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Another defendant in the case is Samuel Lim, who is the Chief Compliance Officer (CCO) of Binance. The CFTC claims that Lim has been complicit in the violations, and has failed to perform his duties as the CCO. (8/20)
The CFTC says that Binance has been deliberately targeting US customers and evading regulatory oversight by using a network of offshore entities and affiliates, and by using VPNs and other tools to mask the location of its users. (6/20)
The CFTC also alleges that Binance has been engaging in market manipulation and fraud by using its own trading accounts to create artificial demand and supply for certain digital assets, and by allowing wash trading and spoofing on its platform. (4/20)
The CFTC claims that Binance has been operating as an unregistered futures commission merchant (FCM) since at least 2017, and has failed to implement adequate anti-money laundering (AML) and customer protection measures. (3/20)
Binance is accused of offering leveraged trading of digital assets, such as bitcoin and ethereum, to US customers without registering with the CFTC or complying with its rules. Leveraged trading means using borrowed funds to amplify potential gains or losses. (2/20)