#BREAKING US regulator charges crypto giant Binance with illegal trading: statement Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges KEY POINTS The CFTC alleged that Binance violated federal law to solicit U.S. users for millions in revenue, a potentially existential threat to the exchange. Binance, its CEO Changpeng Zhao, and its former compliance officer, Samuel Lim, are all named in the complaint. CNBC previously reported on how Binance engages in similar activity to solicit mainland Chinese users. The CEO of the largest online exchange for trading cryptocurrency, Binance, said he is establishing a recovery fund to help people in the industry, while saying the sector “will be fine.” Ben McShane / Contributor / Getty Images
Binance and founder Changpeng Zhao violated compliance rules to attract U.S. users, CFTC alleges
KEY POINTS The CFTC alleged that Binance violated federal law to solicit U.S. users for millions in revenue, a potentially existential threat to the exchange. Binance, its CEO Changpeng Zhao, and its former compliance officer, Samuel Lim, are all named in the complaint. CNBC previously reported on how Binance engages in similar activity to solicit mainland Chinese users.