Binance and CEO Fined Over $4 Billion for Allowing Unregistered Crypto Trading by US Customers
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CFTC fines Binance and Changpeng Zhao over $4.3 billion, including a $50 million personal fine for Zhao, for allowing US customers to trade unregistered crypto derivatives
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CFTC Commissioner says "access to US customers is a privilege, not a right" signaling aggressive pursuit of crypto exchanges violating laws
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CFTC notes there will be no tolerance for using VPNs or other actions to circumvent KYC rules and block US users
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Commissioner Caroline D. Pham states CFTC reach has no borders in pursuing non-US entities
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Actions against Binance and Zhao come amid ongoing case against FTX's Sam Bankman-Fried, who faces 7 felony counts and up to 110 years in prison