CFTC Sues Binance Over Illegal Trading Services

WASHINGTON D.C. – According to a press release, the U.S. Commodity Futures Trading Commission (CFTC) filed a lawsuit against Binance and its founder, CZ, on Monday. According to the lawsuit, CFTC alleges that Binance conducted “willful evasion of U.S. law,” citing internal chats and emails. 

The Commission further alleges that Binance illegally offered “off-exchange commodity options” and failed to register them as a futures commissions merchant, designated contract market, or swap execution facility. Moreover, the suit claims the exchange directed U.S.-based customers to use VPNs to evade restrictions.

Binance responded on Twitter by tweeting “4” referencing a previous tweet thread that said, “ignore FUD, fake news, attacks, etc.”