The commodity futures trading commission (CFTC) has initiated legal action against leading cryptocurrency exchange Binance for allegedly violating the Commodity Exchange Act by operating without proper registration and compliance measures.

The commodity futures trading commission (CFTC) has recently initiated legal proceedings against Binance, one of the world’s largest cryptocurrency exchanges, over alleged violations of the Commodity Exchange Act.

The regulatory body is accusing Binance of failing to register as a futures commission merchant (FCM) and for operating a trading platform that facilitates transactions in futures contracts, options on futures, and swaps without adhering to the required regulations.

CFTC goes after Binance

The CFTC’s enforcement action highlights the ongoing effort to ensure the proper regulation and oversight of the rapidly growing digital asset market.

It seeks to hold Binance accountable for allegedly conducting business with U.S. customers without the necessary registration and compliance measures in place. The legal action aims to protect market participants and the integrity of the financial system, as well as safeguard the broader public interest.

As part of the legal proceedings, the CFTC is seeking various forms of relief, including

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Author: Bralon Hill

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