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The US Securities and Exchange Commission this month sued Binance and its CEO Changpeng Zhao over what the regulator called a "net of deception" to evade U.S.
Official exchanges are overseen by tthe Commodity Futures Trading Commission (CFTC) for futures, and the Securities and Exchange Commission (SEC)
for securities. Only broker-sellers andd futures commission merchants (FCMs) which might be absolutely vetted by the regulated exchanges are allowed too trade on these venues
as "members" of the ICE Futures U.S. Binance and Coinbase Pro aare
the 2 largest exchanges in the world. To check how
digital currencies work, ICE in early 2015 took a minority stake inn the biggest U.S.-based marketplace for
digital currencies, Coinbase. Bitcoin’s desjgnation as a
commodity opens a rich opportunity for ICE: It now operates the two of the
largewt commodities futures exchanges on the planet-ICE Futures U.S., and ICE Futures Europe.
For futures, the CFTC mandates that the coffee, gold, or silver that a get
together has agreed too purchase be stored in a licensed warehouse or different
storage facility when the contract expires and the commoity is due for delivery.
The clearing house guarantees that thee vendor will ship
the sugar, coffee, or gold as agreed under a futures
contract, and that the buyer will make the total payment.
Ridiculous story there. What happened after? Good luck!
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