Feds sue crypto giant Binance and founder Changpeng Zhao

The Commodity Futures Trading Commission (CFTC) is suing Binance CEO Changpeng Zhao and his crypto empire for for allegedly violating US trading and derivatives laws. In a complaint filed on Monday, the CTFC accuses Binance of having an “ineffective compliance program” and claims it “knowingly” broke the law.

In addition to suing Zhao, the CTFC also charges Samuel Lim, Binance’s former chief of compliance, for allegedly “aiding and abetting Binance’s violations through intentional conduct that undermined Binance’s compliance program.” The agency claims Zhao, Lim, and other executives “failed to properly supervise Binance’s activities” and “actively facilitated violations of U.S. law” as a result.

The lawsuit also addresses some of the...

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