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Why is Binance being investigated by the CFTC?

Binance is being investigated by the CFTC over concerns it permitted US residents to trade cryptocurrency derivatives, Bloomberg first reported . Binance is not registered with the CTFC to broker crypto transactions. Thus far, the crypto exchange has not been accused of misconduct.

Who is Binance's CCO?

Lim, Binance’s CCO from 2018 through 2022, is charged with willfully aiding and abetting Binance’s violations through intentional conduct that undermined Binance’s compliance program.

Did Binance restrict US customers from trading on its platform?

The complaint further alleges that even after Binance purported to restrict U.S. customers from trading on its platform, Binance instructed its customers – in particular its commercially valuable U.S.-based VIP customers – on the best methods for evading Binance’s compliance controls.

Who can help the CFTC?

The CFTC appreciates the assistance of the British Virgin Islands Financial Services Commission, Cayman Islands Monetary Authority, Monetary Authority of Singapore, and the United Kingdom Financial Conduct Authority.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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