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Binance Is Accused of Allowing US Companies to Enter the Platform

Another charge came to Binance, which has been in trouble with the US recently. According to the accusation, Binance lets US companies access the platform.

András Crow-Hreidar by András Crow-Hreidar
3 April 2023
in Business
Reading Time: 2 mins read
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Different Privileges Were Granted to VIP Customers on Binance

The Commodity Futures Trading Commission (CFTC) has accused Binance of enabling US-based trading firms to trade crypto-derivatives on its international platform, which violates Binance’s policy prohibiting Americans from trading on Binance. The CFTC states that US companies have utilized offshore firms and other means to access Binance.com but alleges that Binance knowingly allowed this to occur.

Different Privileges Were Granted to VIP Customers on Binance

Apart from alleging that Binance permitted US traders on its global platform, the CFTC’s complaint also claims that Binance granted exclusive privileges to some of its largest VIP clients, mainly in the form of expedited trade execution. To support its claim, the CFTC cites an example in which a New York-based trading company with VIP status received a 5-10 millisecond advantage over non-VIP customers. Although the firm remains unnamed, it is known as “Trading Firm B” and is said to be one of Binance’s top clients. Joe Saluzzi, a partner at Themis Trading, responded to these findings, stating that such a benefit can result in the VIP customer earning more profits at the expense of others. He also expressed concern on behalf of other customers who may feel aggrieved.

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Binance Is Accused of Allowing US Companies to Enter the Platform

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CZ: “The Allegation is Unexpected and Disappointing”

Changpeng Zhao, the CEO of Binance, has refrained from commenting on the accusations that US traders were allowed to use Binance.com. However, he expressed disappointment with the complaint, stating that Binance had been cooperating with the CFTC for over two years. In a statement published on Binance’s website, CZ stated that upon an initial assessment of the complaint, it appeared to be an incomplete account of facts, and they disputed the characterization of several of the allegations mentioned in the complaint.

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András Crow-Hreidar

András Crow-Hreidar

Editor-in-chief, Content Editor Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems.

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