CFTC Charges Changpeng Zhao With 'Knowingly' Violating Federal Law

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." 

More In Business

Here’s why Harvey Weinstein’s New York Rape Conviction was Tossed Out

The decision Thursday by the New York Court of Appeals reopens a painful chapter in America’s reckoning with sexual misconduct by powerful figures.

US Abortion Battle Rages on with Moves to Repeal Arizona Ban

California's governor has opened his state not only to Arizona patients seeking abortion but also their Arizona-based doctors.

Lightspeed Partner Talks Early Investment In Rubrik

Lightspeed co-foudner, Ravi Mhatre, sits down with Cheddar the NYSE to discuss why it invested in Rubrik early on and celebrates the company's IPO.

How Elf Labs Is Reimagining Some Of Your Favorite Fictional Characters

Elf Labs CEO, David Phillips, speaks to Cheddar about how the company came to be and how it is bringing forth fairytale characters in new and exciting ways.

Uh Oh: The U.S. Economy Has Signs of a ‘Mild’ Recession

Don’t panic just yet, but it's starting to look like the economy is slowing down… AKA heading into what one analyst calls a ‘mild form of a recession.’

How Certainly Health Makes Medical Bills More Transparent

CEO of Certainly Health, Kevin Chiu, joins Cheddar to discuss how his company aims to make what is in your medical bills more transparent.

From Boeing to Meta: The Highs and Lows of Earnings Season (So Far)

With 40% of the S&P 500 reporting earnings this week, Cheddar correspondent Alison Kosik breaks down the highlights.

Not All A.I. Stocks Are Created Equally

With every company touting their new A.I. projects, one analyst cautions investors not all companies will grow as much as Nvidia.

Elon Musk Is the Only Tesla CEO ‘Who Can Ride it Out’

After an unsteady Q1 led to Tesla’s biggest sales drop in over a decade, one analyst says he still believes Elon Musk is the right leader.

The U.S. Just ‘Banned’ TikTok. Here’s What That Means for Your Account

President Biden signed a law requiring TikTok’s Chinese owner to sell the company. What happens next all comes down to the value of that algorithm.

Load More