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On March 27, the U.S. Commodity Futures Trading Commission (CFTC) announced the prosecution of the world's largest cryptocurrency exchange Binance (Binance) and its CEO and founder Changpeng Zhao (CZ), which the regulator said was deliberately evading federal law and operating " Illegal" digital asset derivatives exchange. In addition to indicting CZ and several Binance affiliates, the CFTC charged Binance’s former chief compliance officer, Samuel Lim, with aiding and abetting Binance’s violations.
The CFTC is a civil government agency, so it cannot bring criminal charges against companies or seek prison terms for individuals. However, the regulator's case could lead to substantial fines and other penalties for companies and individuals. “In its ongoing proceedings against the defendants, the agency seeks forfeiture of disgorgement, civil monetary penalties, permanent trading and registration injunctions, and permanent injunctions against further allegations of violations of the Commodity Exchange Act (CEA) and CFTC regulations,” the CFTC said.
The U.S. CFTC and other federal agencies, including the Justice Department, have been investigating Binance for years, the Wall Street Journal previously reported, and the lawsuit is the latest regulatory blow to the crypto industry over the past year. Adam Cochran, partner at Cinneamhain Ventures, commented on Twitter that the CFTC is trying to deliver a "killer blow" to Binance, writing: "First Response... I think there's a good chance they will succeed in toppling the Binance Empire with this move ".
The CFTC is a civil government agency, so it cannot bring criminal charges against companies or seek prison terms for individuals. However, the regulator's case could lead to substantial fines and other penalties for companies and individuals. “In its ongoing proceedings against the defendants, the agency seeks forfeiture of disgorgement, civil monetary penalties, permanent trading and registration injunctions, and permanent injunctions against further allegations of violations of the Commodity Exchange Act (CEA) and CFTC regulations,” the CFTC said.
The U.S. CFTC and other federal agencies, including the Justice Department, have been investigating Binance for years, the Wall Street Journal previously reported, and the lawsuit is the latest regulatory blow to the crypto industry over the past year. Adam Cochran, partner at Cinneamhain Ventures, commented on Twitter that the CFTC is trying to deliver a "killer blow" to Binance, writing: "First Response... I think there's a good chance they will succeed in toppling the Binance Empire with this move ".
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