Binance vs CFTC

 

Binance prepared a response to the US CFTC lawsuit. The American regulator accuses the crypto exchange of intentionally executing purchase and sale orders for Crypto and fiat made by US by individuals and legal entities. CFTC insists that this requires special registration. Lawsuits are also filed against the current and ex-CEO of Binance.

The exchange’s response was strong and reasoned. Lawyers' objections were limited by two main arguments:

1. The CFTC attempts to translate American legislation into foreign jurisdictions. Neither Binance nor its executives are affiliated with the United States, nor operate on American territory, nor are they required to follow American law.

2.  The exchange is an intermediary only giving clients the opportunity to conclude free trade transactions.

Binance has become a target for financial regulators around the world, besides the US CFTC, lawsuits have been filed by the SEC and financial authorities of several European countries. Despite the pressure, the exchange continues to operate and tries to defend itself.

Lado Okhotnikov, CEO of Meta Force confirmed that the world’s largest crypto exchange is in a difficult position.

“It is obvious that we are dealing with a large-scale campaign. The charges aren’t just against the stock exchange, they’re against the entire cryptocurrency community. I’m not sure they can beat the US CFTC in the court. Americans have long used the tool of internationalizing their domestic legislation, although this seems absurd. By that logic, anywhere in the world, if you’re doing a favor for an American citizen, you have to follow American law. Unfortunately, the lack of logic has become a new normality...»

 

#Binance #CFTC #Lawsuits