Binance.US saw upwards of $100 million per day at the start of the year. Binance.US has struggled to maintain banking partners following recent cases filed by US agencies.īinance’s US exchange processes a fraction of the trade volume reported by the global platform - just $11.5 million over the past day compared to $7.1 billion, according to CoinGecko. The holding company behind Binance is registered to the Cayman Islands but the exchange reportedly claims to have no official headquarters.īinance still maintains a US-centric operation, Binance.US, however that platform doesn’t offer derivatives such as perpetual futures contracts, or margin trading. Zhao initially responded to the allegations in a blog post, claiming that the lawsuit contains an “incomplete recitation of facts” and refuted the “characterization of many of the issues alleged in the complaint.” Binance.US volume dwindles amid CFTC, SEC lawsuits “The defendants’ own emails and chats reflect that Binance’s compliance efforts have been a sham and Binance deliberately chose - over and over - to place profits over following the law.” “Defendants’ alleged willful evasion of US law is at the core of the Commission’s complaint against Binance,” said Gretchen Lowe, CFTC’s enforcement division chief counsel in March. Lim also intends to join portions of the motion put forth by the foreign Binance entities and Zhao. The foreign Binance entities along with CEO Zhao intend to jointly submit their dismissal motion, while Lim intends to file a separate motion, per the document.

The CFTC alleges that Binance has conducted commodity derivatives transactions on behalf of individuals in the US since July 2019.īinance and top executives, including former chief compliance officer Samuel Lin, deliberately ignored regulations to hide its operations, the regulator has claimed.

Binance, along with founder Changpeng Zhao and associated companies, plan to file a motion to dismiss a March lawsuit filed by the US Commodity Futures Trading Commission (CFTC).Īccording to documents filed Monday, their motion for dismissal - due by Thursday - will come in excess of a 15-page limit allowed by default, so they’ve requested permission to lodge a longer document.

Binance ceo zhao 20b