TikTok isn’t the only tech giant that the US Government is currently taking aim at. The world’s largest crypto trading platform, Binance is also under fire, having been accused by US regulators of operating in the country illegally.
A lawsuit from the Commodity Futures Trading Commission (CFTC) says that Binance has been cultivating US business but failing to register properly with the relevant authorities. Binance, for their part, denies this, saying that it makes “significant investments” to ensure that US users don’t use the platform, including blocking US phone numbers from the platform.
Binance said: “This filing is unexpected and disappointing as we have been working collaboratively with the CFTC for more than two years. Nevertheless, we intend to continue to collaborate with regulators in the US and around the world. The best path forward is to protect our users and to collaborate with regulators to develop a clear, thoughtful regulatory regime.”
An important thing to point out is that Binance, the world’s largest centralised exchange for digital assets, is led by Chinese-born Canadian billionaire Changpen Zhao, who was named in the complaint.
The CTFC has accused Binance of having never properly registered with the relevant US laws since its introduction to the country in 2019.
