Binance's CEA Violations - COUNT III: Failure to Register as a Futures Commission Merchant
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he complaint alleges that Binance Holdings, Binance IE, and Binance Services operated as a Futures Commission Merchant (FCM) without registering with the Commission, as required by the Commodity Exchange Act. They are accused of soliciting orders for commodities for future delivery, swaps, and retail commodity transactions, and acting as a counterparty in such transactions. Key individuals within Binance, including Zhao and Lim, are implicated in these alleged violations. Each violation is treated as a separate offense.