{"id":27324,"date":"2023-04-17T08:00:30","date_gmt":"2023-04-17T07:00:30","guid":{"rendered":"https:\/\/research.reading.ac.uk\/research-blog\/?p=27324"},"modified":"2024-01-24T16:15:29","modified_gmt":"2024-01-24T16:15:29","slug":"what-binances-us-lawsuit-says-about-the-future-for-cryptocurrency-regulation","status":"publish","type":"post","link":"https:\/\/research.reading.ac.uk\/research-blog\/2023\/04\/17\/what-binances-us-lawsuit-says-about-the-future-for-cryptocurrency-regulation\/","title":{"rendered":"What Binance\u2019s US lawsuit says about the future for cryptocurrency regulation"},"content":{"rendered":"

[vc_row][vc_column][vc_column_text]The world\u2019s\u00a0largest cryptocurrency exchange<\/a>, Binance, has been hit with a lawsuit by US regulator the\u00a0Commodity Futures Trading Commission (CFTC)<\/a>. This is not the first time a cryptocurrency exchange has been charged by a regulator. But this particular case involves a regulator that does not directly oversee cryptocurrencies. This indicates how regulators \u2013 particularly those in the US \u2013 hope to clamp down on the cryptocurrency industry.<\/p>\n

The CFTC\u2019s lawsuit alleges that Binance violated US derivatives laws by offering its derivative trading services to US customers without registering with the right market regulators. It says Binance has prioritised commercial success over regulatory compliance.<\/p>\n

The CFTC has also levied charges against Binance\u2019s founder and CEO, Changpeng Zhao (known as CZ) and former chief compliance officer Samuel Lim. They are charged with taking steps to violate US laws, including directing US-based \u201cVIP customers\u201d to open Binance accounts under the name of shell companies. The regulator has pointed to\u00a0chat messages<\/a>\u00a0as evidence of CZ and Sim\u2019s\u00a0knowledge of<\/a>\u00a0various criminal groups using the exchange.<\/p>\n

People visit Binance nearly 15 million times a week to trade on the over 300 cryptocurrencies it offers in more than\u00a01,600 different markets<\/a>. CZ is an outspoken advocate for cryptocurrencies and regularly tweets about the industry and his company. He even tweeted a link to\u00a0his initial response to the recent CFTC charges<\/a>, which he called \u201cunexpected and disappointing\u201d. Promising full responses in due time, he said:<\/p>\n

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.<\/p><\/blockquote>\n

Last year CZ\u2019s tweets arguably contributed to\u00a0the collapse of FTX<\/a>, one of his company\u2019s main rivals. Binance saw its\u00a0market share grow<\/a>\u00a0following FTX\u2019s collapse.<\/p>\n

So, this charge \u2013 against not only a crypto giant but also the company of an outspoken industry advocate \u2013 has created further upheaval in a market that has already suffered\u00a0multiple crises<\/a>\u00a0in the last year. Investors\u00a0withdrew a reported US$1.6 billion<\/a>\u00a0(\u00a31.3 billion) from Binance within days of the CFTC\u2019s announcement of its charges. These outflows could continue if US regulators tighten their squeeze on crypto companies further, causing major players like Binance to shift focus to other jurisdictions.<\/p>\n

Creeping oversight<\/h2>\n

The\u00a0CFTC aims<\/a>\u00a0to \u201cprotect the public from fraud, manipulation, and abusive practices related to the sale of commodity and financial futures and options, and to foster open, competitive, and financially sound futures and option markets\u201d. Previous actions by this regulator in 2021 against\u00a0Tether and Bitfinex<\/a>\u00a0resulted in major fines and a loss of credibility for the crypto industry.<\/p>\n

But a statement\u00a0published at the time<\/a>\u00a0by one of the CFTC\u2019s five commissioners, Dawn Stump, pointed out that the CFTC doesn\u2019t actually have responsibility for regulating cryptocurrencies. She warned that these fines might \u201ccause confusion about the CFTC\u2019s role in this area\u201d. She said the action was based on defining stablecoins (a type of cryptocurrency) as a commodity, but: \u201cwe should seek to ensure the public understands that we do not regulate stablecoins and we do not have daily insight into the businesses of those who issue such\u201d.<\/p>\n

These latest charges against Binance focus on its activities in derivatives \u2013 financial contracts that are linked to the value of an asset such as oil or, in this case, cryptocurrencies. This is a market the CFTC does regulate.<\/p>\n

Another US financial regulator, the Securities and Exchange Commission (SEC), has also been ramping up its crypto oversight activities. As well as focusing on the\u00a0Initial Coin Offering market<\/a>, it saw\u00a0a 50% increase in enforcement actions<\/a>\u00a0against digital asset companies last year compared to 2021.<\/p>\n

\"The<\/h2>\n
The US Commodity Futures Trading Commission logo outside its headquarters in Washington DC.<\/h5>\n

Crypto market changes<\/h2>\n

So, Binance is up against two powerful US financial regulators. Some\u00a0experts have warned that<\/a>\u00a0\u201csignificant regulatory action could prompt Binance to increasingly shift its business operations beyond the United States\u201d. Certainly, the fact that Binance held a\u00a092%<\/a>\u00a0share of the crypto market at the end of 2022 means it facilitates many transactions and offers a lot of liquidity to traders around the world, including in the US.<\/p>\n

A trader\u2019s capacity to find competitive prices when buying and selling, as well as sources of liquidity (or other people to trade with) would be affected by the loss of or pull back of\u00a0one of the world\u2019s top ten crypto exchanges<\/a>. This would be bad news for retail and institutional investors who could be confronted with a smaller and potentially more expensive market as a result.<\/p>\n

And even if the complaints and investigations by the CFTC and SEC take a while to conclude, as is likely, the US legislature may step in before that. A report published by the Financial Times days after the CFTC announcement alleges that Binance has hidden\u00a0links to China<\/a>\u00a0for many years. A statement issued by the the exchange to the FT said this is not \u201can accurate picture of Binance\u2019s operations\u201d and that the paper\u2019s sources were \u201cciting ancient history (in crypto terms)\u201d.<\/p>\n

But recent actions against\u00a0Chinese tech company Huawei<\/a>\u00a0and\u00a0social media platform Tiktok<\/a>\u00a0indicate political leaders are keen to crack down on Chinese companies\u2019 access to US technology systems and customer data. So any similar concerns could lead US politicians to start acting in this area as well.<\/p>\n

Andrew Urquhart is\u00a0<\/span>Professor of Finance & Financial Technology at the ICMA Centre, Henley Business School, University of Reading. Hossein Jahanshahloo<\/span> is Assistant Professor in Finance, Cardiff University.<\/p>\n

The article is republished from The Conversation<\/a> under a Creative Commons licence.[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n","protected":false},"excerpt":{"rendered":"

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This is not the first time a cryptocurrency exchange has been…Read More ><\/a><\/p>\n","protected":false},"author":276,"featured_media":27325,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","footnotes":""},"categories":[25],"tags":[2209,1882,363,434,459],"class_list":["post-27324","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-prosperity-resilience","tag-binance","tag-cryptocurrency","tag-finance","tag-henley-business-school","tag-icma-centre"],"acf":[],"yoast_head":"\nWhat Binance\u2019s US lawsuit says about the future for cryptocurrency regulation - Connecting Research<\/title>\n<meta name=\"description\" content=\"The world\u2019s\u00a0largest cryptocurrency exchange, Binance, has been hit with a lawsuit by US regulator the\u00a0Commodity Futures Trading Commission (CFTC). 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