WASHINGTON, D.C.: A top US markets regulator on Monday charged cryptocurrency giant Binance and its founder Zhao Changpeng with multiple violations in another move by Washington against the once high-flying sector.
Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), said the charges against Binance, the world's largest crypto exchange, were part of a campaign to 'find and stop misconduct in the volatile and risky digital asset market.'
IN TROUBLE Binance Chief Executive Officer Zhao Changpeng answers a question during a Zoom meeting interview with The Associated Press (AP) on Nov. 16, 2021. Binance is being sued by the Commodity Futures Trading Commission (CFTC) for numerous alleged violations of the Commodity Exchange Act (CEA) and CFTC regulations. In its complaint on Monday, March 27, 2023, the CFTC claimed that Binance ‘allegedly chose to knowingly disregard applicable provisions of the CEA while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit.’ AP PHOTO
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