An advertisement for Bitcoin cryptocurrency is displayed on a street in Hong Kong, on Feb. 17, 2022. (AP Photo/Kin Cheung, File)
The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Changpeng Zhao, CEO of Binance, one of the last remaining major crypto exchanges. The suit charges that the platform
The suit charges that Zhao knowingly violated numerous laws under the Commodity Exchange Act by maintaining an "intentionally opaque common enterprise."
“Today’s enforcement action demonstrates that there is no location, or claimed lack of location, that will prevent the CFTC from protecting American investors," CFTC Chairman Rostin Behnam said in a press release. "I have been clear that the CFTC will continue to use all of its authority to find and stop misconduct in the volatile and risky digital asset market."
Samuel Lim, Binance’s former chief compliance officer, is also named in the suit.
“For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance," Behnan continued. "This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law."
Bambu Ventures's Kyle Pretsch dives into Lemonaid’s $10M buyout, down from 23andMe’s $400M price tag, and what’s next after Chrome Co.’s dramatic pivot.
Former Cisco Systems CEO John Chambers learned all about technology’s volatile highs and lows as a veteran of the internet’s early boom days during the late 1990s and the ensuing meltdown that followed the mania. And now he is seeing potential signs of the cycle repeating with another transformative technology in artificial intelligence. Chambers is trying take some of the lessons he learned while riding a wave that turned Cisco into the world's most valuable company in 2000 before a crash hammered its stock price and apply them as an investor in AI startups. He recently discussed AI's promise and perils during an interview with The Associated Press.
Grove Collaborative’s CEO shares how the company is reinventing everyday goods with sustainability at the core and working toward a plastic-free future.
Atlanta Mayor Andre Dickens shares plans for affordable housing, community-led growth, and why private and public grocery stores could be key to food equity.