CFTC may ask Binance to suspend operations in the US: Bernstein | coindesk JAPAN | Coindesk Japan

The U.S. Commodity Futures Trading Commission (CFTC) could ask cryptocurrency exchange Binance to cease operations in the U.S. as part of the terms of the settlement, Bernstein said in March. He said in the investigative report on the 28th.
Bernstein’s report sued the exchange and its founder, Changpeng Zhao, for offering unregistered derivatives trading to U.S. citizens and willfully circumventing the country’s laws. later published.
CFTC accuses Binance of violating futures trading and off-exchange options laws, failure to register as futures commission dealer, designated contract market, swap enforcement agency, and Know Your Customer (KYC) or Anti-Money Laundering (AML) processes are doing.
Binance US is a minor player in the overall Binance business, accounting for less than 5% of the total.
Given that cryptocurrency trading is a global business, Binance will “seek to protect its dominant international business in its cash cows such as Europe, Africa and Australia,” said analyst Gautam Chugani. Gautam Chhugani and Manus Agrawal wrote:
Bernstein said the regulatory action was “irrelevant for the cryptocurrency market as a whole” because Binance US’s business is not important, and the “regulatory story” pivots from the US to Hong Kong and China. The company said it does not believe the news will trigger a big sell-off in the market, as it is believed to move. Hong Kong’s retail cryptocurrency market is expected to open from June 1st.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is trading at $27,047, down 2.8% at the time of writing.
Bernstein continues to expect regulatory positives in Hong Kong and China to offset negative news emanating from the US market until a regulatory shift occurs in the US.
｜Translation: coindesk JAPAN ｜Editing: Toshihiko Inoue ｜Image: Shutterstock ｜Original: CFTC Could Force Binance to Cease US Operations as Part of Settlement: Bernstein

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