In the crypto media this week, the single biggest bit of news was the announcement that the Commodity Futures Trading Commission (CFTC)—America’s leading derivatives regulator— is suing crypto’s top exchange by trading volume, Binance, along with CEO Changpeng “CZ” Zhao, allegedly for unlicensed derivatives trading.

The lawsuit doesn’t end there. The exchange also stands accused of having insufficient anti-money laundering (AML) and know-your-customer (KYC) controls, knowingly evading or helping U.S. clients evade regulators, and even trading against its own customers.

The new lawsuit wasn’t a huge talking point over on crypto Twitter, probably since the industry already knows federal enforcement actions against Binance by this point are like water off a duck’s back. The exchange is also in the midst of ongoing Securities and Exchange Commission (SEC), Department of Justice (DOJ) and Internal Revenue Service (IRS) investigations.

When the news broke, Zhao simply tweeted “4”—which, as he made clear in a tweet back in January, is shorthand for “Ignore FUD, fake news, attacks, etc.”

Crypto analytics company Nansen did some on-chain sleuthing and saw that Binance customers weren’t all that fazed by the news either. 

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Author: Tim Hakki

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