Binance Under Fire from U.S. Regulators

U.S. financial regulators have accused Binance of operating within the United States illegally as the largest crypto exchange in the world is now facing serious compliance violations.

The Commodity Futures Trading Commission filed a civil complaint on Monday stating that contrary to what the crypto exchange has been saying, a significant portion of Binance’s profitability comes from the “solicitation and access to U.S. customers.”  The CFTC is also targeting Samuel Lim specifically claiming that despite being Binance’s former compliance officer, Mr. Lim aided the company to achieve the alleged violations.

The compliance issues in question demand that if Binance is to operate throughout the United States and solicit its consumers then the company must follow certain registration requirements.  Binance has neglected to do so and has continued to attempt to operate while avoiding the watchful eye of U.S. regulators.

Source: Bloomberg