Binance is once again fight off regulator , take the Commodity Futures Trading Commission ’s ( CFTC ) lawsuit is an overreach of U.S. law . The largest cryptocurrency exchange in the world say the federal agency is attempt to regulate extraneous individual and corporations function outside the US .
“ U.S. law governs domestically but does not control the Earth . Congress did not make the CFTC the world ’s derivatives law , ” Binance sound out in anIllinois court filingon Monday as first recognize byCoindesk .
The CFTCsued Binance in Marchfor offering unregistered crypto derivatives . Though the crypto interchange operate outside of the U.S. , the CFTC order Binance , and its CEO Changpeng Zhao , directly target U.S. securities industry participant , and must therefore play by the delegacy ’s rules .
CEO of Binance, Changpeng ZhaoPhoto: Zed Jameson/Bloomberg (Getty Images)
Binance ring the CFTC suit ’s language “ arsonist , ” saying that its U.S. domestic line of work is handled by a freestanding entity , Binance . US , and the type should be sack . It says the CFTC ’s attack on non - US suspect is “ a Trojan horse in club to achieve worldwide regulatory range — which would have consequences far beyond this case , ” in the Monday filing .
However , Binance is facing regulation from more than one US regulator , include alawsuit from the SECand aDepartment of Justice investigation .
Binance and the CFTC did not straightaway react to Gizmodo ’s request for remark .
Binance ’s latest pushback against U.S. regulation come as the price of Bitcoinrises above $ 35,000 , the highest cost since May 2022 , on the excitement that “ crypto winter ” is melt . That price has n’t been see before thedownfall of FTX , and it ’s fueled by speculation thatGrayscale ’s Bitcoin ETFwill soon be approved , start the sluicegate on safe ways to invest in cryptocurrency .
US regulators have descend down hard on crypto ’s large players in the last year . FTX founderSam Bankman - Friedcurrently sits on visitation for shammer with the DOJ . Genesis , Gemini , andthe Winklevoss twinsare also facing fraud allegation in a suit from the New York Attorney General .
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