The big ship of Binance finds itself in troubled waters on Monday when the US Commodity Futures Trading Commission (CFTC) sued Binance CEO and founder Changpeng Zhao for ‘wilful evasion’.
Serious Allegations of “Wilful Evasion”
The CFTC leveled serious allegations on Binance for operating an “illegal” exchange and a “sham” compliance regime. Apart from the CEO of Binance, the CFTC also sued a former Binance top compliance executive with “willful evasion” of US laws. The CFTC went on to allege that Binance and its top officials engaged in a calculated strategy of regulatory arbitrage to their commercial benefit.
Following the development, Binance’s premier cryptocurrency BNB, which is the fourth largest cryptocurrency in the world by market capitalization, fell by around 4%.
Binance Founder Feels “Disappointed”
Binance CEO and founder, Changpeng Zhao, expressed his disappointment over the recent allegations by the CFTC.
The billionaire, who hailed from China, moved to Canada when he was 12, and never looked back. He founded Binance in 2017 in Shanghai and turned it into one of the largest crypto exchanges in the world. According to recent data, Binance.com processed trades worth more than 23 trillion US dollars last year. Zhao said last year that Binance.com’s trading volume smashed 34 million US dollars in 2021.
He termed the CFTC complaint “unexpected and disappointing.” He said in a statement following the CFTC complaint, “Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint.”
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