Home Regulation Binance deliberately broke the law, says CFTC leader

Binance deliberately broke the law, says CFTC leader

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CFTC Chairman Rostin Benham Accuses Binance of Deliberately Breaking Regulatory Rules, Bloomberg report.

At a Princeton University event, Benham explained Binance’s leadership:

“They are not unsophisticated individuals…they have set up big companies, offering futures contracts and derivatives to US customers.”

Benham reportedly said that Binance had deliberately broken the rules set by the Commodity Futures Trading Commission (CFTC). He added that there is an understanding among companies that offer futures products in the United States that they must register with regulators and comply with all relevant laws.

Benham made these comments at a private event, so it is unclear how much impact his remarks will have on the ongoing CFTC lawsuit against Binance.

The CFTC originally indicted Binance, its CEO Changpeng Zhao, and related parties on March 27. At the time, regulators alleged that Binance was illegally offering trades and derivative orders to U.S.-based customers.

These accusations also included other private messaging misconduct, failure to enforce geoblocking, and knowledge of illegal customer activity.

Binance has responded to the accusations by claiming to be compliant and cooperating with regulators.

Binance post deliberately broke the law, stating the CFTC leader’s first appearance on CryptoSlate.

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