Cryptocurrency exchange Binance facing US ban
Binance faces US ban as it becomes the latest cryptocurrency company to be killed by regulators
Under fire: Binance co-founder Changpeng Zhao
Binance could face a ban in the US as it becomes the latest cryptocurrency firm to be killed by regulators.
The Commodity Futures Trading Commission (CFTC) sued Binance, as well as its co-founder Changpeng Zhao and its former chief compliance officer Samuel Lim, for allegedly violating trading laws.
“Binance’s compliance program has been ineffective and, at Zhao’s direction, Binance has instructed its employees and customers to bypass compliance checks to maximize corporate profits,” the CFTC said, adding that Lim is accused of “willfully aiding and abetting to Binance’s violations.” .
The allegations pose an existential threat to the company, which could face a US ban or future user registrations because of these alleged shortcomings. Binance could not be reached for comment last night.