Report: CFTC probes Binance over trading activities
Major cryptocurrency exchange Binance Holdings Ltd is being investigated by the Commodity Futures Trading Commission (CFTC) over concerns that it allowed traders from the U.S. to place trades that violated the rules of the country.
According to Bloomberg News, the CFTC is investigating if the company, which is not licensed by the agency, allowed U.S. residents to bet on derivatives.
No case of misconduct
The CFTC is an agency that regulates the derivatives market in the U.S. The agency has not accused Binance of any wrongdoing and the investigation may not lead to prosecution.The news of the probe comes after Binance announced the appointment of Max Baucus to help the exchange navigate the U.S. regulatory landscape.
Baucus served many years in the U.S. Senate and served as the Ambassador to China from 2014 to 2017 during the Barack Obama administration.
Despite the probe, Binance founder and CEO Changpeng Zhao is unfazed by the report and called the investigation FUD amid a bull market.
Just a distraction
While dismissing the matter, Zhao tweeted that “it’s not a bull market without some FUD.”"Keep BUIDLing," is Zhao's message.
The exchange has evolved into a major ecosystem and one of the leading companies in the cryptocurrency sector.
Binance launched its own blockchain, Binance Smart Chain, which is seen by many as a competitor to Ethereum in the DeFi and NFT sectors.
Binance’s native cryptocurrency, BNB, dropped nearly 7% after the news broke out. In the past 24 hours, BNB has dropped from $286 to $268 at the time of writing.
[caption id="attachment_35815" align="alignnone" width="1075"]
BNB falls 7% after probe reports. |Source: CoinMarketCap[/caption]
In December last year, the XRP token was on a high until the SEC charged its affiliate company Ripple with selling unregistered tokens.
The U.S. tightens regulatory screws on the crypto industry
This is not the first time that agency has investigated a well-known cryptocurrency exchange.In July 2019, the regulator began an investigation into whether BitMex, a Seychelles-based cryptocurrency derivatives exchange, allowed U.S. citizens to trade on its platform.
The probe led to a formal indictment by the agency and the U.S. Department of Justice pressed charges against BitMEX's co-founders. Some of BitMEX’s co-founders are on the run, and Cryptonary recently reported that Arthur Hayes, who is in Singapore, and Samuel Reed may surrender to U.S. authorities.
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