On Monday, the U.S. Commodities Futures Trading Commission (CFTC) filed a lawsuit against Binance and its founder Changpeng Zhao, alleging that the business knew it was breaking the law by offering unregistered crypto derivatives products in the United States.
The lawsuit, which was submitted on Monday to the U.S. District Court for the Northern District of Illinois, claimed that Binance ran a derivatives trading business in the country and provided trades for a variety of cryptocurrencies, including bitcoin (BTC), ether (ETH), litecoin (LTC), tether (USDT), and Binance USD (BUSD), which it referred to as commodities. The lawsuit also claimed that Zhao, the company's head, gave orders to staff members to use virtual private networks to disguise their whereabouts.