The world’s largest cryptocurrency exchange Binance is once again in the crosshair of the U.S. derivatives regulators, despite the exchange and its CEO facing a lawsuit last month over allegations of violations of derivatives trading rules.
At a Princeton University event on Thursday, Commodity Futures and Trading Commission (CFTC) Chairman Rostin Behnam taunted the largest crypto exchange Binance Holding Ltd. over its compliance with United States regulations, saying, “These are not unsophisticated individuals”.
According to a Bloomberg report, Behnam further emphasized that Binance intentionally broke derivatives trading rules and that “They are starting large companies and offering futures contracts and derivatives to U.S. customers.”
Last month, the CFTC sued Binance and its CEO, Changpeng Zhao (CZ), for breaking derivatives trading rules. Among other things, Binance needed to register with the regulatory body, as well as keep U.S. crypto users away from its exchange, as previously stated.
Rostin Behnam once again said that the second largest cryptocurrency Ether and stablecoins are ‘commodities’. Also, he added, if companies want to offer future contracts in the United States, crypto firms must be registered with the CFTC and comply with its legislation.
