Binance Investigated by US Authorities Over Whether US Residents Traded- PingWes...
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Binance Investigated by US Authorities Over Whether US Residents Traded
March 13, 2021 0:36 amBeijing (PingWest)—Major crypto exchange Binance is being investigated by the US Commodity Futures Trading Commission (CFTC) over concerns that it allowed Americans to place wagers that violated US rules, Bloomberg reported, citing undisclosed people familiar with the matter.
Binance doesn’t currently directly serve US residents, having set up a San Francisco-based entity specifically for the purpose in mid-2019. Binance.US began operating in September of that year.
The CFTC is seeking to determine whether Binance, which isn’t registered with the agency, permitted US residents to buy and sell derivatives that the regulator polices, the report said, adding that the platform hasn’t been accused of wrongdoing.
According to the CTFC, cryptocurrencies like Bitcoin are commodities. As a result, the CTFC believes it should have regulatory power over these assets, and so any trading that involves their futures or derivatives would need to be overseen directly by the regulatory agency.
The crypto exchange announced on Thursday that it has hired Maxwell Baucus, former US senator and ambassador to China, to provide guidance and advice to the firm and work with US regulators.
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