CFTC Chief Says Binance Intentionally Flouted US Regulations

The head of Commodity Futures Trading Commission admonished Binance Holdings Ltd over its compliance with US rules after the derivatives regulator sued the crypto exchange and its chief executive last month for a litany of alleged violations.

“These are not unsophisticated individuals,” CFTC Chairman Rostin Behnam said Thursday at an event hosted by Princeton University. “They are starting large companies and offering futures contracts and derivatives to US customers.”

Rostin Behnam, chairman of US Commodity Futures Trading Commission

Photographer: Ting Shen/Bloomberg

In one of the most significant moves by Washington to crack down on a crypto firm, the CFTC last month accused Binance of “sham” compliance with US derivatives regulations, including ...