CFTC Investing Binance Trades

The Commodity Futures Trading Commission (CFTC) reviews the March 12 Bloomberg report regarding the probe to check whether the U.S Residents were making trades on Binance, the most extensive exchange trading account in world trade.

The U.S regulator wants to know if citizens can trade derivatives in exchange. While sticking to the updates, the Binance platform says regulatory compliance is taken “very seriously” by them, says Changpeng in a tweet.

At present, it is not clear whether the ongoing investigation will lead to any enforcement action. In July 2019, Bloomberg reported that CFTC had launched an investigation into BitMex to determine whether Americans could place their bets on the controversial transfer.

They concluded in October 2020, where Bitmex co-founders were fined for offering unregistered trading to the users. On the news, Bitcoin fell 4.53 percent to $ 55,011 on the Bitstamp exchange.

In October, Forbes leaked the “Tai Chi” document, claiming that the U.S. had set up a subsidiary in the country that sends profits to parent exchanges. Explains how Binance wants to overcome sanctions. Thus denying the allegation, Binance filed a defamation suit against the outlet, denouncing the leak’s authenticity, but dropped the case this February. In November 2019, the firm started banning its U.S users after launching its Binance U.S arm.

Also Read: Peter Schiff’s Converted 100% of his Portfolio in Bitcoin