Last year CZ’s tweets arguably contributed to the collapse of FTX, one of his company’s main rivals. 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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Promising full responses in due time, he said: He even tweeted a link to his initial response to the recent CFTC charges, which he called “unexpected and disappointing”. CZ is an outspoken advocate for cryptocurrencies and regularly tweets about the industry and his company. People visit Binance nearly 15 million times a week to trade on the over 300 cryptocurrencies it offers in more than 1,600 different markets. The regulator has pointed to chat messages as evidence of CZ and Sim’s knowledge of various criminal groups using the exchange. They are charged with taking steps to violate US laws, including directing US-based “VIP customers” to open Binance accounts under the name of shell companies. The CFTC has also levied charges against Binance’s founder and CEO, Changpeng Zhao (known as CZ) and former chief compliance officer Samuel Lim. It says Binance has prioritised commercial success over regulatory compliance.
The CFTC’s lawsuit alleges that Binance violated US derivatives laws by offering its derivative trading services to US customers without registering with the right market regulators.
This indicates how regulators – particularly those in the US – hope to clamp down on the cryptocurrency industry. But this particular case involves a regulator that does not directly oversee cryptocurrencies. This is not the first time a cryptocurrency exchange has been charged by a regulator. The world’s largest cryptocurrency exchange, Binance, has been hit with a lawsuit by US regulator the Commodity Futures Trading Commission (CFTC).
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