Binance sued by CFTC of regulator violations - report

Binance Holdings, which is the world’s largest cryptocurrency exchange, along with CEO Changpeng Zhao, were sued by the US CFTC for breaking trading and derivatives rules, according to a Bloomberg report.

I don't think crypto investors realize how devastating US regulators can be and it's increasingly clear that they don't want crypto trading to flourish. They did the same thing with retail FX 10 years ago and it was scorched earth.

The lawsuit is in regards to not registering with the CFTC CFTC The United States Commodity Futures Trading Commission (CFTC) is an independent government regulator helping oversee securities markets domestically. Created in 1974 by the Commodity Exchange Act (CEA) in the US, the authority protects and regulates market activities against manipulation, fraud, and abuse, and trade practices. In addition, the CFTC’s mandate involves promoting market fairness for investors. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsi The United States Commodity Futures Trading Commission (CFTC) is an independent government regulator helping oversee securities markets domestically. Created in 1974 by the Commodity Exchange Act (CEA) in the US, the authority protects and regulates market activities against manipulation, fraud, and abuse, and trade practices. In addition, the CFTC’s mandate involves promoting market fairness for investors. The CEA also included the Sad-Johnson Agreement, which defined the authority and responsi Read this Term while allowing US residents to buy and sell derivatives. Other reports say the IRS and other US officials have been investigating Binance's anti-money-laundering compliance and the SEC has been scrutinizing whether the exchange supported trading of unregistered securities.

Bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term is down 3.3% and ethereum about the same. The losses accelerated after these headlines but that's also an indication of worsening sentiment broadly. In addition, fading fear about US banks is diminishing demand for crypto safety.