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Binance sued by U.S. watchdog over registration rules

CEO Changpeng Zhao also named in complaint alleging customer regulations were ignored

Changpeng Zhao is chief executive of Binance, the world’s largest crypto trading exchange.    © Reuters

LONDON/WASHINGTON (Financial Times) -- A U.S. financial regulator has accused Binance and its chief executive, Changpeng Zhao, of operating illegally in the country, in the latest blow to the world's largest crypto trading exchange.

The Commodity Futures Trading Commission alleged in a civil complaint filed on Monday that much of Binance's reported trading volume and profitability have come from "extensive solicitation of and access to" U.S. customers, contradicting the exchange's claims.

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