Crypto Exchange Binance, Founder CZ Sued by CFTC Over Unregistered Derivatives Products

The lawsuit, filed in the U.S. District Court for the Northern District of Illinois on Monday, alleged that Binance operated a derivatives trading operation in the U.S., offering trades for cryptocurrencies including bitcoin (BTC), ether (ETH), litecoin (LTC), tether (USDT) and Binance USD (BUSD), which the suit referred to as commodities. The suit also alleged that the company, under CZ’s leadership, directed its employees to spoof their locations through the use of virtual private networks.