CFTC Chairman Rostin Behnam said at an event he attended that Binance was breaking the rules.
Binance has been sued by the CFTC in recent weeks. In the details of the lawsuit, Binance allegedly evaded its responsibilities in derivatives services.
Binance Statement from CFTC Chairman
Binance was sued by the CFTC in recent weeks. According to the allegations in the lawsuit, Binance was breaking the rules and avoiding responsibility on some of its services.
CFTC Chairman Rostin Behnam said at an event held at Princeton University recently that Binance deliberately broke the rules regarding futures and commodities. Behnam, BinanceHe claimed that the company was operating outside of US law and that its leadership had violated rules regarding operations, including knowingly allowing US citizens to participate in the stock market.
@Princeton DeCenter Spring Conference kicks off with CFTC chair Rostin Behnam on crypto as commodity, and now a panel on what widespread adoption would mean for regulation and governance. pic.twitter.com/pkHhOWuScj
— Andrew Chignell (@AndrewChignell) April 13, 2023
These comments pertain to the CFTC’s lawsuit against Binance and its CEO, Changpeng “CZ” Zhao. The CFTC sued for illegal trading of futures, providing illegal commodity options, failing to register, fail to scrutinize, or practice AML/KYC.
As #Binance has grown as a company, we've continued to increase our investment of resources towards compliance.
Watch the video below to discover more about our dedicated team and the growth of our compliance efforts.
— Binance (@binance) April 11, 2023
