Bitcoin and Ether are down 3% after CFTC sued Binance and its CEO over US regulatory violations
The news also spurred ether outflows from Binance to the tune of hundreds of millions of dollars over 24 hours,The US regulator said in athat Binance breached eight provisions of the Commodity Exchange Act.
The CFTC said Binance"lucrative and commercially important 'VIP'" customers, including institutional customers in the US while disregarding registration and regulatory requirements under the US law. The federal agency is requesting the court to order monetary penalties on the exchange, as well as trading and registration bans.
"Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," he added. A Binance spokesperson told Insider in an emailed response for comment late Monday that the exchange has made"significant investments" over the past two years to ensure it doesn't have active US users on its platform. Measures include ramping up its compliance team by more than seven times and spending an additional $80 million on external partners to support its compliance program.
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