Binance and founder Changpeng Zhao sued by CFTC

By MICHELLE CHAPMAN
AP Business Writer

The Commodity Futures Trading Commission is suing Binance and its founder Changpeng Zhao, claiming numerous violations of the Commodity Exchange Act and CFTC regulations. Binance’s former chief compliance officer, Samuel Lim, was also charged with aiding and abetting Binance’s violations. In its complaint, the CFTC claimed that cryptocurrency exchange giant Binance “allegedly chose to knowingly disregard applicable provisions of the CEA while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit.”