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CFTC sues Binance Holdings Ltd for illegal operations

CHICAGO | The US Commodity Futures Trading Commission (CFTC) has filed a lawsuit against Binance in Chicago Federal Court, accusing the world’s largest crypto trading platform of operating illegally in the country.

The CFTC alleges that Binance had been cultivating US business without registering properly with authorities and violating US financial laws, including anti-money laundering regulations.

Binance has responded that it has made significant investments to ensure that US users are not active on the platform and that it intends to continue collaborating with regulators in the US and around the world.

The CFTC is seeking fines, restitution, as well as permanent trading and registration bans. This legal action comes as the crypto industry faces increased scrutiny and regulation from authorities.

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