The chairman of the US Commodity Futures Trading Commission (CFTC) Rostin Behnam while speaking with the CBNC on Tuesday made a bold statement regarding Binance’s case with the agency, alleging that the exchange intended to evade the law.
“This seemed to be a pretty clear case of evasion and something that we needed to step in aggressively with and do it as quickly as possible because this was an ongoing fraud – going back to 2019 – and ongoing violation of the Commodity Exchange Act,” said Behnam while speaking to CNBC.
“We feel pretty confident in this case, obviously something that we care about deeply and that we’ve been on top of for several years in this crypto space,” Behnam furthered.
On Monday, the US agency CFTC sued the crypto exchange Binance and its CEO, alleging that the exchange offered unregistered crypto derivatives products in the US, an allegation which was described by Binance’s CEO as “an incomplete recitation of facts.”
Meanwhile, Monday’s court filing revealed some internal chats from Binance, including that of the exchange chief compliance Samuel Lim who allegedly said:
“On the surface we cannot be seen to have US users but in reality we should get them through other creative means.”
Behnam also said that Binance told clients to use virtual private networks (VPNs) to hide their locations so that they could access global markets online.
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