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Election bets were approved legally just weeks ago, as the 2024 race headed into its home sprint. The ongoing legal wrangling could still lead to a shutdown of U.S. election betting markets, but not until after the 2024 vote. The CFTC permits only U.S. residents to use the newly opened election betting markets, meaning many bettors on the platforms are also potential voters. Nonetheless, Adam Cochran, founder of venture capital fund Cinneamhain Ventures, says he worries about how voters perceive election betting odds. Mansour acknowledged it’s a “fair concern” that the general public might mistakenly see betting odds as the size of a candidate’s lead.

Persons: Donald Trump, Kamala Harris, ” Robinhood, Rostin Behnam, Kalshi, John Aristotle Phillips, Phillips, ”, multibillionaire Trump, Elon Musk, “, ” Harris, Polymarket, bettors, Trump, Harris, Musk, Tarek Mansour, ” Mansour, Adam Cochran, ” Cochran, Mansour, it’s, There’s Organizations: Interactive, Futures Trading Commission, Republican, Democratic, Overseas, Victoria University of Wellington, NBC, Trump, Street Journal, Cinneamhain Ventures Locations: U.S, New Zealand, America

☆ It's getting easier for Americans to bet on the 2024 election
▼ + stars: | 2024-10-28 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +3 min

Robinhood is the latest platform to allow traders to wager on the 2024 election. A recent federal court ruling opened the door to wider betting on US elections. For now, only the 2024 election contracts will be available. Until a September federal court ruling, betting on US elections was largely limited to a narrow set of academics and students. Related storiesCFTC Chairman Rostin Behnam has strongly opposed election betting, previously testifying to Congress that allowing such wagers would turn his agency into "an election cop."

Persons: Robinhood, —, Donald Trump, Rostin Behnam, Sen, JD Vance, Trump's, Theo Von's, Vance, we've Organizations: Service, Court, Commodity Futures Trading Commission, GOP Locations: New York

☆ The US wants this to be ‘the end’ of direct Israel-Iran fire. It may be too soon to tell
▼ + stars: | 2024-10-26 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +6 min

CNN —After Israel’s attack on Iran Saturday, US officials were quick to caution both countries against perpetuating the cycle of violence, but analysts say lasting de-escalation is not a foregone conclusion. The airstrikes “should be the end of this direct exchange of fire between Israel and Iran,” a senior US administration official said after the attacks. After reports emerged of explosions heard in Tehran, Israel in a statement said it launched what it described as “precise strikes on military targets in Iran” early Saturday. Iran said Israel “attacked parts of military centers” on Saturday in the provinces of Tehran, Khuzestan and Ilam, causing “limited damage” in some areas. A general view of Tehran after several explosions were heard, in Tehran, Iran on Saturday.

Persons: ”, Hassan Nasrallah, Israel “, Iran’s, Behnam Ben Taleblu, Israel, Majid Asgaripour, Sean Savett, “, Danny Citrinowicz, ” Citrinowicz, …, ” Parsi, Hellyer, CNN’s Paula Newton Organizations: CNN, Quincy Institute, Responsible, Foundation for Defense for Democracies, Wana News Agency, Reuters, Iran, National Security, White House, Institute for National Security, Israel Defense Intelligence, Carnegie Endowment, International Peace, Royal United Services Institute for Defense, Security Studies Locations: Iran, Israel, Tehran, Khuzestan, Ilam, Washington ,, DC, “ Iran, Gaza, Lebanon, Tel Aviv, “ Israel, Beirut, London

☆ Federal appeals court allows prediction market Kalshi to offer US election betting
▼ + stars: | 2024-10-02 | by ( Piper Hudspeth Blackburn | ) edition.cnn.com time to read: +5 min

CNN —A federal appeals court in Washington, DC, on Wednesday allowed a prediction market to offer election betting, denying a government watchdog’s request to halt a ruling that made way for legal political gambling in the United States. It is unclear whether the New York-based startup will launch more election markets. “US presidential election markets are legal. Because the sources of information that election markets absorb can be “opaque and unreliable,” like polls with undisclosed methodologies or fake news reports, Schwartz suggested that they can be uniquely susceptible to manipulation. While the legal dispute with Kalshi plays out, the CFTC has also embarked on a broader clampdown on events-based betting.

Persons: ” “, Patricia Millett, ”, ” Kalshi, Jia Cobb, Tarek Mansour, X, Stephen Hall, ‘ deepfakes, Kalshi, “, Rob Schwartz, Schwartz, Yaakov Roth, ” Roth, Rostin Behnam Organizations: CNN, Senate, Futures Trading Commission, DC, Appeals, US, DC Circuit, Kalshi, CFTC, Better Locations: Washington ,, United States, New York, Washington, “

☆ Iran's response to Israel will be a choice between revenge and survival. Markets say it's choosing survival
▼ + stars: | 2024-09-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +7 min

Iran's Supreme Leader Ayatollah Ali Khamenei waves before voting in the country's presidential election, in Tehran, Iran July 5, 2024. Iran's generals and its supreme leader Ayatollah Ali Khamenei have pledged revenge, but their actions and language suggest a more measured response so far. "Iran's response options aren't good. on September 16, 2024 in Tehran, Iran. FILE PHOTO: Lebanon's Hezbollah leader Sayyed Hassan Nasrallah gestures as he addresses his supporters during a rare public appearance at an Ashoura ceremony in Beirut's southern suburbs November 3, 2014.

Persons: Ayatollah Ali Khamenei, Hassan Nasrallah, pagers, "⁠, Behnam ben Taleblu, Ismail Haniyeh, Khamenei, Iran's, Masoud Pezeshkian, Majid Saeedi, Pezeshkian, Yemen's, Sina Toossi, Houssam, Toossi, Yoav Gallant, Naim Qassem, Sayyed Hassan Nasrallah, Hasan Shaaban Organizations: Iran's, Reuters, Lebanese, Brent, Foundation for Defense of Democracies, CNBC, Islamic, Getty, Center for International, Anadolu, Israeli, Hamas, Hezbollah Locations: Tehran, Iran, Israel, Beirut, OPEC, Islamic Republic, Red, Lebanon, Iraq, Syria, Yemen, Beirut's

☆ CFTC Chair Russ Behnam on U.S. election betting: We don't want to commoditize elections
▼ + stars: | 2024-09-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFTC Chair Russ Behnam on U.S. election betting: We don't want to commoditize electionsCommodities Future Trading Commission (CFTC) chairman Rostin Behnam joins 'Squawk Box' to discuss the agency's scrutiny of polymarket and other offshore crypto betting platforms, betting on U.S. elections, and more.

Persons: Russ Behnam, Rostin Behnam Organizations: Trading Commission

☆ Federal judge allows prediction market Kalshi to offer betting on upcoming US elections
▼ + stars: | 2024-09-12 | by ( Piper Hudspethblackburn | Piper Hudspeth Blackburn | ) edition.cnn.com time to read: +3 min

CNN —A federal judge made way on Thursday for legal political gambling in the United States, rejecting a federal watchdog’s last-minute effort to delay a prediction market from offering bets on the November elections. She also denied a request by the government during Thursday’s hearing to block Kalshi from offering contracts pending its appeal. The CFTC has argued that the contracts count as illegal gambling and that it doesn’t have the resources to monitor them. Its chairman, Rostin Behnam, has also warned that election contracts would “ultimately commoditize and degrade the integrity” the electoral process. Luana Lopes Lara, a co-founder of Kalshi, celebrated the decision on Thursday, writing on X, “WE’RE LIVE.” The CFTC declined to comment.

Persons: Jia Cobb, “, ” Cobb, Kalshi, Rostin Behnam, Luana Lopes Lara, ” Organizations: CNN, Senate, Futures Trading Commission, DC, Kalshi, CFTC Locations: United States, Washington ,, Kalshi, New York

☆ U.S. says Iran is sending ballistic missiles to Russia in a 'dramatic escalation'
▼ + stars: | 2024-09-10 | by ( Dan De Luce | Dan De Luce Is A Reporter For The Nbc News Investigative Unit. | ) www.nbcnews.com time to read: +3 min

Iran has sent short-range ballistic missiles to Russia for its war against Ukraine in a “dramatic escalation” that will let Moscow strike deeper inside Ukrainian territory, U.S. Secretary of State Antony Blinken said Tuesday. “Russia has now received shipments of these ballistic missiles and will likely use them within weeks in Ukraine against Ukrainians,” Blinken told reporters. “Dozens of Russian military personnel have been trained in Iran to use the Fath-360 close-range ballistic missile system, which has a maximum range of 75 miles,” he said. Confirmation from Washington that Iran is now arming Russia with sophisticated short-range ballistic missiles will likely increase pressure on the Biden administration to ease restrictions on how Ukraine can use weapons to strike at targets inside Russia. Iran has denied it is providing missiles to Russia and has called for countries to halt any weapons shipments to either side in the conflict.

Persons: Antony Blinken, David Lamy, ” Blinken, Blinken, “ We’ve, we’ve, ”, Biden, Andrii, Naser Kanaani, Dmitry Peskov, “, Lamy, Behnam Ben Taleblu Organizations: Ukraine, Blinken, British, Firefighters, U.S, Iran Air, Iranian Foreign Ministry, ISNA, Kremlin, Foundation for Defense of Democracies Locations: Iran, Russia, Moscow, U.S, Britain, London, Ukraine, Washington, Kyiv, Russian, Kharkiv, Gaza, Iranian, Tehran

☆ Iran's new president may be a reformist, but change remains distant
▼ + stars: | 2024-07-09 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Newly-elected Iranian President Masoud Pezeshkian visits to the shrine of the Islamic Republic's founder Ayatollah Ruhollah Khomeini in Tehran, Iran on July 06, 2024. Fatemeh Bahrami | Anadolu | Getty ImagesIran on Friday elected its first "reformist" president in 20 years, signaling many voters' rejection of hardline conservative policies amid low turnout of just 49%, according to official figures. Iran's sole reformist candidate Masoud Pezeshkian and ultraconservative Saeed Jalili are set to go to runoffs after securing the highest number of votes in Iran's presidential election, the interior ministry said. "This is why many Iranians have lost hope in bringing about change through the ballot boxes and are boycotting elections." "The core structure of Iran's theocratic regime, where a Supreme Leader's authority eclipses that of any president, will remain steadfastly intact… In essence, Iran's theocracy is designed to resist meaningful change."

Persons: Masoud Pezeshkian, Ruhollah Khomeini, Fatemeh, Masoud, Ibrahim Raisi, Sina, Toossi, Massoud Pezeshkian, Majid Saeedi, Mohammad Khatami, Ayatollah Ali Khamenei, Nader Itayim, Khamenei, Itayim, Mohammad Bagher Ghalibaf, Amirhossein Ghazizadeh, Hashemi Alireza Zakani, Saeed Jalili, Mostafa Pourmohammadi, Iran's, ultraconservative Saeed Jalili, Atta Kenare, Ben Taleblu, Pezeshkhian, Mahsa Amini, Amini, Mahsa, Ozan Kose, Pezeshkian's Organizations: Anadolu, Getty, Center for International, CNBC, Guardian Council, Argus Media, Vehicles, Afp, Foundation for Defense of Democracies, AFP, for Human Rights, Trump Locations: Tehran, Iran, Afrasiabi, Islamic Republic, Mideast, Washington, Pezeshkian, Kurdish Iranian, Iranian, Istanbul

☆ Iran's upcoming snap elections: A battle of anti-western hardliners
▼ + stars: | 2024-06-17 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

Iranian Leader Press Office | Anadolu | Getty ImagesIran is holding snap elections on June 28 following the sudden death of former Iranian President Ibrahim Raisi in a helicopter crash. The election will take place against the backdrop of a battered Iranian economy, widespread popular discontent and crackdowns on dissent. He described Iran's supreme leader Ayatollah Khamenei⁠ as the country's "only 'voter' of significance." Iran's Presidency | WANA | Via ReutersBut with Sunday's announcement of the approved candidates, "those hopes were largely dashed," he said. It comes after turnout for Iran's parliamentary election in March was also the lowest for a legislative contest in the Islamic Republic's history at 41%.

Persons: Ali Khamenei, Ebrahim Raisi, Hossein Amir, Ibrahim Raisi, crackdowns, Behnam ben Taleblu, Ayatollah Khamenei⁠, ben Taleblu, Nader Itayim, it's, Raisi, Khamenei, Mahsa Amini, Sanam Vakil, Itayim, ATTA KENARE Organizations: Iran's, Tehran University, Iranian, Press, Anadolu, Getty, U.S, Guardian Council, Council, Foundation for Defense of Democracies, CNBC, Western, Argus Media, Reuters, Union for Secular Republic, Human Rights, Chatham House, Islamic Locations: Tehran, Iran, Israel, Mideast, Iran's, Islamic Republic, Kurdish Iranian, East, North Africa

☆ CFTC chairman on supporting House crypto bill: It largely fills the gap in regulation
▼ + stars: | 2024-06-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFTC chairman on supporting House crypto bill: It largely fills the gap in regulationCommodities Future Trading Commission (CFTC) chairman Rostin Behnam joins 'Squawk Box' to discuss the state of the crypto regulatory environment, whether he's in support on the crypto bill passed in the House, and more.

Persons: Rostin Behnam Organizations: Trading Commission

☆ CFTC floats ban on election bets
▼ + stars: | 2024-05-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFTC floats ban on election betsCFTC Chair Rostin Behnam joins CNBC's 'Squawk on the Street' to discuss the ban on election bets, consumer demand, and more.

Persons: Behnam Organizations: CFTC

There's also Kimberlyn, a Black on-air reporter at a conservative cable news outlet, played by Christina Elmore. Chozick also suggested the book “What it Takes: The Way to the White House” by Richard Ben Kramer. “You have these complicated, interesting women who all come from different backgrounds, different ideologies, different generations, and they are theoretically competitors, yet ultimately end up valuing each other over any of that," said Gugino. Throughout the episodes, the characters debate journalism ethics and ideologies and whether text, video or digital is the best medium. "Lola is arguing a point I’ve heard young journalists make or aspiring journalists make, that objectivity is sort of a myth.

Persons: Felicity Walker —, Hayden Wells Garrett, shucks, Scott Foley, Garrett, Mark Consuelos, Julie Plec, Amy Chozick, Hillary ”, ” Melissa Benoist, Sadie McCarthy, Hunter S, Thompson, Sadie's, Griffin Dunne, “, Carla Gugino, she's, There's, Christina Elmore, Lola, Natasha Behnam, Benoist, ”, “ I’ve, Chozick, Alexandra Pelosi, George, George W, Richard Ben Kramer, ” Lola, I’ve, Elmore, Foley, “ Felicity ”, Noel Organizations: —, New York Times, Texas Gov Locations: Grace, America

☆ Iran has reduced stockpile of near weapons-grade uranium, says nuclear watchdog
▼ + stars: | 2024-02-27 | by ( Adam Pourahmadi | Jennifer Hansler | ) edition.cnn.com time to read: +4 min

CNN —Iran has reduced its stockpile of near weapons-grade uranium in the months since October 2023, according to a confidential report from the International Atomic Weapons Agency (IAEA) viewed by CNN on Tuesday. In October, Iran possessed 128.3 kilograms (282.9 pounds) of uranium enriched to approximately 60%, the highest level documented by the IAEA. By February, the stockpile had been reduced to 121.5 kilograms, according to the report. Iran reduced the quantity of near weapons-grade uranium by mixing 31.8 kilograms of the stockpile with uranium enriched to a much lower level, around 2%, according to the report. However, while Iran had reduced its stockpile of near weapons-grade uranium, the report also noted a steady increase in stocks of uranium enriched to 20%.

Persons: IAEA Rafael Grossi, Donald Trump, Eric Brewer, Ben Taleblu, Majid Asgaripour, they’ve, ” Brewer, Brewer, Taleblu, “, ” Taleblu, Matthew Miller, Yemen’s Houthi Organizations: CNN, International Atomic Weapons Agency, IAEA, Center for Arms Control, United, Experts, Nuclear Threat Initiative, Foundation for Defense of Democracies, Governors, US State Department, American Locations: Iran, Bushehr, Israel

☆ Iran has the largest ballistic missile arsenal in the Middle East. Now it's sending them to Russia
▼ + stars: | 2024-02-23 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

Iran presents its first hypersonic ballistic missile 'Fattah' (Conqueror) in an event attended by President Ebrahim Raisi and other government officials in Tehran, Iran on June 06, 2023. Reuters reported that Iran delivered at least 400 of its short-range Fateh-110 ballistic missiles to Russia in January of this year, and that figure is likely to rise. "It was always a matter of when, not if, Iran would transfer ballistic missiles to Russia," Behnam ben Taleblu, a senior fellow at the Foundation for Defense of Democracies, told CNBC. Ballistic missiles will keep him in that fight for longer now." In 2022, U.S. Central Command estimated that Iran had over 3,000 ballistic missiles in its arsenal.

Persons: Ebrahim Raisi, Vladimir Putin, Behnam ben Taleblu, Putin Organizations: Reuters, Foundation for Defense of Democracies, CNBC, U.S . Central Command Locations: Iran, Tehran, Russia, Ukraine, Moscow, U.S, Iraq, Syria, Pakistan

☆ Iran's ‘brazen’ strikes around the Middle East send a message to Israel and the U.S., analysts say
▼ + stars: | 2024-01-24 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Fayaz Aziz | ReutersIran's recent missile and drone strikes on targets in three countries — Syria, Iraq and Pakistan — may not have been directly related to Israel's war in the Gaza Strip but they still revealed an intent to send a clear message, analysts told CNBC. Iraqi and Pakistani ministers vocally criticized the attacks, calling them a "violation" and vowing consequences. watch nowPakistan responded a day later, striking targets inside Iran that Iranian authorities say killed several people. They were also the first time Iran had deployed its military directly at any time since the Israel-Hamas war began. "There is an element of signaling to the United States and Israel by carrying out these strikes because they do showcase Iran's continued ballistic missile capabilities," Bohl told CNBC.

Persons: Fayaz Aziz, Ben Taleblu, we've, Ian Bremmer, Yemen's, Ryan Bohl, Bohl, Safin Hamid Organizations: Reuters, CNBC, ISIS, Foundation for Defense, Democracies, Washington D.C, Israel, Gaza, Hamas, Eurasia Group, Economic, Middle East, RANE Network, Iran's Revolutionary Guard Corps, AFP, Getty Locations: Iran, Tehran, Israel, Peshawar, Pakistan, Syria, Iraq, Gaza, Washington, Israeli, Iraq's Kurdistan, State, Iraqi, Davos, Lebanon, Hamas, Yemen, U.S, Red, United States, Kurdistan, Arbil

☆ Securities traders are gathering in Washington, trying to figure out what the SEC is doing
▼ + stars: | 2023-10-11 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The seal of the U.S. Securities and Exchange Commission hangs on the wall at SEC headquarters in Washington, June 24, 2011. The big topic: trying to figure out what the Securities and Exchange Commission is doing. These wholesalers may send the orders to exchanges, but often match the orders against their own internal order flow. Gallagher will also likely weigh in on payment for order flow as well. "I'm doing everything backwards, I'm leaving a trade group and going into politics, but sometimes you gotta step up."

Persons: There's, Gary Gensler, Gensler, Schwab, ETrade, Hester Peirce, Jonathan Kellner, Peirce, Hope Jarkowski, Rostin Behnam, Dan Gallagher, Matt Andresen, Gallagher, Jim, George Santos, Santos Organizations: U.S . Securities, Exchange, SEC, Securities, Securities and Exchange, Security Traders Association, Security Traders Association of New, Marriott Marquis, Intelligence, Citadel, Republican, MEMX, Democratic, NYSE, CFTC, Corporate, Headlands Technology, Congress Locations: Washington, Security Traders Association of New York, U.S, Long

☆ More repression, yet more resistance: Iran one year after the Mahsa Amini protests
▼ + stars: | 2023-09-15 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

A protester holds a portrait of Mahsa Amini during a demonstration in support of Amini, a young Iranian woman who died after being arrested in Tehran by the Islamic Republic's morality police, on Istiklal avenue in Istanbul on Sept. 20, 2022. Roughly one year ago, the death of a young Kurdish Iranian woman named Mahsa Amini in police custody lit the fuse that would set off months of protests that rocked Iran and its hardline government, creating the greatest challenge to its rule in decades. Amini, just 22 years old, was arrested for allegedly improperly wearing her hijab, the headscarf women are required to wear under Iran's highly conservative Islamic Republic. Iranian authorities claimed no wrongdoing and said Amini died of a heart attack; but her family, and masses of Iranians, accused the government of a cover-up. The protests spread across the country and evolved from being focused on women's rights to demanding the downfall of the entire Iranian regime.

Persons: Mahsa, Amini, Behnam ben Taleblu Organizations: Islamic, Foundation for Defense, Democracies, CNBC Locations: Iranian, Tehran, Istanbul, Kurdish Iranian, Iran, Islamic Republic

☆ CFTC Chair Russ Behnam: There needs to be action by Congress to fill the gaps in crypto space
▼ + stars: | 2023-08-02 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFTC Chair Russ Behnam: There needs to be action by Congress to fill the gaps in crypto spaceCFTC Chair Russ Behnam joins 'Squawk Box' to discuss the latest in crypto regulation, why Congress needs to act and set up regulatory framework, where the biggest problems are in the crypto world, and more.

Persons: Russ Behnam

☆ Elon Musk is moving forward with a new generative AI project at Twitter after purchasing thousands of GPUs
▼ + stars: | 2023-04-11 | by ( Kali Hays | ) www.businessinsider.com time to read: +4 min

Tech companies typically use GPUs to work on large AI models, given the computational workload the newer technology requires. Musk, however, has criticized the recent development of generative AI, saying the technology is powerful and needs regulation to make sure it's operating within "the public interest." It's unclear exactly what Twitter will use generative AI for, the people familiar said. Generative AI has the capability, if trained for the use, to create new advertising images and text to target specific audiences. Nvidia, which is estimated to have 95% of the market, manufactures a GPU for large AI models that costs $10,000.

☆ CFTC chairman on Binance lawsuit
▼ + stars: | 2023-03-28 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCFTC chairman on Binance lawsuitRostin Behnam, chairman of the Commodity Futures Trading Commission, joins CNBC's 'Squawk Box' to discuss the commission's investigation and subsequent lawsuit against Binance, details behind the suit, and more.

☆ CFTC: U.S. regulators needed to step in aggressively on Binance
▼ + stars: | 2023-03-28 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 28 (Reuters) - Activity at Binance was a pretty clear case of evasion and U.S. authorities needed to step in aggressively and as quickly as possible, the chairman of the Commodity Futures Trading Commission said on Tuesday. The U.S. agency sued Binance, the world's largest crypto exchange, on Monday. Behnam said Binance was a common enterprise comprised of dozens and dozens of entities scattered across the globe. "Not having a headquarters, not having a location is not going to prevent the CFTC from coming after you," he said. "So we're going to vigorously continue and fight this case in court," he told the CFTC.

LONDON, March 28 (Reuters) - Binance founder Changpeng Zhao could never be accused of thinking small. The 46-year-old CEO didn't waver in his belief as he built up his crypto exchange. Binance and Zhao did not respond to requests for comment for this article. Binance became the world's biggest crypto exchange within six months, and now accounts for about 60% of global crypto trading volumes, according to research firm CryptoCompare. While Binance has hired widely from the traditional financial and regulatory worlds in recent years, Zhao's tight control over his company has continued.

March 27 (Reuters) - Major cryptocurrency exchange Binance and executives, including CEO and founder Changpeng Zhao, have been sued by the U.S. Commodity Futures Trading Commission (CFTC) for regulatory violations, according to a court filing on Monday. Binance's compliance program has been "ineffective" and the firm, under the direction of Zhao, told employees and customers to go around compliance controls, the CFTC said. It also accused Binance's former Chief Compliance Officer Samuel Lim of aiding and abetting Binance's violations. "For years, Binance knew they were violating CFTC rules, working actively to both keep the money flowing and avoid compliance. Its core Binance.com exchange, the world's biggest, processed trades worth about $23 trillion last year, according to data provider CryptoCompare.

The CFTC sued Binance, Zhao and its former top compliance executive with "willful evasion" of U.S. law, "while engaging in a calculated strategy of regulatory arbitrage to their commercial benefit." "Upon an initial review, the complaint appears to contain an incomplete recitation of facts, and we do not agree with the characterization of many of the issues alleged in the complaint," Zhao said in a statement. Firms such as brokers that facilitate U.S. customers' trading of such products are required to register with the agency. 'PIRATE SHIP'Founded in Shanghai in 2017, Binance sits at the heart of the global crypto industry. With a holding company based in the Cayman Islands, Binance has never revealed the location of its core exchange.

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