binance entity (US or foreign) and if foreign, how much value in assets are there ($>$10K) are being reported.
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