US accuses Binance of illegal operations

The United States regulators are seeking to impose a ban on the world’s largest crypto trading platform, Binance.Information Guide Nigeria

According to VANGUARD, he alleged that the firm has breached financial laws and are operating in the country illegally.

BBC reports that the lawsuit from the Commodity Futures Trading Commission (CFTC) said the firm cultivated US business while failing to register properly with authorities.

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US accused Binance of breaking numerous US financial laws, including rules intended to frustrate money laundering, but the cryptocurrency firm defended its practices.NYSC Portal

According to VANGAURD, it said it had made “significant investments” to ensure that US users were not active on the platform, including blocking users identified as American citizens or residents, or who had a US mobile number.

“This filing is unexpected and disappointing as we have been working collaboratively with the CFTC for more than two years. Nevertheless, we intend to continue to collaborate with regulators in the US and around the world.” Binance said.

“The best path forward is to protect our users and to collaborate with regulators to develop a clear, thoughtful regulatory regime.”

Rostin Behnam, CFTC chairman said the government filed the case to protect American investors and it should serve as a broader caution to those working in the crypto sector.

Behnam said, “For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning that the CFTC will not tolerate wilful avoidance of US law.”JAMB Result

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