The CFTC filed a 74-page complaint against Binance today at the U.S. District Court for the Northern District of Illinois. It claims the company is engaging in jurisdictional arbitrage in order to offer commodities trading services to its U.S. customers.
“Today’s enforcement action demonstrates that there is no location, or claimed lack of location, that will prevent the CFTC from protecting American investors,” said CFTC Chairman Rostin Behnam in a press release. “For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance.”
Binance sees increase in withdrawals after CFTC sues the exchange
Since the lawsuit was announced, $169 million was withdrawn from the exchange against just $46 million of deposits, a net outflow of $123 million.
Will there be any platforms left standing? Well, yes, the USA is far too loud in English-language news. The only thing we are really learning is how the USA is being accelerated into a controlled totalitarian state. This is, indeed, a protection racket, but it isn't to protect the public.
Looks bad
Binance vs. CFTC: Latest court battle could alter crypto landscape in US
How US Regulators Are Choking Crypto in Wake of Banking Collapses
On March 27, Haun Ventures founder and Coinbase board member Katie Haun wrote an article about how U.S. financial regulators are intentionally stifling the crypto industry.
https://www.wsj.com/articles/us-regulators-choke-point-for-crypto-blockchain-occ-framework-backdoor-fdic-banks-warning-8b426152 (paywalled)
destroy and plunder
lmfao - just click it to see the "potentially sensitive content" aka unpalatable truths
"financial stability" is bankster-speak for "monetary control".
What they really really deeply hate is that crypto has exposed a parallel system to the central banksters.
One thing to remember is that even the scams are reported in a scammy way. eg, some shitcoin rakes in $1m, valuing it at $500m, they rugpull and somehow "lose" $500m of "value" when nobody has actually lost that - there was only ever $1m input.
Binance US could be shut down even with CFTC settlement
Banksters do the same, but have the wit to keep such things in separate companies and/or in the shadows.
CZ’s Response to the CFTC Complaint
https://www.binance.com/en/blog/from-cz/czs-response-to-the-cftc-complaint-2408916493005890282
But they want MORE!
I still suspect that some people really hate CZ for side-stepping the FTX fuckup.