{"id":312761,"date":"2023-03-27T23:01:37","date_gmt":"2023-03-27T22:01:37","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=312761"},"modified":"2023-03-27T23:01:37","modified_gmt":"2023-03-27T22:01:37","slug":"crypto-twitter-reacts-to-cftc-lawsuit-against-binance","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/crypto-twitter-reacts-to-cftc-lawsuit-against-binance\/","title":{"rendered":"Crypto Twitter reacts to CFTC lawsuit against Binance"},"content":{"rendered":"<p>Binance, the largest cryptocurrency exchange in the world, and its CEO Changpeng Zhao have been <a href=\"https:\/\/www.docdroid.net\/60YAbCz\/cftc-binance-pdf\">sued<\/a> by the US Commodity Futures Trading Commission (CFTC) for allegedly operating an &#8220;illegal&#8221; exchange and a compliance program officials have deemed &#8220;a calculated strategy of regulatory arbitrage.&#8221;<\/p>\n<p>The suit, <a href=\"https:\/\/www.cftc.gov\/PressRoom\/PressReleases\/8680-23\">released<\/a> on March 27, is part of a broader crackdown on cryptocurrency companies.<\/p>\n<p>According to the CRTC, Binance &#8220;offered and executed commodity derivatives transactions on behalf of US persons,&#8221; contravening US laws, and the exchange's compliance program has been &#8220;ineffective.&#8221;<\/p>\n<blockquote><p>\u201cFor years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. This should be a warning to anyone in the digital asset world that the CFTC will not tolerate willful avoidance of U.S. law,&#8221; the suit released on Monday alleges.<\/p><\/blockquote>\n<p>The CFTC further alleges that Binance, under the direction of Zhao, instructed employees and customers to circumvent compliance controls. The former Chief Compliance Officer, Samuel Lim, is also accused of &#8220;aiding and abetting&#8221; Binance's violations.<\/p>\n<p>A spokesperson for Binance also said that the company has made &#8220;significant investments&#8221; to ensure that US users are not present on its platform, but according to CFTC Chairman Rostin Behnam, Binance's executives were aware for years that they were violating CFTC rules and were actively working to keep U.S. regulators out of the loop.<\/p>\n<p>Binance, per a <a href=\"https:\/\/www.reuters.com\/legal\/crypto-exchange-binance-its-ceo-sued-by-cftc-over-regulatory-violations-2023-03-27\/\">report<\/a> in Reuters, stated that in response to the allegations that it will continue to &#8220;collaborate&#8221; with regulators despite the lawsuit being &#8220;unexpected and disappointing.&#8221;<\/p>\n<p>Predictably, broader reactions from across crypto Twitter have been streaming in.<\/p>\n<h2>CryptoSlate's own James Straten takes stock of the Binance war chest<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&ref_src=twsrc%5Etfw\">#Binance<\/a> has a war chest of roughly $35B; in actual liquid assets, they have nearer to $30B. <\/p>\n<p>They hold in the POR roughly 420k <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&ref_src=twsrc%5Etfw\">#BTC<\/a> roughly ($11.5B)<br \/>Stablecoins is roughly $10B<br \/>ETH roughly $8B <a href=\"https:\/\/t.co\/PyYUxOMiul\">pic.twitter.com\/PyYUxOMiul<\/a><\/p>\n<p>&mdash; James V. Straten (@jimmyvs24) <a href=\"https:\/\/twitter.com\/jimmyvs24\/status\/1640419120297672705?ref_src=twsrc%5Etfw\">March 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>But the real chart alpha goes to<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I present to you CZ at his finest as chart artists \ud83d\ude02. <a href=\"https:\/\/t.co\/qadh6aEAtA\">pic.twitter.com\/qadh6aEAtA<\/a><\/p>\n<p>&mdash; CryptoAnalyst (@web3tokenomics) <a href=\"https:\/\/twitter.com\/web3tokenomics\/status\/1640352261049135105?ref_src=twsrc%5Etfw\">March 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Withdrawals appear to be surging<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">ANALYSIS: <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&ref_src=twsrc%5Etfw\">#Binance<\/a> withdrawals surged following a lawsuit by the Commodities Futures Trading Commission, while Nansen data indicates Binance holds $63.7 billion in cryptocurrencies. <a href=\"https:\/\/t.co\/9rSfjTqvJg\">pic.twitter.com\/9rSfjTqvJg<\/a><\/p>\n<p>&mdash; Coingraph | News (@CoingraphNews) <a href=\"https:\/\/twitter.com\/CoingraphNews\/status\/1640435359468355584?ref_src=twsrc%5Etfw\">March 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Watcher Guru narrows in on an important point.<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">JUST IN: \ud83c\uddfa\ud83c\uddf8 CFTC lawsuit alleges 300 <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&ref_src=twsrc%5Etfw\">#Binance<\/a> accounts associated with its CEO were exempt from the company&#39;s &quot;insider trading&quot; policy. <a href=\"https:\/\/t.co\/Z7DPHHS5fH\">pic.twitter.com\/Z7DPHHS5fH<\/a><\/p>\n<p>&mdash; Watcher.Guru (@WatcherGuru) <a href=\"https:\/\/twitter.com\/WatcherGuru\/status\/1640379251378597889?ref_src=twsrc%5Etfw\">March 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>It wouldn't be 2023 without AI<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">CZ right now&#8230; <a href=\"https:\/\/twitter.com\/cz_binance?ref_src=twsrc%5Etfw\">@cz_binance<\/a><br \/> <a href=\"https:\/\/twitter.com\/hashtag\/Istandwithbinance?src=hash&ref_src=twsrc%5Etfw\">#Istandwithbinance<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Binance?src=hash&ref_src=twsrc%5Etfw\">#Binance<\/a>\u202f\u202f\u202f <a href=\"https:\/\/twitter.com\/hashtag\/CZBinance?src=hash&ref_src=twsrc%5Etfw\">#CZBinance<\/a> <a href=\"https:\/\/t.co\/cpo8kLHDt1\">pic.twitter.com\/cpo8kLHDt1<\/a><\/p>\n<p>&mdash; Evil Maniac \uea00 \ud83c\udd79\ud83c\udd74\ud83c\udd75\ud83c\udd74 (@TheEvilManiac) <a href=\"https:\/\/twitter.com\/TheEvilManiac\/status\/1640379394962124803?ref_src=twsrc%5Etfw\">March 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>ASH WSB calls FUD<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">CZ and Binance getting sued was kind of expected coz almost every exchange is getting sued for one thing or another. <\/p>\n<p>I don\u2019t think there is any reason to panic. Possible outcome will be Binance pays fine and then business as usual. <\/p>\n<p>Many will spread fud for engagement.<\/p>\n<p>&mdash; Ash WSB (@Ashcryptoreal) <a href=\"https:\/\/twitter.com\/Ashcryptoreal\/status\/1640398617453416449?ref_src=twsrc%5Etfw\">March 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Just traders are just trying to stay afloat.<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Accountant: &quot;In March 2023, why did you swap BUSD to USDC then to USDT then withdrew it to Binance then to Coinbase then to your bank account back to Kraken back to Binance and then to Bybit?&quot;<\/p>\n<p>Me: &quot;Just trying not to get rugged.&quot; <a href=\"https:\/\/t.co\/eJ7CLxw19C\">pic.twitter.com\/eJ7CLxw19C<\/a><\/p>\n<p>&mdash; Tree of Alpha (@Tree_of_Alpha) <a href=\"https:\/\/twitter.com\/Tree_of_Alpha\/status\/1640382544175587328?ref_src=twsrc%5Etfw\">March 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Others worry about crypto contagion<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Negative Impact on the Cryptocurrency Industry: The legal troubles faced by Binance and its CEO could cast a shadow over the broader cryptocurrency industry. This may lead to increased regulatory scrutiny for other exchanges and platforms, \/39<\/p>\n<p>&mdash; Plan P(research) \ud83c\uddea\ud83c\uddfa\ud83c\uddfa\ud83c\uddf8 (@cryptolegacy20) <a href=\"https:\/\/twitter.com\/cryptolegacy20\/status\/1640441576609415169?ref_src=twsrc%5Etfw\">March 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>CZ per usual<\/h2>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"qst\" dir=\"ltr\">4<\/p>\n<p>&mdash; CZ \ud83d\udd36 Binance (@cz_binance) <a href=\"https:\/\/twitter.com\/cz_binance\/status\/1640372505046052866?ref_src=twsrc%5Etfw\">March 27, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><strong><em>Read more: <a href=\"https:\/\/cryptoslate.com\/binance-calls-cftc-charges-unexpected-says-it-will-cooperate-with-regulators\/\">Binance calls CFTC charges \u2018unexpected,\u2019 says it will cooperate with regulators<\/a><\/em><\/strong><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance, the largest cryptocurrency exchange in the world, and its CEO Changpeng Zhao have been sued by the US Commodity Futures Trading Commission (CFTC) for allegedly operating an &#8220;illegal&#8221; exchange and a compliance program officials have deemed &#8220;a calculated strategy of regulatory arbitrage.&#8221; The suit, released on March 27, is part of a broader crackdown [&hellip;]<\/p>\n","protected":false},"author":1406,"featured_media":307240,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120],"tags":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Twitter reacts to CFTC lawsuit against Binance<\/title>\n<meta name=\"description\" content=\"Binance CEO and exchange sued by US regulator for alleged &quot;Illegal&quot; activity and ineffective compliance program.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/crypto-twitter-reacts-to-cftc-lawsuit-against-binance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Twitter reacts to CFTC lawsuit against Binance\" \/>\n<meta property=\"og:description\" content=\"Binance CEO and exchange sued by US regulator for alleged &quot;Illegal&quot; activity and ineffective compliance program.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/crypto-twitter-reacts-to-cftc-lawsuit-against-binance\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-27T22:01:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/binance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dorian Batycka\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dorian Batycka\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/crypto-twitter-reacts-to-cftc-lawsuit-against-binance\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/crypto-twitter-reacts-to-cftc-lawsuit-against-binance\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/#person\",\"name\":\"Dorian Batycka\",\"url\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/dorian-batycka\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/dorian-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/01\/dorian-author-300x300.jpg\",\"caption\":\"Dorian Batycka\"},\"jobTitle\":\"Contributor\",\"description\":\"Dorian Batycka is a journalist interested in art and technology. 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