Crypto giant Binance hit with US charges for breaking trade rules

US regulator CFTC has charged Binance and its founder with multiple violations, citing the exchange’s failure to uphold required standards and lack of an effective compliance programme. The charge sheet also accuses Binance of directing employees and customers to skirt compliance controls “to maximize corporate profits”. The action follows recent scrutiny of the cryptocurrency industry by US federal prosecutors, the SEC and the IRS, as regulators look to increase oversight of the volatile and risky digital asset market.