Former CFTC Chair Massad Reacts to CFTC Case Against Binance; Bitcoin Drops

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The U.S. Commodity Futures Trading Commission (CFTC) sued crypto exchange Binance and founder Changpeng Zhao on Monday on allegations the company knowingly offered unregistered crypto derivatives products in the U.S. against federal law. Timothy Massad, former CFTC chair and Harvard Kennedy School research fellow, and digital assets policy project director weighs in. This comes as Bitcoin sank below $27,000 following news of the lawsuit, dropping to its lowest level since March 17. DFD Partners President Bilal Little shares his crypto markets analysis.
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In This Story: Binance

Binance is a cryptocurrency exchange which is currently the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.

The company has launched various cryptocurrencies: Binance Coin (BNB), launched June 2017, and Binance Smart Chain (BSC), launched September 2020. Binance Smart Chain operates using “Proof of Staked Authority”, a combination of proof of stake and proof of authority.

Binance is currently under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses. The UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.

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