CFTC: U.S. regulators wanted to step in aggressively on Binance

WASHINGTON (Reuters) – Exercise at Binance was a fairly clear case of evasion and U.S. authorities wanted to step in aggressively and as rapidly as doable, the chairman of the Commodity Futures Buying and selling Fee mentioned on Tuesday.

The U.S. company sued Binance, the world’s largest crypto change, on Monday.

“This gave the impression to be a fairly clear case of evasion and one thing that we would have liked to step in aggressively with and do it as rapidly as doable as a result of this was an ongoing fraud – going again to 2019 – and ongoing violation of the Commodity Trade Act,” CFTC Chairman Rostin Behnam mentioned in an interview with CNBC.

Behnam mentioned Binance was a typical enterprise comprised of dozens and dozens of entities scattered throughout the globe.

“Not having a headquarters, not having a location is just not going to stop the CFTC from coming after you,” he mentioned.

Benham mentioned it was clear that management of the enterprise got here from Binance CEO Changpeng Zhao and there was clear documentation of an intent to evade the regulation.

“So we’ll vigorously proceed and battle this case in court docket,” he instructed the CFTC.