The Commodity Futures Trading Commission on Monday filed civil charges against the crypto giant Binance, and CEO Changpeng "CZ" Zhao, in the U.S. District Court for the Northern District of Illinois, accusing the exchange of illegally offering services to U.S. customers and not properly registering.
In a 74-page complaint, the CFTC laid out seven counts—including failures of supervision, failing to implement know-your-customer and anti-money laundering procedures, and not registering as a futures commission merchant—and commented: "Defendants have disregarded applicable federal laws while fostering Binance’s U.S. customer base because it has been profitable for them to do so."
