full image - Repost: The world's largest crypto exchange, Binance, is being sued by American regulators for violating the Commodity Exchange Act. Here is everything you need to know: (from Reddit.com, The world's largest crypto exchange, Binance, is being sued by American regulators for violating the Commodity Exchange Act. Here is everything you need to know:)
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The Commodity Futures Trading Commission (CFTC) is suing Binance for (allegedly) violating US trading and derivatives laws, with willful evasion of federal law and operating an illegal digital asset derivatives exchange.The lawsuit claims that Binance instructed its US customers to use virtual private networks (VPNs) to hide their locations in order to trade on the platform. The CFTC accused Binance of trading against its own customers with hundreds of house accounts.The CFTC's allegations are serious and could have a significant impact on Binance and the cryptocurrency industry. It is the first time that the CFTC has sued a major cryptocurrency exchange for alleged violations of US law.If the CFTC's allegations are upheld, Binance will be forced to shut down its US operations and other crypto exchanges will be forced to comply with US law. This would lead to decreased use of cryptocurrency and make it more difficult to buy and sell crypto.It is important to note that the CFTC's allegations are just that - allegations. Binance and Zhao have not been found guilty of any wrongdoing and have denied the CFTC's allegations.If you keep your funds on Binance, you are at risk. Not your keys, not your coins.
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