Best Crypto to Buy Now 27 March – LTC, CFX, MASK
The cryptocurrency market was caught off guard today as news broke of a CFTC lawsuit targeting leading crypto exchange Binance and its CEO, Changpeng Zhao.
How might the recent developments in the ongoing conflict between regulatory authorities and the cryptocurrency industry affect the best cryptos to buy now?
The Commodity Futures Trading Commission (CFTC) initiated the legal proceedings, alleging that both Binance and Zhao have breached regulatory norms.
The lawsuit, filed in a federal court in Chicago on Monday, focuses on alleged transgressions related to trading and derivatives regulations.
The CFTC's legal filing states that Binance has, from July 2019 onward, actively sought and processed orders involving spot and derivative transactions from U.S. clients without the requisite registration with the regulatory authority.
Additionally, the CFTC argues that Binance has deliberately hidden the locations of its central offices.
Zhao has been quoted as saying that the primary location of Binance is wherever he happens to be at in any given moment.
The legal action further claims that Binance and its leadership have intentionally facilitated breaches of U.S. legislation.
Among other accusations, the exchange is said to have advised U.S. clients to utilize virtual private networks (VPNs) to circumvent compliance measures and to have permitted clients to trade on the platform without providing verification of identity or residence.
The lawsuit also alleges that Binance encouraged VIP clients with assets based in the U.S. to set up accounts using fictitious business entities to avoid compliance protocols.
The objectives of the CFTC in filing the lawsuit include terminating Binance's allegedly illicit activities and compelling the
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