U.S. CFTC Brings Suit Against Binance

On March 27, the U.S. Commodity Futures Trading Commission (CFTC) brought suit against Binance, a prominent cryptocurrency exchange based in Malta, alleging violations of the Commodity Exchange Act (CEA) and CFTC rules. These allegations include: allowing users to trade on the platform without verifying their identities, instructing U.S. customers on how to avoid compliance controls despite purporting to bar American users from its offshore platform, failing to register as a futures commission merchant (FCM) under the CFTC,  and willfully evading the requirements of the CEA.[1]