Binance under CFTC investigation over trading activities

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legendary

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Quote from: slaman29 on March 13, 2021, 09:55:29 AM

Not just 'Binance actually. After Bitmex, every exchange would be on their toes to make sure they're not allowing US citizens to go trade on their platforms. Can't imagine they still would let them though. I think VPN users aren't a good reason for US regulators apparently. Hello strict KYC at some point I guess?

Agreed. However the American government cannot take down all the exchanges at once. Different government agencies will take down only one at a time and I reckon it will be the biggest one to scare all the other exchanges.

magneto

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Everyone knew that it was going to be a matter of time before Binance would get cracked down upon.

The 2 BTC/day without KYC limit was simply not sustainable in terms of compliance. And regulators for a while condoned this behaviour since BTC prices were dying down and market volumes weren't that great anyway.

But now they're seeing millions in lost tax revenue given the price of BTC, which is something that they absolutely hate to pass up. It'll be interesting to see CZ's response to this, although I doubt the no-KYC scheme can feasibly continue for any meaningful amount of time.

slaman29

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Not just 'Binance actually. After Bitmex, every exchange would be on their toes to make sure they're not allowing US citizens to go trade on their platforms. Can't imagine they still would let them though. I think VPN users aren't a good reason for US regulators apparently. Hello strict KYC at some point I guess?

bbc.reporter

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This is the type of harrasment that this American government does to try the service and if they can find something to use as pressure against the service. Wait for the SEC and the IRS to come after binance.us also. I speculate Binance is next target after Bitmex?

Crypto exchange Binance is reportedly being investigated by the U.S. Commodity Futures Trading Commission (CFTC) over concerns surrounding whether it allowed U.S. investors on the platform.

According to a Bloomberg report on Friday, which cited anonymous sources, the CFTC is seeking to determine whether Binance has allowed residents in the U.S to buy and sell crypto derivatives products while not being registered under the government agency's oversight. The report noted that the exchange "hasn't been accused of wrongdoing."

Read in full https://www.theblockcrypto.com/linked/98138/binance-us-investigation-report

Topic: Binance under CFTC investigation over trading activities (Read 63 times)