{"id":1905473,"date":"2023-03-27T15:27:54","date_gmt":"2023-03-27T19:27:54","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-sues-worlds-largest-crypto-exchange-and-ceo-for-alleged-regulatory-violations\/"},"modified":"2023-03-27T15:29:36","modified_gmt":"2023-03-27T19:29:36","slug":"us-sues-worlds-largest-crypto-exchange-and-ceo-for-alleged-regulatory-violations","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-sues-worlds-largest-crypto-exchange-and-ceo-for-alleged-regulatory-violations\/","title":{"rendered":"US sues world\u2019s largest crypto exchange and CEO for alleged regulatory violations"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fus-sues-worlds-largest-crypto-exchange-and-ceo-for-alleged-regulatory-violations%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1905473&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\">\n<div id=\"Brid_79928284\" class=\"brid\" style=\"width:16; height:9;\" itemprop=\"video\" itemscope itemtype=\"http:\/\/schema.org\/VideoObject\"><meta itemprop=\"name\" content=\"SVB collapse: First Citizens Bank to buy Silicon Valley Bank\"><meta itemprop=\"description\" content=\"First-Citizens Bank has reached a deal to acquire the assets of Silicon Valley Bank about two and a half weeks after the Santa Clara, California-based bank collapsed, the Federal Deposit Insurance Corporation announced early Monday morning. The 17 former branches of Silicon Valley Bank are open as First\u2013Citizens Bank &#038; Trust Company as of Monday, according to the FDIC, and all depositors with SVB will automatically become depositors of First\u2013Citizens Bank. The Raleigh, North Carolina-based bank has assumed all deposits of SVB, estimated to be more than $119 billion.\"><meta itemprop=\"duration\" content=\"PT1M39S\"><meta itemprop=\"uploadDate\" content=\"2023-03-27 14:43:41\"><meta itemprop=\"thumbnailURL\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/snapshot\/1270007_th_6421abc2ab09e_1679928258.jpg\"><meta itemprop=\"contentUrl\" content=\"https:\/\/cdn.brid.tv\/live\/partners\/19383\/sd\/1270007.mp4\"><\/div>\n<p><script type=\"text\/javascript\"> var _bp = _bp||[]; _bp.push({ \"div\": \"Brid_79928284\", \"obj\": {\"id\":\"27789\",\"width\":\"16\",\"height\":\"9\",\"video\":\"1270007\"} }); <\/script><script type=\"text\/javascript\" async src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">T<\/span>he <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/cftc\" target=\"_blank\" rel=\"noopener\">Commodity Futures Trading Commission<\/a> is suing <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/cryptocurrency\" target=\"_blank\" rel=\"noopener\">cryptocurrency<\/a> exchange Binance and its CEO for allegedly breaking U.S. regulatory law, labeling the firm\u2019s compliance efforts a \u201csham.\u201d <\/p>\n<p>In the U.S. District Court for the Northern District of Illinois, the CFTC filed a complaint on Monday against <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/technology\/crypto-trader-binance-sanctions-trading-iran-report\" target=\"_blank\" rel=\"noopener\">Binance<\/a> and CEO Changpeng Zhao. The transaction was allegedly run by <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/technology\/crypto-trader-binance-sanctions-trading-iran-report\" target=\"_blank\" rel=\"noopener\">Binance<\/a>, Zhao, and many companies in violation of the Commodity Exchange Act and CFTC legislation, according to the authorities.<\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/bitcoin-pops-and-continues-2023-gains-as-banking-sector-struggles-with-svb-failure\" target=\"_blank\" rel=\"noopener\">As the finance field struggles with SVB loss, BITCOIN Wakes AND CONTINUES 2023 Benefits<\/a><\/b><\/p>\n<p>Samuel Lim, the former deputy compliance officer of Binance, is also charged in the problem with aiding and abetting the platform&#8217;s alleged violations.<\/p>\n<p>Despite Binance&#8217;s lack of authorization to conduct business domestically, the CFTC claimed that Zhao and Lim collaborated to entice U.S. &#8211; based trading customers. Authorities claimed in a press release on Monday that Binance runs the transaction through&#8221; an intentionally opaque common business&#8221; and numerous corporate companies.<\/p>\n<p>The plaintiffs engaged in&#8221; a calculated strategy of governmental trading to their financial benefit ,&#8221; the CFTC continued.<\/p>\n<p>The complaint calls for monetary penalties and disgorgement, which would compel Binance, the largest crypto exchange in the world, to pay back gains that were wrongfully obtained. Regulators are equally requesting permanent bans on trading and registration as well as a permanent injunction against deeper regulatory violations.<\/p>\n<p>The committee&#8217;s complaint against Binance is centered on the defendants&#8217; alleged intentional evasion of U.S. law, according to Gretchen Lowe, principal deputy director and chief counsel of the CFTC Enforcement Division. The defendants&#8217; own emails and chats reveal that Binance&#8217;s a efforts have been a lie and that the company purposefully chose, time and time again, to prioritize profits over upholding the law.<\/p>\n<p>Because Binance has been working&#8221; collaboratively&#8221; with the CFTC for more than two years, a spokesperson for the company told the <i>Washington Examiner<\/i> that the legal filing was&#8221; unexpected and disappointing.&#8221;<\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noopener\">READ MORE FROM THE WASHINGTON EXAMINER Ok.<\/a><\/b><\/p>\n<p>The representative stated in a statement that&#8221; over the past two years, we have made significant investments to make sure that US users are not engaged on our platform.&#8221;<\/p>\n<p>According to the spokesperson,&#8221; during that time, we increased our compliance team from about 100 people to about 750 core and supporting compliance personnel today, including essentially 80 personnel with prior experience in law enforcement or regulatory agencies and nearly 260 employees with professional certificates in compliance.&#8221;<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Commodity Futures Trading Commission is suing cryptocurrency exchange Binance and its CEO for allegedly breaking U.S. regulatory law, labeling the firm\u2019s compliance efforts a \u201csham.\u201d The CFTC filed a lawsuit against Binance and CEO Changpeng Zhao on Monday in the U.S. District Court for the Northern District of Illinois. The regulators charged that Binance<\/p>\n","protected":false},"author":1,"featured_media":1905474,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[4038,3850,6987,4063,4818,6985,5178,9944,6158],"class_list":["post-1905473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner","tag-alleged","tag-ceo","tag-crypto","tag-exchange","tag-largest","tag-regulatory","tag-sues","tag-violations","tag-worlds"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1905473","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1905473"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1905473\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1905474"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1905473"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1905473"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1905473"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}