Binancelargest platform cryptocurrencies in the world, and its founder and chief executive, Changpeng Zhao, was accused by US authorities on Monday of “multiple violations” of financial and regulatory standards in the country.

Commodity Futures Trading Commission (CFTC), which regulates the futures and options markets, filed a lawsuit against Binance to Chicago federal court demanding monetary fines and possible prohibitions continue to work in certain areas.

“During the years, Binance knew he was violating CFTC rules by actively working both to maintain cash flow and to avoid compliance,” regulator chairman Rostin Benham said in a statement.

According to the agency, emails and internal chats show that the alleged efforts Binance compliance with these rules was a “sham” and that the company “deliberately chose time and time again to put its profits ahead of compliance with the law”.

In particular, the lawsuit alleges that since July 2019 Mr. Binance offered derivatives trading to US users, although theoretically could not do so and did not require any form of identification for these clients, which is also a violation of the rules.

In addition, the CFTC claims that although Binance He sought to limit the access of clients from the United States, while at the same time recommending methods to evade control and gain access to these transactions.

The American agency believes that the founder and CEO are responsible for all strategic decisions, including a “secret plot” to help clients deemed important escape this scrutiny.

Along with Zhao, Samuel Lim, a former company executive who is also accused of these violations and attempts to circumvent the rules, is also accused.

According to the regulator, Binance it operates through a large network of non-transparent organizations in different countries, all of which are controlled by Zhao in order to avoid certain rules and make it difficult to identify those responsible.

The company was founded in China in 2017. Binance left an Asian country before the Beijing government introduced regulations regarding cryptocurrencies and located its headquarters in the Cayman Islands, although it has subsidiaries that operate in many countries.

Zhao, a Chinese citizen but a Canadian citizen, was ranked 19th on Forbes’ 2022 list of the world’s richest people.

(EFE)