US regulator sues top crypto exchange Binance, CEO for 'willful evasion'

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US regulator sues top crypto exchange Binance, CEO for 'willful evasion'
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The world's biggest crypto exchange Binance and its CEO and founder Changpeng Zhao were sued by the U.S. Commodity Futures Trading Commission (CFTC) on Monday for operating what the regulator alleged were an 'illegal' exchange and a 'sham' compliance programme.

Binance's cryptocurrency BNB, the world's fourth largest by market size, dropped around 4% on the news.

In a tweet on Monday afternoon, he wrote "4" - a reference to a previous post listing his "Do's and Don'ts" for 2023. The fourth item on the list was "Ignore FUD, fake news, attacks," using an acronym for "fear, uncertainty and doubt" often used in crypto in relation to news perceived as negative.Founded in Shanghai in 2017, Binance sits at the heart of the global crypto industry. Its core Binance.

Binance did not require customers to submit information verifying their identity before trading and "failed to implement basic compliance procedures designed to prevent and detect terrorist financing and money laundering," the CFTC said. Zhao kept information reflecting Binance's U.S. customer base secret from some senior managers, CFTC said. In October 2020, Zhao directed Binance personnel to replace the U.S. value for some data fields in Binance’s internal database with "UNKWN", it said.

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