Rostin Behnam, Chairman of the Commodity Futures Trading Commission (CFTC), recently spoke out about the allegations levied against Binance, claiming that the beleaguered cryptocurrency exchange’s leadership knowingly operated outside of U.S. laws governing the exchange of commodities and futures.
Speaking at a fireside chat that took place at the DeCenter Spring Conference at Princeton University on April 14, Bloomberg reports that Behnam told those in attendance that Binance leaders had intentionally flouted the rules concerning operations, including knowingly allowing U.S. citizens to participate on the exchange through the use of virtual private networks (VPNs) and other obfuscation tools.
@Princeton DeCenter Spring Conference kicks off with CFTC chair Rostin Behnam on crypto as commodity, and now a panel on what widespread adoption would mean for regulation and governance. pic.twitter.com/pkHhOWuScj
— Andrew Chignell (@AndrewChignell) April 13, 2023
“These are not unsophisticated individuals,” Behnam said at the event. “They are starting large companies and offering futures contracts and derivatives to U.S. customers.” The CFTC head later added “If you are going to offer futures contracts in the U.S., there is a clear understanding that you are registered with the CFTC and comply by the law.”
The comments stem from the CFTC’s lawsuit against Binance and its CEO Changpeng “CZ” Zhao for alleged trading violations. Per a report
Go to Source to See Full Article
Author: Tristan Greene
Tip BTC Newswire with Cryptocurrency
Donate Bitcoin to BTC Newswire
Donate Bitcoin Cash to BTC Newswire
Donate Ethereum to BTC Newswire
Donate Litecoin to BTC Newswire
Donate Monero to BTC Newswire
Donate ZCash to BTC Newswire
